To help demonstrate our process we have included below a number of case studies; some where we have now fully exited our position, and others still being current holdings.
We are also frequently reminded of Charlie Munger’s observation that “There’s no way that you can live an adequate life without making many mistakes”. We will continue to make our fair share.
Goodwin plc has some notable pedigree being “a group of established mechanical and refractory engineering companies, specialising in the design, manufacture and supply of high-quality products and solutions”.
MS International plc (MSI) is a holding company for various subsidiaries namely: MSI Defence Systems Ltd / US LLC – A manufacturer and supplier of small calibre gun weapon systems/mounts, MSI Forks Ltd / LLC – A manufacturer and supplier of fork-arms for fork lifts.
We first met the management of National Milk Records (NMR) at an investor event in Derby in 2018 and warmed to their quirky and affable CEO/MD Andy Warne.
With a background in Engineering Consultancy, we had been familiar with RPS Group for many years, albeit historically their operations had been heavily Oil and Gas (O&G) focussed. They were a reputable brand with good clients and a mid-tier headcount.
Haynes Publishing Group plc (“Haynes”) was a brand we had been aware of since the 1980’s, known for their superbly detailed automotive repair manuals.