Portfolio
Scotts wha hae!
Nephew Wilde
1 steady my hand in order to write these words, suffer an almost unbearable cacophony of drums beating in my head and say to myself: "This is the price of success; rid me of my riches." Alas! on the news that my investment in Scott's Resaurant had doubled in value in a matter of days, my broker Wotherspool arranged a small celebration.
As I believe in sharing pain where that is possible, I shall not spare others the sordid details of our debauch which landed us in Earl's Court Police Station. Unfortunately Wotherspool was so offensive that we were detained at the officer's displeasure until the next morning when we appeared in front of the magistrate. He barely looked up as he fined us £1 each on a charge of being drunk and disorderly.
Well naturally apart from drinking several toasts to Scott's we avoided the topic of investments and Wotherspool, elated by success, was ready to take, rather than give, advice. Now I feel that the market is still in for a sharp downturn over the next few months but my holdings, I trust, will generally ride the storm out
well. Also I am pleased that my shares look so solid in the face of tough bargaining over wages in the next few months. 1 am particularly happy to hold shares such as Burmah Oil even though the price has come back over recent months. But basically it all depends on whether the Government can control interest rates. wage demands and prices. At least there seems no great confidence in the Labour Party though the Liberals have taken up the run"
• fling. Frankly they scare me (the bunch of adult hotheads) but it would be amusing to see Mr Freud as minister of communications and Mr Cyril Smith, minister of food.
At the last minute an urger" message from Wotherspool has confirmed my view that Paterson Zochonis is a very attractive holding. The company has strong trading links with one of the fastest growth areas of Africa. Nigeria, and everything should move in its favour this year. Selling on a price earnings mill" tiple of about 7, the shares lock good value. And even in today's climate this overseas trading company which can boast of an excellent record is cheap by Comparison with Harrisons and Crosfield or Inchcape. It, therefore joins my portfolio and my sale this week is Metal Closures, a cosi' pany in which I have the uttermost confidence, but which has not performed well on the Stock
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