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 The Sharenet Daily 
Tuesday, 02 September 2014 - 20:00
Top News
SA Business
Company News
Company Results
World Markets (Spot Prices)
JSE Today
JSE Trading Statistics
Major Moves
Index Summary
Latest Consensus Changes / Results Expected
Recent Dividends / Ex Div
Upcoming AGMs
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Seed Weekly - Investment greats ? Philip Fisher

Following my series on Warren Buffett and value investing I decided to write another series on some of the greatest minds in the investment world. These seminal figures of modern investment thinking have impacted many, and have increased the wealth of their clients for the better. Much to learn from these fine minds, I trust that you would find value from their lives and/or thoughts.

Born in San Francisco in 1907, Philip Fisher was a pioneer in the growth stock school of investing. Fisher was the first to consider a stock's worth in terms of potential growth instead of just price trends and absolute value. Mr Fisher started his investment career in 1928, just before the Great Depression, when he dropped out of the newly created Stanford Business School to work as a securities analyst for a bank. He started Fisher & Company in 1931 and remained in the money management business for 74 years, managing the company's affairs until his retirement in 1999 at the age of 91.

Philip Fisher followed a growth investment philosophy specialising in companies at the forefront of innovation and driven by research and development. He sought well managed, high quality growth companies that could be bought at a reasonable price, and then held for the long term. A famous example was his purchase of Motorola stock in 1955 (by then a radio manufacturer) which was held to his death in 2004. He kept a concentrated portfolio of stocks. "I don't want a lot of good investments; I want a few outstanding ones." He was not well known to the general public until he published his first book, Common Stocks and Uncommon Profits in 1958. It was the first investment book ever to make the New York Times bestseller list in its time.

According to Mr Fisher, conservative investors sleep well. In his book he stresses his famous "fifteen points to look for in a common stock” which was his qualitative strategy for finding well managed quality companies. He divided his criteria into two categories namely characteristics of the company’s management, and those of the company itself. I just highlight them – though more detail is available online and well worth the read.

1. Does the company have products or services with sufficient market potential to make possible a sizable increase in sales for at least several years?
2. Does the management have a determination to continue to develop products or processes that will still further increase total sales potentials when the growth potentials of currently attractive product lines have largely been exploited?
3. How effective are the company’s research and development efforts in relation to its size?
4. Does the company have an above-average sales organization?
5. Does the company have a worthwhile profit margin?
6. What is the company doing to maintain or improve profit margins?
7. Does the company have outstanding labour and personnel relations?
8. Does the company have outstanding executive relations?
9. Does the company have depth to its management?
10. How good are the company’s cost analysis and accounting controls?
11. Are there other aspects of the business, somewhat peculiar to the industry involved, which will give the investor important clues as to how outstanding the company may be in relation to its competition?
12. Does the company have a short-range or long-range outlook in regard to profits?
13. In the foreseeable future will the growth of the company require sufficient equity financing so that the larger number of shares then outstanding will largely cancel the existing stockholders’ benefit from this s anticipated growth?
14. Does the management talk freely to investors about its affairs when things are going well but “clam up” when troubles and disappointments occur?
15. Does the company have a management of unquestionable integrity?

With his approach known as “scuttlebutt”, he searched above and beyond these fifteen points for information on a company – since a company’s own information and accounting can be subjective. Known as a good networker, he made use of all contacts he could find to gather information and perspective on a company including questioning customers, industry competitors and suppliers. Asking the right questions was fundamental in this approach.

"I sought out Phil Fisher after reading his "Common Stocks and Uncommon Profits". When I met him, I was impressed by the man and his ideas. A thorough understanding of a business, by using Phil's techniques … enables one to make intelligent investment commitments." (Warren Buffett) Mr Buffett himself later described his strategy as 15% Fisher, 85% Benjamin Graham.

