BizNews Ricardo Portfolio update: Afrimat, Clicks, Chubb, Teledyne

Alec Hogg went into this episode wanting to sell two shares. The rules he built for the Ricardo portfolios talked him out of at least one. In the first of a new run of Premium portfolio updates, he put four fresh sets of results through the same valuation test: Afrimat, whose iron ore profits all but vanished while its quarries quietly earned their keep; Clicks, a business still growing that had turned into a valuation problem; Chubb, the insurer walking away from business it thought was underpriced; and Teledyne, the sensor maker that had just posted the best quarter in its history. One share was put on probation with three tripwires. Another was left hanging until the next Ricardo webinar, along with a new rule and a JSE share the market had priced for a decade of decline..Listen on YouTube.Listen on podcast.Edited transcript.Alec Hogg (00:07) Welcome to the BizNews Edge. Well, I've been feeling for quite some time that we shouldn't just be relying on once-a-month updates on the Ricardo portfolios. There are a lot of people now who participate in them. We do too. I keep an eye on how the companies are going and, from time to time, there's quite a lot of news. And so what I'm going to be doing from here onwards is producing a special podcast edition of the BizNews Edge where we do updates. They'll be sporadic, they won't be every day, but whenever there's something important that has developed in one of the stocks in the Ricardo portfolios, you'll be able to find out about it, of course, only as a Premium member.Alec Hogg (01:00) So it's the 22nd of October, and four sets of results landed in the last couple of days, two of them from South Africa, two from America. All four of these companies are in the Ricardo portfolios. That's why we're talking about them. So this is a new kind of Edge, a report card on our own homework.Here's the awkward bit. My gut tells me to sell two of these shares. Afrimat looks like it's having a difficult time. Clicks has surged recently and now looks pricey. But we built a set of rules precisely so that my gut doesn't run our money. Remember, BizNews puts R10,000 a month into each of the portfolios alongside you. And the rules say, hmm, something different to the conclusions my gut has been reaching. So who wins, the man or the method? Well, let's find out.Alec Hogg (01:57) I'm Alec Hogg. This is the Ricardo Portfolio Update on BizNews Edge. A quick disclosure before we start: everything I discuss today is held in the Ricardo portfolios and, as BizNews invests its own money into them, you've got to know that we have an interest. So this is our thinking, shared in the open, but it's not advice.Alec Hogg (02:23) Well, first the scoreboard. Since the end of September last year, we've put R10,000 a month into each of the two portfolios. One buys South African shares, that's the Ricardo ZAR portfolio, the other buys American ones. The rand portfolio has had R130,000 put in. It's today worth R127,162. It's down 2.2%. Not that bad if you exclude Prosus, which is the main culprit. It's down by a quarter. The dollar portfolio cost $7,621, which is the same as R130,000. It's now worth $8,462, so it's up 11%. Palantir has done the heavy lifting for us. It's up 38% in those 13 months. Uber is the passenger who hasn't paid, down 12%.Alec Hogg (03:21) Well, 13 months in, the American side is comfortably ahead. Is that a verdict on South Africa? Not yet. A year is a heartbeat in investing, but we'll start tracking a proper benchmark soon so you can judge us properly.Now the rules, because everything today hangs on them. We value every South African share the same way. We start with owner earnings. That's the cash a business could give you each year without shrinking. We ask how fast that grows over the next 10 years and then discount it back at one rate. And the rate we use is 13.9%. That's the government bond yield of 8.9% at the moment, plus 5% for the risk of owning shares in South Africa. That gives us what we call intrinsic value, what the business is worth.Alec Hogg (04:21) And then we grade quality. An A-grade business, wonderful and honest, must trade 20% below the intrinsic value before we buy. A B-grade, a good company but flawed in one way or another, needs a 30% margin of safety. The trading rules are quite simple. We buy if the stock is trading below the margin of safety after taking in the intrinsic value.Alec Hogg (04:53) We hold it right up until intrinsic value, even if we aren't actually buying the stock. But if the stock goes over intrinsic value and we see something more appealing, then we'll sell it. Notice what's missing? Well, there's no rule that says sell because Alec has gone off it. That's deliberate. Let's put it to the test.Alec Hogg (05:23) Well, Afrimat's results came out this morning, and the Afrimat board wrote the headline for me. Since it listed in 2006, that's 20 years ago, the