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Authoritative Independent Monthly Share Selections Using Technical & Fundamental Analysis

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TMI Trader Portfolio - April

April 2004

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

After the exciting gains of previous months the Trader Portfolio inevitably paused for breath, closing down just over £800, or 0.5%, at £168,128.  Results-wise it was a busy time with several constituents reporting finals, including Fayrewood and Mayborn and we met with both over the month.   Considering its bullishoutlook Fayrewood's new forecasts (£13.2m pretax profit versus £12.8mlast time) look absurdly low and will surely be upgraded as the yearcontinues. Shares in Mayborn are now approaching theirall-time high of 297p set in March 1996.   Mayborn is arguably abetter proposition than in those days, with higher structural levelsof profitability and virtually no debt.  Management haveindi ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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