[Podcast] BIOVENTIX With Roland Head And Maynard Paton

28 January 2023
By Maynard Paton

I have recorded a podcast with my good friend Roland Head. This time we talked about Bioventix, the antibody specialist that at the start of 2023 represented my largest shareholding. We discussed the wonderful economics of antibodies, information gleaned from the AGM and the research into testing for Alzheimer’s Disease: 

We cover: 

  • My 2016 purchase of Bioventix at £11 and the shares now representing 12% of my portfolio.
  • Roland buying Bioventix at £36 during 2021.
  • What antibodies are, how they work within blood tests and Bioventix’s range of diagnostic antibodies.
  • Bioventix’s financial track record and how antibody royalties support incredible margins.
  • Bioventix’s laboratory, customers and industry competition. 
  • How successful diagnostic antibodies can earn royalties for more than 20 years.
  • An example of a new diagnostic antibody dislodging an established diagnostic antibody. 
  • Bioventix’s lack of visibility on what hospitals pay for blood tests, the volumes of antibodies being used and what customers use antibodies for.
  • Bioventix’s superb dividend record.
  • AGM protest votes and boardroom diversity.  
  • Industrial pollution R&D, barbecued sausages and a low spreadsheet value.
  • Alzheimer’s R&D and a new treatment for the disease. 
  • The academic publication covering antibody test results at the University of Gothenburg. 
  • The potential income from Alzheimer’s testing being a “2030s thing“. 
  • Bioventix’s investments, further Alzheimer’s research and future growth rates.
  • The dependence on vitamin D testing and other shareholder risks.
  • How the £40 shares appear on a dividend basis and possible future returns.
  • Reasons to sell Bioventix and concluding thoughts.

Extra links:

Happy listening!

Maynard Paton

PS: The AGM was held on 8th December 2022 and the podcast was recorded on 26th January 2023.

Disclosure: Maynard owns shares in Bioventix.

[Podcast] FUNDSMITH With Mark Atkinson And Maynard Paton

28 December 2022
By Maynard Paton

I have recorded another podcast with my good friend Mark Atkinson. This time we talked about Fundsmith, the fund managed by Terry Smith that helped Mark to retire early. We discussed the fund’s performance, strategy, holdings and annual meetings:

We cover:

  • Mark buying Fundsmith during 2014.
  • The fund’s performance and Mark retiring early.
  • How Mark’s portfolio is split between Fundsmith, trackers and individual shares.
  • The favourable impact of re-ratings and currency movements on the fund.
  • Fundsmith’s valuation, its top ten holdings and Novo Nordisk.
  • Terry Smith’s ‘do nothing’ approach.
  • Reasons for selling 3M, Colgate-Palmolive and Nestle, but still holding Unilever.
  • Terry Smith’s stock-picking versus our stock-picking.
  • Why not go all in with Fundsmith?
  • Investing with conviction and concentrating on your winners.
  • Mark’s questions at Fundsmith’s annual meetings.
  • Terry Smith buying Facebook despite concerns from investors.
  • Terry Smith buying Amazon after changing his mind.
  • Fundsmith’s move towards non-dividend-paying shares and ‘tech’.
  • How Mark monitors Fundsmith and the risk of fund managers losing their touch.
  • Fundsmith versus the FTSE 100 and paying high P/Es for quality companies.
  • Should I buy Fundsmith?
  • Was buying Fundsmith luck or skill?

Extra links:

Happy listening!

Maynard Paton

PS: The podcast recording took place on 16th December 2022.