Many people say there are two must have books needed for your library to become a successful stock investor – Fisher’s Common Stocks and Uncommon Profits, which explains the qualitative side to value investing and Benjamin Graham’s The Intelligent Investor, where Graham explains the quantitative side. Perhaps not a bad idea for a Christmas shopping list?

Keep well,

Lourens Rabé


021 914 4966

Tue, 02 Sep 2014
Top News
South African stocks ended in the black on Tuesday led by retailers such as construction materials seller Cashbuild and upscale food and clothing retailer Woolworths.  Full story

South Africa's Reserve Bank has launched an investigation into failed lender African Bank Investments to determine if it engaged in reckless conduct or questionable management practices, the central bank said on Tuesday.  Full story
Islamist Boko Haram insurgents overran most of a northeastern Nigerian town on Tuesday after hours of fighting that killed scores and displaced thousands of residents, security sources said.  Full story
Pakistan's parliament threw its weight behind embattled Prime Minister Nawaz Sharif on Tuesday as a deepening crisis over violent protests demanding his resignation prompted fears of an army intervention.  Full story
Russia said on Tuesday that Ukraine's moves to join NATO were aimed at undermining efforts to end the war in the east of the country, and called on Washington to use its influence and "talk sense" into Kiev.  Full story
Gold fell nearly 2 percent on Tuesday, on track for its biggest one-day drop since mid-July, as a combination of a dollar rally,. . .  Full story
The dollar jumped to its highest this year against the yen on Tuesday, lifted by strong U.S. economic data, while the euro slipped. . .  Full story
A fall in major healthcare stocks, after drugmaker AstraZeneca tried to play down speculation about a new bid from Pfizer, pegged back European stock. . .  Full story
U.S. stocks held near the unchanged mark on Tuesday as investors digested the latest batch of solid economic reports on the heels of. . .  Full story

Britain's top share index steadied near a two-month high on Tuesday, with some caution before the European Central Bank's policy meeting on. . .  Full story
U.S. stocks opened flat on Tuesday after the S&P 500 closed out its best month since February, ahead of reports on the manufacturing. . .  Full story
Britain's top share index crept up on Tuesday, in cautious trade ahead of a European Central Bank policy decision this week, led by. . .  Full story
Hong Kong shares finished flat for a third session on Tuesday, but recovered from session lows after major indexes in China's market reached. . .  Full story
SA Business
South Africa's Woolworths has finalised the terms of a rights offer to raise nearly 10 billion rand ($932 million) through 167.8 million new ordinary shares, the company said on Tuesday.. . .  Full story
Shares of South Africa's JD Group jumped more than 5 percent in early trade on Tuesday after the struggling furniture retailer said it would sell its financing arm, after getting hit. . .  Full story
South Africa's rand fell to its lowest level in a week against the dollar on Tuesday, as another indicator showing domestic economic weakness and a public holiday in the United States. . .  Full story

Brent crude oil futures fell to the lowest level in 15 months on Tuesday, pressured by the prospect of slowing oil demand growth in China and Europe, while a strong dollar and ample supplies weighed on U.S. prices.. . .  Full story
World Markets (Spot Prices)
NameTimeRPMove% Move
JSE Overall17:0051462.57348.700.68%
JSE Top 4017:0046076.97324.440.71%
JSE Gold17:001538.07-4.83-0.31%
JSE Financial17:0038570.76400.141.05%
JSE Industrial17:0068038.60326.930.48%
JSE Indust 2517:0060029.86278.200.47%
JSE Resource17:0056658.07500.980.89%
DJ Futures19:5817004.00-84.00-0.49%
DJ Ind19:5817021.67-76.78-0.45%
SP 50019:581995.90-7.47-0.37%
FTSE 10017:356829.173.860.06%
All Ords08:445656.9027.600.49%
NZSE 5007:505221.776.370.12%
NameTimeRPMove% Move
Gold $19:591264.46-22.40-1.74%
Gold R19:5913569.34-161.41-1.18%
Gold R/kg19:58436233-4839-1.10%
Silver $19:5919.1680-.3020-1.55%
Platinum $19:581405.75-10.95-0.77%
Palladium $19:58880.00-23.90-2.64%
Brent Crude19:58100.67-2.52-2.44%
Rand / Dollar19:5910.73150.06170.58%
Rand / Pound19:5517.6546-0.0367-0.21%
Rand / Euro19:5514.08590.07750.55%
Rand / NZD19:598.9228-0.0194-0.22%
Rand / AUD19:559.9552-0.0068-0.07%
Yen / Dollar19:59105.12700.80400.77%
Euro / Dollar19:580.7617-0.0001-0.01%
Dollar / Euro19:591.31300.00030.02%
Pound / Dollar19:550.60630.00440.73%

