UK Value Investor

The owner of Barratts shoes I think. I had a quick look at their valuation as at Feb 08. They had negative liquidation values (using net net or 80/50). Their cash flows had been about -8p per share over the last few years. Not sure how that gave a share price of about 60p in the good times.

I think it can be difficult to learn anything without actually living it. So handily Ennstone, my first purchase of a value stock using not much more than price to book, has fallen over into the abyss. This is good for a number of reasons, although of course not so good for the staff.

The collapse of Ennstone has helped me re-think my approach to value investing and most importantly helped me to clarify to myself what it means to me to invest at all.