Of course, what I may ascertain to be fair value is not necessarily what other investors may conclude. That’s what makes a market. Moreover, sometimes I can be too conservative in my initial analysis, so it’s only sensible to review the valuation assumptions I made in the first place to ascertain whether I am being overly cautious and an even higher rating is warranted.
And this is the very reason why I have been maintaining run profit recommendations on a raft of companies I have previously advised buying shares in even though they have hit my target prices. In fact, since the start of this year I have written 100 investment columns and given 159 share recommendations, all of which are available on the following page.