Click here for the Sharenet Spot Price page
The JSE Today

Trading Statistics
* Includes all listed instruments on the JSE
Major Moves Up
SharenameSaleMove% MoveVolume
1 EASTPLATS  90015020.00.%19321
2 CASHBIL  137507555.81.%31865
3 WESIZWE  11465.50.%192570
4 ELLIES   220115.26.%570010
5 TREMATON  390195.12.%6700
6 TRADEH  2000904.71.%69846
7 EOH  99804384.59.%175890
8 ELBGROUP  46002004.55.%770
9 MRHLD  27301104.20.%2640964
10 JASCO  10244.08.%160409
11 FONEWORX  280103.70.%2272
12 BLUETEL  909323.65.%911515
13 INDEQTY  570203.64.%16000
14 SUNINT  119353953.42.%413603
15 BUILDMX  18363.39.%68000
16 INTEWASTE  15553.33.%276806
17 TELKOM  60401933.30.%1014155
18 POYNTING  320103.23.%40858
19 MPACT  37001153.21.%465985
20 AFRO-C  426133.15.%186840

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Major Moves Down
SharenameSaleMove% MoveVolume
1 OANDO  171-19-10.00.%4875
2 HUGE  119-11-8.46.%24190
3 YORK  300-20-6.25.%2200
4 DIPULA-B  750-40-5.06.%20000
5 SEARDEL  192-8-4.00.%17181
6 HOLDSPORT  4050-168-3.98.%1560
7 DRDGOLD  282-11-3.75.%454907
8 STEINHOFF  5120-199-3.74.%29018721
9 TRUSTCO  190-7-3.55.%158006
10 CBH  420-15-3.45.%90000
11 PETMIN  200-7-3.38.%593972
12 ARB  720-25-3.36.%24590
13 TONGAAT  16837-563-3.24.%113309
14 RESGEN  155-5-3.13.%2178
15 ADCORP  3250-100-2.99.%28919
16 CSG  200-6-2.91.%12955
17 EHSV  535-15-2.73.%46469
18 METROFILE  475-13-2.66.%782990
19 PALLINGHT  435-11-2.47.%3641933
20 PHUMELELA  1855-45-2.37.%2260

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New Highs
SharenameSaleHighMove% MoveVolume
1 EOH  998099804384.59.%175890
2 FONEWORX  280285103.70.%2272
3 INDEQTY  570570203.64.%16000
4 SUNINT  11935119653953.42.%413603
5 TELKOM  604060501933.30.%1014155
6 MPACT  370037401153.21.%465985
7 RMBH  578058211282.26.%1325442
8 MMG  17751800301.72.%41819
9 RESILIENT  722273091221.72.%248712
10 NEPI  10800108001511.42.%72999
11 MEDCLIN  947394731231.32.%776619
12 REMGRO  24659248333091.27.%1329889
13 HYPROP  880088551001.15.%188630
14 INTUPROP  60856200-7-0.11.%545745

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New Lows
SharenameSaleLowMove% MoveVolume
1 HOSP-B  376376-9-2.34.%9474
2 IMPLATS  92509110-190-2.01.%2660930

