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Today adding Creightons to London Stamps. I was mostly sold from this video presentation. It seems a neat little business for an outright silly price. In addition to passing my check list, it’s very illiquid which I like — I’m happy to wait for normalisation and can survive getting stuck if not. There’s some insider control, which I don’t usually like, but it seems spread between several people who seem benign. I don’t quite understand the market but it does not seem rocket science either, happy to bet on the management here.
There’s very little else to say about it, possibly a good thing.
I didn’t buy it at the best time — it was quite fashionable at the time — but I like cyclical generator and chillers rental business Aggreko in Obliquity London, so I’ve put it back up to full mid-cap weight. The portfolio is possibly diversified enough, so consolidating or selling positions that have become underweight seems appropriate at the moment.