board says Afrimat has never faced conditions this tough. When the trading statement came out two weeks ago, I spoke with chief executive Andries van Heerden and he told me he'd aged about 30 years in six months. Well, engineers don't usually do drama, and when they do, believe them.Alec Hogg (05:52) The interims for the six months to the end of August, the ones that were given to the market today, are ugly. Revenue is down 4% to R5.1 billion. Operating profit down a third to R255 million. And R95 million of that was a once-off profit from selling quarries that the Competition Commission forced Afrimat to sell. Strip that out and the business earned about R160 million in the six months.Alec Hogg (06:21) The bottom line: a headline loss of 58 cents a share, which takes out all of the things like the sales of the quarries. And that compares with a profit of R1.02 a year ago. The trading statement had warned of a loss of up to 60 cents a share. No interim dividend, not surprisingly, was declared.So what went wrong? In two words, iron ore. The division that made R445 million for Afrimat a year ago made less than R9 million this six months. Andries called it a perfect storm when we spoke a fortnight ago. The old Demaneng mine is near the end of its life, so it's expensive to extract the ore there. Shipping rates have gone from $12 to $14 a ton to as much as $32 at the peak, primarily due to the Iran conflict, in fact completely due to what's going on in Iran. And the rand strengthened. So mine-gate revenue per ton, in other words what they get as the ore goes out of the mine, also fell by 16%. So you've got revenue down 16%, and all of those costs. Well, that will give you a R436 million turnaround in a company like Afrimat in those six months. Easy to understand.Alec Hogg (07:43) At home, though, it was worse for iron ore. Domestic volumes fell by more than a third. ArcelorMittal's Newcastle plant is mothballed. Vanderbijlpark ate through the old stockpiles first, though Andries says sales there are now stabilising at 90,000 to 100,000 tonnes a month.Some good news also coming out this morning. There's a lot of speculation that a deal has been done on ArcelorMittal and that the Industrial Development Corporation will be buying the company for R10 billion. I haven't seen anything official yet. But certainly the talk is very strong, and the share price of ArcelorMittal has reacted. That could be good news for Afrimat.Alec Hogg (08:47) The other part of Afrimat that we watch is cement, and it's still bleeding. A R146 million operating loss was reported there, with volumes down 9%.But now the other Afrimat, the quarries. Remember the sceptics who said Afrimat overpaid for Lafarge, the cement operation? Well, aggregates and fly ash grew their operating profit 77% to R568 million. The margin jumped from 17% of turnover to 28% profit on turnover now. Andries told me that some old Lafarge quarries went from low single-digit margins, even negative, to above 20%.Alec Hogg (09:41) Transnet is buying ballast by the trainload for its Sishen-Saldanha and Richards Bay lines. Afrimat is supplying a lot of it. The Western Cape flood repairs have also helped, but he says only a little. Annualise it all and the quarries alone earn over a billion rand a year. Not difficult to work out: R568 million in six months, double that. And that was the bet at Lafarge. He said they didn't buy it for the cement. They bought it for the quarries, and it certainly paid off. It's just been buried under the poor performance of the iron ore division.There's a second bright spot: cash. Andries joked a couple of weeks ago that only accountants can show no profit and positive cash, but cash from operations rose 21% in the six months to R433 million, mainly by freeing up working capital.Alec Hogg (10:39) Which brings me to debt, the question I pushed him on, and he couldn't really tell us much, because trading updates, well, they're to give you a general idea. It's only when the results come out, as they have today, that you can get into the detail. He admitted that debt fell, but not by as much as he would have liked. Some of the cash went into fixing the cement operations, which is very much on the block. They're wanting to sell that. Net debt fell from R2.25 billion to R2.09 billion. Debt to equity is 46%, slightly down from the previous 50%.Alec Hogg (11:23) So, Andries then made a bold promise. With a little blessing, he said, Afrimat could be debt-free within two years. That means paying off about a billion rand a year. In the first half of the current financial year, they paid off R155 million, most of it from the quarries that they had to sell because of the Competition Commission. So how does that sum work? Obviously, only if cement is sold or partnered for proper money.And on cement, he chose his words carefully. He spoke of very exciting discussions, and announcements in the second half of this financial year. He repeated