[Podcast] CITY OF LONDON INVESTMENT With Mark Atkinson And Maynard Paton

24 November 2022
By Maynard Paton

I have recorded another episode of The Private Investor’s Podcast with my good friend Mark Atkinson. We discussed City of London Investment (CLIG) and my recent share purchase, my AGM attendance and the company’s 9% dividend yield: 

We cover:

  • My recent CLIG purchase and history of ownership.
  • A lack of capital gains, but superb dividends.
  • Where CLIG stands in my portfolio now.
  • How does CLIG invest for its clients?
  • My attendance at the AGM and previously receiving a letter from CLIG’s founder.
  • Major shareholder George Karpus and his future plans.
  • The performance of Karpus Investment Management following the merger.
  • CLIG’s regular client income, but fees are being squeezed.
  • Employee remuneration versus client returns.
  • The share-price KPI and potential double-digit returns.
  • CLIG’s investment team approach and employee retention.
  • History of funds under management and recent client-money inflows.
  • The S&P 500, institutional ‘allocators’ and portfolio ‘buckets’.
  • The attractions of emerging markets and potential for outperformance.
  • Private investors holding CLIG and liking cash-rich income stocks.
  • The 9% yield, valuation comparison with Liontrust and closing thoughts.

Extra links:

Happy listening!

Maynard Paton

PS: The AGM took place on 31st October 2022 and the podcast recording took place on 21st November 2022.

Disclosure: Maynard owns shares in City of London Investment.

[Podcast] SYSTEM1 With Mark Atkinson And Maynard Paton

23 October 2022
By Maynard Paton

I have recorded another episode of The Private Investor’s Podcast with my good friend Mark Atkinson. We talked about System1 and the investment potential of testing adverts:

We cover:

  • My fourth System1 AGM and my share purchases.
  • What the company does: testing television adverts and marketing ideas.
  • ‘System 1’ and ‘system 2’ thinking within broadband adverts.
  • Validation of the company’s service through the partnership with ITV.
  • The transition from ad-hoc consultancy work to automated data services.
  • The competitive advantage gained through years of accumulating advert data.
  • The chairman’s handling of the AGM.
  • Microphones, voting cards and special lunches. 
  • AGM formalities and Section 319A of the Companies Act.
  • Protest votes against two non-execs and the strategic review. 
  • The company’s podcast becoming a sales tool.
  • Mark’s verdict and closing remarks.

Extra links:

Happy listening!

Maynard Paton

PS: The AGM took place on 28th September 2022 and the podcast recording took place on 21st October 2022.

Disclosure: Maynard owns shares in System1.

[Podcast] GREGGS With Mark Atkinson And Maynard Paton

28 September 2022
By Maynard Paton

I have recorded another episode of The Private Investor’s Podcast with my good friend Mark Atkinson. We talked about Greggs and the investment potential of sausage rolls:

We cover:

  • Mark buying more at £18.
  • How Greggs can survive the upcoming recession.
  • The superfans.
  • Financial history.
  • Productivity improvements and revenue per store.
  • History of family management/Ian Gregg.
  • Importance of staff to retailers.
  • The new CEO.
  • The 5-year plan and future growth prospects.
  • The cost of the 5-year plan.
  • Director option targets.
  • August’s H1 results and small-print.
  • Valuation.
  • Closing thoughts and wrap-up.

Happy listening!

Maynard Paton

PS: The recording took place on 26 September 2022.

[Podcast] SOMERO ENTERPRISES With Mark Atkinson And Maynard Paton

27 August 2022
By Maynard Paton

I have recorded another pilot episode of The Private Investor’s Podcast with my good friend Mark Atkinson. We talked about Somero Enterprises and the investment potential of the company’s concrete levelling machines:

We cover:

  • 00:00: Introduction to Somero Enterprises.
  • 01:47: The W-8BEN form.
  • 02:38: Mark’s first Somero purchase and moving brokers.
  • 04:51: The growth of e-commerce and the dying high street.
  • 06:20: Somero’s competitive advantage.
  • 07:31: Somero’s financial history and accounts.
  • 12:16: The international growth of e-commerce.
  • 13:30: The equipment Somero sells.
  • 15:01: Disclosure within the annual report.
  • 18:21: Management experience.
  • 20:31: Special dividends.
  • 22:08: Valuation and re-rating potential.
  • 28:41: Closing thoughts and wrap up.

