Small Caps Podcast with Paul Scott – Episode 1 for 2023

Paul Scott runs through this week’s Small Cap Value Reports from Stockopedia.

The first week of 2023 saw 3 mid-cap retailers report good trading. Also plenty of other companies updating us. So as usual, I run through the main points here, together with some macro points that I picked up from the media during the week.

As always, I’m only ever airing my personal opinions, which will sometimes be wrong, and sometimes right – same as for everyone. Please do your own research, and make your own investment decisions, and don’t rely on my ideas.

25 comments

  • Another great podcast Paul – thanks for the continued work on these.
    You’ve inspired me to write down my performance for 2023 on stocko as always enjoy reading about how other people are doing.

  • well done Paul, Terrific podcasts. Right amount of detail and right length.

  • Hi Paul

    Thanks for your continued cracking work. I love listening to these podcasts.

    On Dignity, are you sure that no rules have been broken? At first glance this would seem to be a violation of at least four of the six principles of the Takeover Code. Those being:

    1. That all holders of securities must receive equal treatment;
    2. That the holders of the securities of a target company must have sufficient time and information to enable them to reach a properly informed decision on the bid
    3. That the board of a target company must act in the interests of the company as a whole and must not deny the holders of securities the opportunity to decide on the merits of the bid;
    4. And most importantly, that false markets must not be created in the securities of the target company.

    I have written a strongly worded letter to the Takeover Panel and am awaiting their response.

  • Hey Paul,
    Keep up the fantastic work with the podcast. The length of them is great and they work really well hand in hand with the SCVR.
    They make my Monday morning drive to work enjoyable…which is quite an achievement!
    Thanks, Rich

  • Avid listener every week Paul, thoroughly enjoy the podcast, usually with my Monday morning coffee! Entertaining, informative and great spreadsheet as others have said.

  • Morning Graham & Paul
    I have just spent a pleasant 43mins listening to your Podcast. with a cup of coffee and a Greggs pastry
    I am sure there must be hundreds of subscriber’s to Stockopedia sit in front of our screens for many an hour, on there own, with nobody to talk too regarding wither to buy or not. I do a lot of analyzing myself But it is very good to here what you have to say and encourage or decline to purchase.
    Keep going, and keep off those chocolate’s.

    Les

  • thanks for continuing with this Paul. It is appreciated

  • Incidentally, on Greggs the 17% LFL sales increase is likely fuelled very significantly by price rises rather than by volume increase. Would have been good to get a feel for the split but just checked back to their HY results and couldn’t see any figures on the contribution of price vs volume in those either, so it’s unclear without further digging how much they are actually growing volume.

  • hi Paul, thanks for another great listen. I *love* your podcasts, listening is a must-do activity every weekend. I think they are about the right length and I think the format is perfect. You’re a very natural speaker. I made sure I listened when I went to Germany recently, I was staying overnight in a castle on the Rhine sipping brandy listening to your views on shares 😀

    On a couple of the shares mentioned this week: I opened a position in Clarkson just before the new year. I don’t worry too much about timing cyclical shares because I intend to hold through at least two full cycles unless something unexpected happens. Yes you could in theory pick them up cheaper at some point but I don’t trust my ability to time the market anyway 🙂

    I held Greggs previously but sold during COVID on the uncertainty. Very tempted to get back in as I think it’s a great company that will continue doing well in all economic climates, but the reason I’ve held off is the price and also worrying whether they are approaching saturation in the UK, I often see two Greggs on the same street nowadays! and another couple just around the corner! I wonder if they will consider international expansion at some point, I visited Australia in 2019 and was constantly craving an equivalent of Greggs, think it would do very well over there (operated via franchise model for operational simplicity).

    • Hi Paul

      Although I read the SCVR every day, I find your weekly podcasts invaluable to focus the mind on the key points of the week. Informative and essential listening. Please keep them coming.

      Thank you

      Clive

  • Hi Paul,

    Just a message to reiterate how much I enjoy the podcast and what a great accompaniment it is to the SCVR. I particularly enjoy your macro perspective as this isn’t touched on as much in the reports. I feel listening to you and also Edmunds podcast gives me a good feel for the macro picture. I think Edmund actually deserves more praise as his reports are excellent and he also shares his podcast free of charge which is a good listen. On the subject of podcasts, I also listen to “Daily Stock Market News” each day, its on Spotify/YouTube, about 15mins long (however you only need to listen to the first half, before they talk about their individual trades) and gives an informed day to day perspective on what is going on across the pond. It’s quite ‘American’ shall we say, but if you can look past that it’s well worth a listen to keep in the loop stateside, especially with how reliant our markets are on the decisions of the Fed. ( https://open.spotify.com/show/2BDNR53mD6PwXVQXS5mFeu?si=8e4665cb65054ae1 )

    One little suggestion for the spreadsheet which I think readers would love – Could you have a different colour for stocks that you have included as your ‘mystery shares’, this would certainly make them easy to spot and highlight the 10-20 shares that have really caught your eye over the past few months.

    My first years subscription to Stockopedia comes to an end next month – I will 100% renew.

    Many thanks,

    Ben

  • As a relatively new subscriber, i find your SCVR podcasts really great, especially when going through the report itself alongside this. The spreadsheet is also adding value to the service, keep up the great work!

  • just listened to your podcast, 1st time for me and found the content and your views interesting and I think it’s about the right length in time as well.
    Thanks Paul.

  • Love the podcast Paul. Listen every week – particularly appreciate the warnings, never nice to see minus signs in the portfolio, I’m sure you’ve helped plenty of listeners avoid a few of those.

    Thanks for all the hard work.
    M

  • Thanks Paul. I love your podcasts.

  • Thanks for the podcast Paul. I enjoy the quick summaries & find the overall length to be about right. I listen when I walk my dog (a podenco, so it’s my pod & Paul’s pod once a week!) & the duration fits well with our outings.
    I agree there are many opportunities in the small cap space at the moment & hope 2023 will be more lucrative for us all.

    • Thanks Lee, I appreciate the feedback! I just had to google the dog breed podenco, that’s a new one to me. Good luck for 2023! Best wishes, Paul.

  • I enjoyed this very entertaining and informative, and great spreadsheet. I liked that you considered some changing market factors e.g cost of fuel, container ships etc. I also wonder which sectors will rise and which will continue to struggle as we move forward. It will be interesting to see.

    Lets hope 2023 is better for everyone!

  • Hi Paul,

    Your podcasts are a must-listen to for me each week, I am a stockopedia subscriber and I read your reports daily but I tend to scan parts of the report where the company does spark some interest. Listening to you will always have me going back and re-reading reports that I may have not fully appreciated at the time or a reader’s comment you highlight.

    Appreciating your hard work and insights. Have a great 2023

    Mark

  • Hi Paul – I listen to your podcast every week and thoroughly enjoy the company run down plus your macro musings. I’m a Stocko subscriber since April 22 after going on a Robbie Burns course. Trying to be more disciplined now having been too heavily into the ‘jam tomorrows’ and getting burnt- now I have the tools to see who they are and avoid!
    Keep up the great work, thanks, Anne

    • Thanks Anne! Yes, we all get burned on jam tomorrow stuff sometimes!! I manage to resist most of them, but the odd one still slips through! Best wishes, Paul.

  • Paul, I use an Apple laptop (MacBook Air) and the pop ups work perfectly when I just put the curser over the ticker. Excellent! Many thanks!

    Robert.

    • Thanks Robert, that’s really helpful. I’m just working through the spreadsheet now, deleting the old “comments” which were invisible to some, and replacing them with “notes” which are visible. Best wishes, Paul.

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