Report for October 2007

The month ended on a high note after considerable turbulence (due to the fallout from the "credit crunch") which has continued into November. The FTSE100 on October 30 was up 3% at 6706 and our Unit Value was up 4% at 117.4.

All our holdings except two grew in value, with Biffa (12% up) leading the way, and BHP Billiton and Tesco not far behind (at 7 and 6% gains). Speedy Hire recovered a little but is still 10% below its AGM value. WPP was one of the two fallers this month and is now 9% below its value at the AGM: we should keep an eye on both these stocks.

One member has repaid £100 of his original loan, and hopes to repay the rest in December on the sale of a pair of very attractive flats in a Welsh border town. Note that subscriptions credited for the last two months are now equal at £50 per member per month.