Performance Evaluation

Performance of Companies since being posted compared to broad benchmark

Performance of Companies since being posted compared to small-cap benchmark

Note:

• It is difficult to compare the ideas posted here to the performance of, say, a fund. I am not capital constrained. If markets suffer a downturn, I can post as many ideas as I find compelling and I should, in theory, enjoy better forward returns. My results are upwardly biased compared to a fund.

• I have selected two measures which I believe are reasonably good benchmarks for performance: MOIC and IRR.

• MOIC is simply the multiple on capital an investor would have had they invested an equal amount in each idea posted here.

• IRR takes a similar approach, but it takes into account the timing of cash flows.

• I have deliberately elected to ignore foreign currency gains/losses. My view is that this is a equity focused blog, not focused on the macroeconomic movements of currency markets.

• If stock data is incorrect when viewing the above file, you may need to update your data refresh settings in Excel.