20 January 2015
By Maynard Paton
I’m still ploughing through my portfolio to give each of my holdings a much-needed thorough review.
I’ve now come to Record (REC), a £75m currency-hedging business, where you may think my past share dealings have been somewhat bold.
You see, I first bought REC during December 2010 at 37p. At first the company’s updates were not that positive, so within a year I found myself averaging down at 24p — and then averaging down even more at 13p — because my sums pointed to a significantly cheaper valuation.
In fact, by April 2012 I was averaging down further at 11p and then at 10p, which luckily proved to be the bottom. From what I recall, the market was so depressed with the share, the 10p price then equalled REC’s net cash position and essentially threw the actual business in for free.