this from what he told us at the conference in the Drakensberg in August. Cement is on the block and they're very much in the process of getting rid of it.Alec Hogg (12:19) Government too, he said, is starting to act against cheap imports and low-quality blenders, which would make cement more appealing for someone who wants to buy it. In the results, they simply say strategic alternatives are still being investigated. Straight talking, though, it's about to be sold.Well, what else is coming? Afrimat had to go to the High Court to get the Doornfontein mining licence. It's a cheaper, direct-shipping ore deposit that should replace the expensive old Demaneng.Alec Hogg (12:56) Andries expects first sales from Doornfontein from late November into January. And the Nkomati anthracite mine is sold out from December, as the ferrochrome smelters restart here in South Africa after a deal has been struck between the smelters, primarily Glencore, and Eskom. Smelters run on electricity. Eskom was reluctant to cut, but it's now come to the party and, when the ferrochrome smelters restart, Afrimat benefits too.Alec Hogg (13:33) Now, a confession. At the end of the interview two weeks ago, I told Andries we weren't going anywhere. I said I wouldn't be at the AGM asking for his head. But two weeks later, my gut started saying, time to wave goodbye. So which Alec do you now believe? And the reason why my gut was saying that was because Afrimat has been a fantastic performer in the past month, and we've now broken into making a little bit of money on what we've invested there after being quite badly out of the money for a while.Alec Hogg (14:05) Well, don't believe my gut or what I said to Andries two weeks ago. Just believe the rules of how we run the Ricardo portfolio. Afrimat trades at R33.20. Our intrinsic value for the company, and it's done conservatively, is R40.55. That's 18% below. In other words, the shares trade 18% below what we believe the intrinsic value of the company is, R40.55. And remember, that's been based on a 13.9% discount on a very modest performance by the company over the next 10 years. Put that into the rules of our portfolio and it says hold. So we won't be selling Afrimat.Alec Hogg (15:03) But our intrinsic value, to be fair, rests on one number, those normalised owner earnings. In other words, through the cycle, what the company should be generating for owners on average. And we put that at R2.20 a share. Over the last 12 months, Afrimat actually lost 64 cents a share. So the R2.20 is a bet on recovery, certainly not a fact.Is it a silly bet? Well, having reflected and looked at today's results, I don't think so. Put the quarries' latest run rate together with iron ore at half its old profits, take off head office and interest, and you get somewhere around R2.60. Fix or sell cement and it's more. Leave iron ore at zero and it's well under a rand. But I don't think we can do that because, as he's discussed with us, the whole Doornfontein story is going to make a big difference on the iron ore side, and with potentially the Newcastle plant starting again at ArcelorMittal. That's a nice former customer who could be returning. That, of course, is if the IDC deal with ArcelorMittal indeed does go through, but we have every indication that it will.Alec Hogg (16:28) The market price at R33 is looking at owner earnings through the cycle of about R1.80. So it's a bit below where we are. Our sell line will only trigger if you believe the real number is below R1.40. So even the market is saying, no, it's going to do better than that. And I certainly don't believe that R1.40 through the cycle is the right number. So the verdict is hold.Alec Hogg (16:59) But on probation. No new money goes into Afrimat above our buy price of R28.39. And Andries has handed us the tripwires himself. First, Doornfontein must be selling ore by February. He says December or January, so we're giving him a month's grace. Second, the cement announcement he's promised for this financial year, which ends in February, must come out. And then third, the full-year results must show a headline profit again. So let's get rid of the losses that we've seen this time around; we want to see headline positive. Miss two of those three and we will wave goodbye, but not before. And that debt-free-in-two-years line? I've written it down.Alec Hogg (17:59) Well, another of our portfolio holdings that reported today is Clicks, a company that has barely had a bad year in living memory. But it's just had a terrible one on the stock market. On the last day of August, Clicks shares closed at R198.50. A year earlier, they were R373, down 47% in those 12 months. The market used to pay 27 times earnings for Clicks, in other words one of the highest-rated stocks on the JSE. On results day, it paid 14 times.Did the business halve? Not even close. Turnover rose just over 5%, past R50 billion for the first time. Headline earnings per share were up 