Summary of all Market Analysis Prior Share Recommendations

This Summary prepared: January 2024

As "Market Analysis" has been published since 1981, this Summary is split by decades -
1991 to 1989:
80 recommendations showing an average Gain of +86.7% over an average of 2.5 years = 34.5% per annum.
1990 to 1999:
54 recommendations showing an average Gain of +284.3% over an average of 8.2 years = 34.8% per annum.
2000 to 2009:
51 recommendations showing an average Gain of +220.1% over an average of 8.9 years = 24.7% per annum.
2010 to 2019:
22 recommendations showing an average Gain of +7.2% over an average of 6.5 years = 1.1% per annum.
2020 to present:
8 recommendations showing an average Gain of +7.2% over an average of 6.5 years = 1.1% per annum.
Total from 1981 to the present:
215 recommendations showing an average Gain of +159.7% over an average of 5.8 years = 27.3% per annum.

Share Recommendations

	Buy Recommendation		Sell Recommendation		Dividends	Recent	%
Company	Date	Price	Date	Price	Rec'd	Price	Gain
1981 Building up a Portfolio required 20 recommendations in 1981. Nearly all were profitable and many increased several fold in value over the next few years! A great start! The annualised rate of gain in our portfolio was +39.8%.
Brierley Investments Ltd	24-03-81	103*	24-01-84	445	10.6		+342
Chenery Holdings	24-03-81	267*	09-02-82	278	Nil		+4
E. Lichtenstein & Co Ltd	24-03-81	244*	09-03-82	355	5.5		+48
Progessive Enterprises	24-03-81	200*	11-08-81	190	3.3		-3
Alliance Textiles Limited	07-04-81	93*	19-04-83	113	23.1		+46
Kupe Group Limited	07-04-81	29*	08-09-92	6	19.6		-12
Neil Holdings Limited	07-04-81	69	04-05-82	82	1.5		+21
Motor Holdings Limited	07-04-81	164	04-05-82	133	15.0		-10
Autocrat Sanyo Holdings	21-04-81	205*	04-06-85	225	63.1		+41
Fletcher Challenge Ltd	21-04-81	187*	15-11-85	282	54.6		+80
PDL Holdings Limited	05-05-81	99*	12-09-85	260	32.1		+195
Tolley Holdings Limited	05-05-81	158*	04-06-85	280	116.0		+151
Cable Price Downer Ltd	19-05-81	285*	01-11-83	362	52.0		+45
Hawkins Holdings	19-05-81	95*	09-03-82	117	6.2		+30
Cory-Wright & Salmon	02-06-81	210	07-09-82	200	19.0		+4
New Zealand Oil & Gas	30-06-81	50	23-09-86	59	Nil		+18
Visionhire Holdings Ltd	30-06-81	125	15-11-85	135	37.3		+38
Fisher & Paykel Ind Ltd	11-08-81	279*	20-03-84	765	54.3		+194
ANZ Banking Group (NZ)	25-08-81	120*	20-03-84	355	18.4		+211
Lane Walker Rudkin Indust	17-11-81	77*	01-11-83	218	16.2		+204

1982 Poor performers from 1981 were weeded out and replaced with several new profitable investments. Overall our portfolio slips -15.2%.
NZ Forest Products	09-02-82	351	16-11-82	266	13.0		-21
Steel & Tube Holdings	09-02-82	130*	04-06-85	260	24.5		+119
Freightways Holdings Ltd	09-03-82	92*	07-05-85	170	21.0		+108
Mair & Company Limited	09-03-82	355	16-11-82	280	12.5		-18
Command Services Corp	01-06-82	231*	10-02-87	360	69.4		+86
Colyer Watson Holdings	15-06-82	135	16-11-82	120	6.5		-6
Allflex Holdings Limited	07-09-82	129*	04-06-85	345	19.3		+182

1983 Existing shares soared in value - and we identified a few good new investments! Our NZ portfolio more than doubles, up +109.3%.
Independent Newspapers	08-03-83	100*	12-09-85	335	29.8		+265
Jedi Corporation Limited	22-03-83	18*	04-06-85	63	3.4		+269
Endeavour Services Corp.	19-04-83	110*	14-09-85	135	19.3		+40
Newmans Group Limited	19-04-83	135*	04-06-85	278	24.6		+124
Prime-West Corporation	28-06-83	18*	07-10-86	25	Nil		+39
Spectrum Resources Ltd	28-06-83	26	15-11-85	40	Nil		+54
Genestock New Zealand	06-09-83	50	10-03-87	45	Nil		-10
Motor Holdings Limited	01-11-83	101*	04-06-85	170	13.8		+82

1984 Steady gains in flat market, with our portfolio rising +17.7% in value.
Wilson Neill Limited	24-01-84	102*	30-07-85	210	15.4		+121
A M Bisley & Company Ltd	17-04-84	170	15-11-85	190	26.0		+27
Ivon Watkins-Dow Limited	17-04-84	304*	15-10-85	435	27.0		+52
Leveraged Investment Corp	08-05-84	44*	07-10-86	20	Nil		-55
Marac Holdings Limited	27-11-84	245	17-12-85	260	18.3		+14

1985 No new local recommendations were made in 1985 as we (1) built a small cash reserve and (2) found better value in International investments (following the removal of foreign exchange controls.) Our NZ portfolio gains +8.6%.