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Index Summary
Index NameRPMove% Move
Top 4046,076.97324.440.71%
Mid Cap67,495.07385.760.57%
Small Cap55,572.83207.890.38%
Resource 2056,658.07500.980.89%
Industrial 2560,029.86278.200.47%
Financial 1514,884.34169.791.15%
Financial & Ind. 3064,006.05409.590.64%
All Share51,462.57348.700.68%
Oil & Gas 47,015.0998.380.21%
Mining 33,259.40324.120.98%
Gold Mining1,538.07-4.83-0.31%
Platinum Mining42.79-.43-0.99%
GENERAL MINING9,699.21131.771.38%
Oil & Gas Producers 25,279.1552.900.21%
Basic Materials 29,412.82264.570.91%
Chemicals 24,262.47113.680.47%
Forestry & Paper 31,731.9483.380.26%
Industrial Metals 18,680.2917.850.10%
Industrials 47,814.61499.461.06%
General Industrials 155.131.931.26%
Consumer Goods 60,824.29141.380.23%
Automobiles & Parts 7,936.9322.650.29%
Household Goods351.37-14-3.74%
Health Care 90,542.44817.570.91%
Beverages 202.441.620.81%
Index NameRPMove% Move
Food Producers 80,640.94-94.75-0.12%
Personal Goods 1,028.435.700.56%
Consumer Services 12,754.0622.070.17%
General Retailers 67,509.64356.630.53%
Travel & Leisure 5,897.9491.721.58%
Support Services 2,824.84-50.19-1.75%
Telecommunications 11,675.62126.431.09%
Financials 38,570.76400.141.05%
Banks 66,535.14723.101.10%
Non-life Insurance 55,612.89-255.22-0.46%
Life Insurance 36,998.00438.251.20%
General Financial 3,788.5539.551.05%
Technology 46,619.101107.532.43%
SHARIAH TOP40 4,260.25260.62%
FTSE/JSE SHARIAH ALL4,435.17270.61%
COAL MINING19,089.05510.27%
FTSE JSE Fledgling 6,768.69-28-0.41%
FTSE/JSE Alt X 1,313.4540.27%
RESOURCE 30,906.552540.83%
DIVIDEND PLUS227.2710.60%
FTSE/JSE RAFI 4010,141.23840.83%
Capped Top 4024,460.301720.71%
Capped All Share26,073.871770.68%
JSE TABACO 8,095.53450.56%

Click here for the Sharenet Index Summary page
Latest Consensus Changes**
CodeCompany NameStatusUpdated
Results Expected**
ExpectedCompany NameFin. Date
03/09/2014DISCOVERYJune 2014 (Final)
03/09/2014DSY B PREFJune 2014 (Final)
03/09/2014LITHAJune 2014 (Interim)
03/09/2014LITHAPJune 2014 (Interim)
04/09/2014AFGRIJune 2014 (Final)

Recent Dividends**
Share NameDec-DateLDTPay-DateAmount
METROFILE01/09/1426/09/1406/10/14ZAR 0.0800
WBHO01/09/1410/10/1420/10/14ZAR 2.3300
BIDVEST01/09/1403/10/1413/10/14ZAR 4.3200
HYPROP29/08/1418/09/1429/09/14ZAR 2.4100
MORVEST29/08/1417/10/1427/10/14ZAR 0.0100
Ex Div**
Share NameDec-DateLDTPay-DateAmount
STANBANK-P14/08/1429/08/1408/09/14ZAR 3.4058
LIB-HOLD08/08/1429/08/1408/09/14ZAR 2.3200
AECI29/07/1429/08/1408/09/14ZAR 1.1500
BHPBILL19/08/1429/08/1423/09/14USD 0.6200
FORTRESSA12/08/1429/08/1408/09/14ZAR 0.5881

Upcoming AGMs**
CodeCompany NameDateStatus
MPCMr Price Group Ltd.03/09/2014Confirmed
MPCBMr Price Group Ltd.03/09/2014Confirmed
MRPPMr Price Group Ltd.03/09/2014Confirmed
MRIMine Restoration Investments Ltd.04/09/2014Unconfirmed
APKAstrapak Ltd.04/09/2014Confirmed