4.4% to R14.22. The dividend rose 4.4% to R9.25. Return on equity, and here is where Clicks is a superstar. Find me another South African retailer earning anything like that.Alec Hogg (18:51) The pharmacy side keeps winning. Pharmacy sales are up 7%. Market share has improved from 24.1% to 24.7%. Sixty new pharmacies. And Clicks has 13.1 million ClubCard members, who ring up 84% of sales. That's a loyalty base. That's a huge moat. Warren Buffett himself would approve.But is Clicks fully priced? It's also had a good run in the past month or so. We have it in the Ricardo portfolio at an average cost of R204. The share price is now R226, so we're up 10%. Remember, in the Ricardo portfolio, we buy a chunk to begin with and then, with a company like Clicks, where we brought it in late, we add every month. The stocks that we started with have been bought on a monthly basis. The whole idea is to rand cost average.Alec Hogg (20:08) Our intrinsic value says R276, or did say that anyway. Comfortably cheap, then. Except that that R276 assumed that owner earnings would grow 13% a year for the next decade. This year they only grew 4.4%. It's not the market's mistake, it's ours. So let's pull that 4.4% apart and see whether we have to adjust our earnings going into the future, which of course would have a big impact on the intrinsic value.The Clicks stores are fine. Retail trading profit rose almost 10%. The drag came from UPD, the wholesaler, where profit fell 10% after it lost two bulk contracts. And then net finance costs at Clicks jumped by 52%. Meanwhile, share buybacks flattered the per-share number by one and a half points. So if you take share buybacks out, then earnings per share only grew by 2.7%. That's not too clever.Alec Hogg (21:23) Now build the next decade from the ground up. New stores add about 4% every year to the bottom line. Comparable-store sales add between 2% and 4%. And then price inflation for Clicks is stuck somewhere around 1%. Private label adds a little margin. Buybacks, if they can continue with them, about another 1.5%. So put that all together and you've got growth over the next decade, conservative I admit, with comparable-store sales of only 2% to 4%, of between 8% and 10%. To get to our 13% number, you need inflation to come roaring back, and I'm not holding my breath on that one, with an inflation target of 3% now committed to not just by the Reserve Bank governor, who pushed it hard, but by the finance minister, who, after being an opponent for quite some time, is now fully on board.Alec Hogg (22:32) So we need to cut our own growth forecast from 13% to, say, 9%, in the middle of that 8% to 10%, for the reasons that I told you. Easy enough to defend that. But what that does is the intrinsic value of Clicks shares falls from R276 to R214. Remember, intrinsic value, the way we calculate it anyway, comes from what you expect the company to earn in the next 10 years. And if you believe that the profits are going to grow by 9%, not 13% as you previously believed, well, that's the result. The shares today are worth R214, not R276.Alec Hogg (23:24) Clicks is currently trading at R226, so it's above what we think the company is worth. The rules say time to sell.Alec Hogg (23:38) Some more conservative investors would say trim, maybe take a quarter off the table. But here's what's nagging me. Why keep money in a fairly priced share when the JSE is littered with bargains? And Clicks isn't the only share in our portfolio that's in that position.Alec Hogg (23:59) That question has a name. It's called opportunity cost. Keep your money tied up in a stock that's fully priced and you miss out on one that's really cheap. Our rules have nothing to say about that. So we've written a new one. And what is it, and where should the money go? I've run a number of JSE shares through our process, and one of them, when you put it through exactly the same machine as Clicks, at today's price, the market's valuing as though its earnings will shrink every year for a decade. I don't believe that for a second, but you'll have to wait. We'll unpack the new rule, the decision on Clicks, and the share we've found at Tuesday's Ricardo webinar at noon. Bring your questions, bring your scepticism, bring your own numbers, especially if you think I've got Clicks wrong.For now, the verdict? Clicks is under review. No new money will go in at R226 a share.Alec Hogg (25:21) To America now and the Ricardo US dollar portfolio, and we start with the world's biggest listed property and casualty insurer. I'll confess why Chubb is in the portfolio. Well, because Warren Buffett knows a lot about insurance and Chubb is his favourite insurance company. And if it's good enough for Warren, it's good enough for me.Alec Hogg (25:47) Berkshire Hathaway, by the way, is Chubb's largest shareholder. And in his last quarter as chief executive, before he finally retired in his mid-90s, Buffett bought nearly three million more Chubb