1986 The NZ stockmarket boomed in 1986 offering many attractive investments. We avoided many Investment and Property shares but found many under-valued situations yielding significant short term gains (i.e. Radio Otago, XS Corporation, McConnell Dowell, Taylors) and one outstanding long term gain (i.e. NZ Refining). Our portfolio soars in value, up +91.9%.
The Big Apple Limited	14-01-86	62	07-10-86	53	1.0		-13
Feltex New Zealand Ltd	11-03-86	308	22-07-86	315	5.0		+4
Allegra Corporation Ltd	25-03-86	76*	13-03-90	18	9.7		-64
Invesco Group Limited	25-03-86	53	12-04-88	2	3.5		-90
Arahi Properties Limited	29-04-86	30*	13-08-91	10	1.5		-62
Montana Wines Limited	13-05-86	162	24-02-87	280	7.0		+77
Radio Otago Limited	13-05-86	83*	22-09-87	425	5.6		+419
Strategic Capital Limited	27-05-86	95	08-09-87	100	5.0		+11
Waste Management NZ	10-06-86	250	02-12-86	325	Nil		+30
McConnell Dowell Corp	24-06-86	126*	18-11-86	280	4.5		+126
XS Corporation Limited	24-06-86	75*	17-11-87	190	6.0		+161
Charter Corporation Ltd	22-07-86	85*	08-03-88	0	6.7		-92
Taylors Group Limited	22-07-86	216*	17-11-87	405	12.3		+93
McKechnie Pacific Ltd	07-10-86	175*	13-12-88	320	17.3		+93
NZ Refining Company**	07-10-86	120	12-06-96	2575	1541.0		+3,330
Australis Int'l (1)	21-10-86	50	10-05-88	24	Nil		-52
Investment Finance Corp	21-10-86	133*	07-06-88	3	7.0		-92
Alcan New Zealand	04-11-86	150	12-05-87	180	10.0		+27
Cons Metal Industries	18-11-86	125	07-07-87	175	5.0		+44
National Pacific Corp.	18-11-86	100	17-11-87	65	2.5		-33
Baillie Farmers Motors	02-12-86	140	25-08-87	230	5.0		+68
Strada Holdings Limited	02-12-86	165	01-11-88	13	Nil		-92

1987 We cashed in some significant gains (from previous year's recommendations) and built up a small cash reserve prior to the October 1987 crash. Under-valued U-Bix - bought immediately prior to the crash - ultimately tripled in value. Post-crash bargain hunting in Chase Corporation was a mistake. Our NZ shares fall -25.5% during 1987.
East Coast Gas Supply	10-03-87	95	09-06-87	135	Nil		+42
Environ Corporation Ltd	07-04-87	50	20-09-88	20	Nil		-60
Ajax McPhersons Ltd	25-08-87	185	10-05-88	190	13.0		+10
U-Bix Business Machines	06-10-87	58*	14-05-96	110	66.1		+204
Pan Austral Corporation	03-11-87	52	15-05-90	9	Nil		-83
Chase Corporation Ltd	15-12-87	95	15-05-90	0	4.0		-96

1988 Bargain hunting in asset-rich Firestone was (eventually) well rewarded, but depressed Equiticorp shares just kept falling to become worthless. During 1988 our portfolio falls -23.9%.
Firestone New Zealand	12-04-88	220	09-02-94	650	37.5		+213
Jarden Morgan Limited	07-06-88	73	13-08-91	38	7.0		-38
Equiticorp International	20-09-88	45	09-05-89	0	2.6		-94
Carter Holt 1991 options	15-11-88	35	11-09-90	41	Nil		+17
BNZ Finance Limited	13-12-88	145	09-01-96	197	54.0		+73
Fay Richwhite & Coy	13-12-88	127*	12-04-94	80	32.4		-11

1989 More bargain hunting in post-crash depressed shares proved unsuccessful as the NZ economy failed to recover. But NZ Refining shares have tripled over the last three years and International investments have also recovered strongly from the '87 crash. Our NZ share portfolio falls -17.7%.
Richmond Smart Corp	10-01-89	14	07-03-89	1	Nil		-93
Mair Astley Holdings Ltd	07-02-89	184*	16-04-96	84	21.4		-43
Mineral Resources Ltd	22-08-89	50	11-05-93	72	17.0		+78
Bancorp Holdings	19-09-89	85	10-04-90	40	2.0		-51
London Pacific Limited	19-09-89	18	13-08-91	0	1.0		-94
Baycorp Holdings Ltd	14-11-89	60	09-06-92	29	Nil		-52

* Recommendation Prices Adjusted for Splits, Bonus and Cash Issues.
** NZ Refining's dividends include special dividends of $7.50.