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Thorney Opportunities
I am interested for an explanation why there have recently been so many articles advocating Dick Smith as a buy whereas I hear very little on previous recommendations on stocks that have floundered such as Thorney Opportunities Fund (TOP)?
Anthony
Editor's response: Thanks for your letter. A complete list of our stock recommendations is available here. We have not made a recommendation on Thorney Opportunities.
However, Alan Kohler has mentioned Thorney Opportunities in his weekend briefing a number of times, such as on June 28, 2014 and on February 28 this year.
Retail Food Group
Retail Food Group has certainly purchased a significant number of companies in recent years (see Retail Food Group stumbles, June 15), and this seems to have encouraged analysts to view them favourably. Several Michel's outlets have closed in Canberra in recent years. I believe that this can be attributed to a complete lack of further development of a company subsequent to its purchase. If other companies in RFG are treated in the manner then through time RFG will not perform well. And this now seems to be occurring. I have never held shares in RFG.
Malcolm
Editor's response: Thanks for your letter. You are right to point out the risks around RFG's acquisitions. James Hannam has pointed out that the return on capital has been declining, which raises questions about the productivity of the group's older businesses (see also this earlier article: A closer look at Retail Food Group, January 19). A falling return on capital can sometimes be hidden by an acquisition strategy that leads to higher profits.
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