Warren Buffett: "In large part, companies obtain the shareholder constituency that they seek and deserve. If they focus their thinking and communications on short-term results or short-term stock market consequences, they will, in large part, attract shareholders who focus on the same factors."
Buffett writes that earnings gyrations "don't bother us in the least." After all, "Charlie (Munger) and I would much rather earn a lumpy 15 percent over time than a smooth 12 percent."
Buffett warns that even a great company can see its "value stagnate in the presence of hubris or of boredom that caused the attention of managers to wander." The result: A "sidetracked" leadership that "neglects its wonderful base business while purchasing other businesses that are so-so or worse."
Keeping the above in mind... [2017 was a very tough year for many of my choices]
KK [Ask @Sparkly what price we bet on and do the math + 2 dividends]
Unga [25% from 33 to 40 in 2018 after Seaboard's offer + dividend]
Equity [50% + dividends]
NIC [30%+ and dividend]
Safaricom [I got in during the #Resist period + dividend]
DTB [From Sep 2016 to Mar 2018 50%+]
Laggards in share price performance?
KenRe [but NAV has increased though Mwarania's sacking was a shocker] but I "hope" that KenRe recruits a solid (foreign) CEO with significant experience in Reinsurance.
(My) Banks: Pre-interest cap prices now coming through but they are stronger in 2018 vs 2016.
Flame Tree: [Small holding for me] FY 2017 did a number on it but 2018 might be much better.
Isn't this thread about Flame Tree?
Greedy when others are fearful. Very fearful when others are greedy - to paraphrase Warren Buffett