Stock Exchange News Service
02/09/201417:45MIX TELEMATICS LIMITED - Dealing in securities by a director of MiX Telematics
02/09/201417:25AFRICAN BANK INVESTMENTS LIMITED - South African Reserve Bank (the SARB) investi...
02/09/201417:19BHP BILLITON PLC - Barclays Energy-Power Conference Presentation
02/09/201416:50ADAPT IT HOLDINGS LIMITED - No change statement and notice of annual general mee...
02/09/201416:19ANGLO AMERICAN PLC - Total voting rights
02/09/201416:03KEATON ENERGY HOLDINGS LIMITED - Director's Dealings
02/09/201415:55STRATCORP LIMITED - Change statement, release of annual report and notice of ann...
02/09/201415:24ANCHOR GROUP LIMITED - Abridged Prospectus relating to the listing of Anchor Gro...
02/09/201415:23RMB HOLDINGS LIMITED - Trading statement: year ended 30 June 2014
02/09/201414:57IVUZI INVESTMENTS LIMITED - Full Capital Redemption_IVA436
02/09/201414:51OMNIA HOLDINGS LIMITED - Dealings in securities by an associate of a director
02/09/201414:50BIDVESTCO LIMITED - Full Capital Redemption-BIDC39
02/09/201414:35WOOLWORTHS HOLDINGS LIMITED - Final terms of fully underwritten rights offer
02/09/201414:35PETMIN LIMITED - Trading Statement
02/09/201414:30FIRSTRAND LIMITED - Trading statement in respect of the year ended 30 June 2014
02/09/201414:24ATTACQ LIMITED - TRP121: Notification of an acquisition of beneficial interest i...
02/09/201414:06PROTECH KHUTHELE HOLDINGS LIMITED - Renewal of cautionary announcement
02/09/201414:04GLENCORE PLC - GLN - Total Voting Rights
02/09/201414:00FREEDOM PROPERTY FUND LTD - Further Cautionary Announcement
02/09/201413:21BSI STEEL LIMITED - Dealing in securities
02/09/201413:16INVICTA HOLDINGS LIMITED - Change to the board and appointment of Chief Executiv...
02/09/201413:09SUPER GROUP LIMITED - Dealing in securities by a non-executive director of the c...
02/09/201412:02BRIMSTONE INVESTMENT CORPORATION LD - Dealing in securities by an associate of a...
02/09/201411:59HUGE GROUP LIMITED - Director and Associate of Director Dealing in Securities
02/09/201410:50ASCENDIS HEALTH LIMITED - Trading Update
02/09/201410:30INFRASORS HOLDINGS LIMITED - Delay in posting of circular to shareholders
02/09/201410:25GRINDROD INDEX TRACKER MAN RF PTY LTD - Listing of 200 000 additional Preftrax S...
02/09/201409:30KIBO MINING PLC - Interpretation and Evaluation of Imweru Exploration Results De...
02/09/201408:41TAWANA RESOURCES NL - Tawana Resources Awards Mofe Creek Pre-Feasibility Study t...
02/09/201408:00DRDGOLD LIMITED - Report to shareholders for the fourth quarter and year ended 3...
02/09/201408:00DATATEC LIMITED - Acquisition of majority interest in German Software Developer
02/09/201408:00GLENCORE PLC - GLN - Transaction in own shares
02/09/201408:00EOH HOLDINGS LIMITED - Trading statement
02/09/201408:00TASTE HOLDINGS LIMITED - Finalisation Announcement in respect of the Taste Right...
02/09/201407:30INVESTEC BANK LIMITED - IBLVR1 - Issue of Variable Rate ETN
02/09/201407:30EQSTRA HOLDINGS LIMITED - Audited preliminary results for the year ended 30 June...
02/09/201407:05CASHBUILD LIMITED - Audited annual results and dividend declaration - June 2014

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