2025 Portfolio Return 30.6% 😃 from a mix of UK & US positions. Top 15 $PLTR #VANQ $RKLB #CNC #GDWN #LINV #FCH #COST #CPI $AMZN $NVDA #DFCH #OXB $CIFR #YCA followed by another 30 positions (mostly not significant one way or other) and a handful of funds. Happy New Year

#CWR Ceres Power getting a large write up from this well respected US research firm …. sharing

Activist: "Your cows are putting carbon into the atmosphere." Farmer: "Where did they get it?" Activist: "What?" Farmer: "The carbon. Where did the cow get it before it put it anywhere." Activist: "From... eating?" Farmer: "From eating grass. And where did the grass get it." Activist: "The soil?" Farmer: "The air. The grass pulled it out of the air last spring. The cow ate the grass. The cow breathed some of it back out. It went back into the air it came from." Activist: "But it's still going into the atmosphere." Farmer: "It's going back. There's a difference between a thing going somewhere and a thing going back. You've described a circle and you're frightened of it." Activist: "Then just don't have the cow." Farmer: "The grass still dies in autumn. It rots where it falls. The carbon goes back into the air either way, just without anyone getting fed in the middle." Activist: "It's not that simple." Farmer: "It's grass, cow, breath, grass. Or it's grass, rot, air, grass. Same circle, fewer dinners. If that's complicated for you I'd stay away from the water cycle. That one's got clouds in it."

$ENSI.LSE- a tiny UK chipmaker quietly embedding itself into some of the most important technology buildouts on the planet including $ASTS blue birds! 🧵

Ed, when the wind don’t blow & the sun don’t shine we importing the most expensive electricity there is when everyone else wants it as we have tiny storage facilities and declining domestic production … we need fossil fuels for affordable energy independence #EdOut

#VLX With revenue now expected to exceed $1.2 billion & margins above the top end of our target range of 9-10%, the scale and quality of our business has never been stronger. The Board will consider a move to main index. Capital Mk Day 22/4.

The "Magazine Cover" indicator has fired Positioning is bearish, extreme fear, VIX is in retreat... We are getting close to the reversal. The beaten down AI infrastructure software stocks are coiled springs. $NDX $SPX

#LINV LENDinvest, a lending platform for other businesses to connect to property borrowers is significantly undervalued, last accounts £72.7m net sssets vs £50m MCap. Profitable, growing fast CY PE 21 falling to 10 - interview with CEO below research.panmureliberum.com/…

#EYE Eagle Eye performing with a regional US grocers signing up for the AI solution for vouchers & rewards … note Rockwood are on board now … while the forward PE is forecast to fall to 25 with the product built into a new OEM expected to start selling through them shortly

#LINV LENDinvest very strong interims with brokers pushing up CY and next 2 years EPS numbers. PE ratio tumbling whilst net assets well above SP.

#RKW Rockwood Strategic interview with Richard Staveley … plenty of gems discussed podcasts.apple.com/gb/podcas…

Q3 YTD 2025 26%⬆️ Largest twelve positions $PLTR #VANQ #CNC #FCH #LINV #COST $AMZN $RKLB #OXB #DFCH #CPI $NET UK stocks making up 52% of the portfolio followed by American 35% & funds 13% Best of luck to everyone for Q4

#JTC attracts further potential offer bloomberg.com/news/articles/…

Looking forward to listening to it tomorrow Leon

Not forgetting the jobs for life, salary / promotion progression built in, massive pensions and meaty allowances & overtime

FY25 half time ⬆️ 13.5% (Q1 off 9% rebounded nicely in Q2) with portfolio split between UK 55% US 31% funds 13% Largest stock positions $PLTR #VANQ #FCH #COST #KIE #CNC $AMZN $AVGO #MSI #LINV #WISE $NET #CPI #BKS #YCA and another 30, need to trim but markets so buoyant I haven’t

As we haven’t a money tree, we are making new spending commitments, we need to manage our spend, welfare can’t be exempt especially as it’s cost is skyrocketing, with even the PM saying it isn’t working (1,000 new claimants to PIP a day). Time for DoGE theguardian.com/world/2025/j…

ToppsTiles #TPT CEO/CFO 1H update. Impressive . 5 focused brands, different markets. Past 7 week sales 9.5% yoy. 1H sales 4.1%. 2H momentum, margins to rise, macro a help. RMI key ‘Mission 365’is to the grow to £365m , FY26 sales est £300m , growth focus: product range expansion( all hard floorings/walls), CTD looks a v good fit, TT back in charge (post CMA) & £1.9m efficiency identified. Small loss at present. Pro tiler, Tile warehouse. Trade digital refresh. PLC margin 8-20%. Big op gearing, £10m sales= £2m profits , high fixed costs. Trading well, RMI important/ confidence. 300 stores about right.90% customers visit a store. Trade customers will be 75% post CTD (£30m sales), on line 30% sales. Plenty of opportunities to expand related covering product ranges, professional customer a dedicated web site & app next year. £900m addressable market. £50m sales early target. Trade accounts traffic increasing. Simplification of onboarding details. CTN, new dedicated teams to sell B2B. Bulk order capability better . National house builder targets. B2B has 4 brands dedicated to serving. Very little debt. Working capital benefits from increased turn. New CEO search ‘well advanced’.