We may record more podcasts if sufficient interest is shown.

Happy listening!

Maynard Paton

PS: The recording took place on 25 August 2022.

[Podcast] TRISTEL With Mark Atkinson And Maynard Paton

27 July 2022
By Maynard Paton

I have recorded another pilot episode of The Private Investor’s Podcast with my good friend Mark Atkinson. We talked about Tristel and the company’s hospital disinfectants and shareholder open day: 

We cover:

  • 0:00 Tristel’s open day and when we invested.
  • 1:31 Tristel’s business and disinfection chemistry.
  • 3:00 Tristel’s revenue and profit.
  • 5:56 The price I purchased and when I started selling.
  • 7:01 The latest trading update and the potential for US growth.
  • 12:51 The different products Tristel offer.
  • 16:21 Debtors and product restructuring. 
  • 18:26 The shareholder open day.
  • 20:90 High gross margins.
  • 21:92 Patent expiries.
  • 23:44 The CEO, CFO and the non-execs.
  • 26:24 A buy, hold or sell?
  • 29:41 Closing remarks.

We may record more podcasts if sufficient interest is shown.

Happy listening!

Maynard Paton

PS: Tristel’s open day took place on 18 July 2022 and the recording was made on 25 July 2022.

Disclosure: Maynard owns shares in Tristel.

[Podcast] PHOTO-ME INTERNATIONAL With Mark Atkinson And Maynard Paton

19 June 2022
By Maynard Paton

I recently recorded a pilot episode of The Private Investor’s Podcast with my good friend Mark Atkinson. We talked about Photo-Me International and the investment potential of passport photos and self-service washing machines: 

We cover:

  • 00:00 Introduction and portfolio YTDs.
  • 00:52 Photo-Me and why Mark has been buying.
  • 05:10 Is self-service laundry a winning business model?
  • 09:26 How do the fruit juice and pizza machines work?
  • 12:16 The financials of Photo-Me.
  • 13:51 Serge Crasnianski recently invested £20m. What does he know?
  • 19:01 Other directors and the absence of a board-level CFO.
  • 19:51 The recent trading statement and expected revenue.
  • 20:24 Is Mark still bullish and would he buy more?
  • 22:51 How big a position is Photo-Me for Mark?
  • 23:26 Would Maynard now buy Photo-Me?

We may record more podcasts if sufficient interest is shown!

Happy listening!

Maynard Paton

PS: The recording took place on 14 June 2022.

[Podcast] Small Caps, Stock Picking And Index Trackers With Maynard Paton 

19 May 2022
By Maynard Paton

I recently spoke with Lee Cleasby on his Fund Your Retirement podcast. I talked about.

  • My investing journey and experience.
  • RAMP investing: respectability at a modest price (more details here).
  • When to sell or not to sell?
  • Small-caps trailing the FTSE 100.
  • Focusing on UK shares.
  • How beginners should start investing.
  • A real-life example of pound-cost averaging.
  • Starting a pension for my two-year-old son.
  • Coping with media negativity and volatile markets.
  • Thoughts on cryptocurrencies and NFTs.
  • A book recommendation.
  • My website and newsletter.

I think I am better at blogging than talking. Have a listen and decide for yourself:

Happy listening!

Maynard Paton

PS: The recording took place on 5 May 2022. Not quite sure about the weird American voice at the start!

[Podcast] RAMP Investing With Maynard Paton

24 June 2021
By Maynard Paton

I recently spoke to Jon Kingston on his Capital Employed podcast. I talked about:

  • My investing background and approach (more details here);
  • The types of companies I invest in;
  • Two recent purchases: System1 and M Winkworth, and;
  • What I learned from Jim Slater.

You can listen to the podcast here:


Alternatively you can listen through Youtube…

…or through the links below:

I mention these links at the end of the podcast:

Happy listening! 

Maynard Paton