shares, taking the stake to about R11 billion. Of course, we also own Berkshire, so we own a bit of Chubb twice, belt and braces. But "Buffett owns it" is a reason to look, not a reason to hold.Alec Hogg (26:17) So let's dig a little deeper. Chubb's third quarter was released yesterday, and we have also just had the conference call. What they do in the United States is they release their financials every three months, and then they have a conference call with investors, which is always very useful to get a better feeling, because you have those research analysts who are dedicated to covering individual companies going in there and asking the difficult questions of the CEOs, and they really do open up one's eyes.Well, the third quarter was good, but not dazzling. Core operating earnings at Chubb rose by under 1%. The number there is $7.66. Why so flat? Catastrophe losses. Remember, it's an insurance company. They were $705 million, and that compared with under $300 million a year ago, when, well, Mother Nature was a lot kinder. Over nine months, core earnings per share are up 24.5%, and that's the number to look at. That's now running at a record $21.94, nearly $22, and that's what really matters.Alec Hogg (27:48) The combined ratio, and this is something that the experts focus on very closely, was 84%. Now, in plain English, that means for every $100 of premium that Chubb got in, you know, the premiums you pay to your insurance company, it paid out $84 in claims and costs. $16 of profit before it even invests the float.And if you've been following Berkshire Hathaway at all, you'll know that that's where a lot of the value lies in an insurance company. They sit on this money, which they can invest and then get a good return on it. That's exactly how Berkshire Hathaway built into such a massive organisation. They did the underwriting, in other words made sure that their insurance company got in more than what it paid out, by not overpaying on claims. And that's all to do with pricing the claims, not refusing to pay legitimate claims. You can't stay in business for long that way. Most insurers make a loss on their premium business, and they rely on the cash and the investing of the cash to actually turn a profit for the company overall. But at Chubb it's a different situation: $16 of profit before it even invests the float.Alec Hogg (29:15) And Chubb's investment income hit a record $1.9 billion for the quarter. So apart from making money on its operating business, it then added $1.9 billion in the quarter from investment income. And that's because higher interest rates are Chubb's friend.But now the warning light. In North America commercial insurance, premiums written fell by 2.7%. In other words, they gave up market share, but in this case deliberately. Chief executive Evan Greenberg said the market is flooded with what he calls "hungry and extremely naive capacity". In other words, people who don't really know what they're doing, going in there and just buying market share that's going to cost them in future when people come along and, well, claim.Alec Hogg (30:12) He says rivals are cutting prices on property and more and more casualty lines. Chubb is walking away from that business because it thinks the pricing is all out. That's something that tells us that the insurance cycle is now turning. That happens when prices soften, in other words premiums fall. Lazy insurers chase volume. And then the claims arrive.Alec Hogg (30:41) So isn't that a threat? Well, for the careless, yes. For Chubb, it's usually where it buys market share cheaply a few years later. Get it?What about value? Chubb trades at $355 a share. Our cost is $329 a share, so we're up by 8%.Alec Hogg (31:07) Our intrinsic value number for Chubb is $413 a share, so it's higher than the current share price. It's a margin of safety of about 14%. On roughly $29 of annualised core earnings, that means it's trading at about 12 times earnings, a PE of 12, if you like to go into that kind of detail. Book value, that's the book value of the company itself, is at $191. Often, though, that's very conservative.But here's my favourite detail. In the quarter, Chubb bought back $1.2 billion of its own shares, and it bought those shares at an average price of $344 each. Over nine months, so take the previous six months into account as well, its repurchases of shares were on average at $332. That's almost exactly where we've bought our stake. The management of Chubb, and these are the smartest guys around in insurance, Warren Buffett tells us that, is spending its own shareholders' money at the same price that we bought in at. I like that, don't you?Alec Hogg (32:04) So the verdict? Hold. Not because Warren Buffett owns it, but because Chubb is shrinking where prices are stupid and growing where they aren't. And that's the discipline that you pay for.Alec Hogg (32:52) And finally for this update, another stock that we love, in fact one I admit I'm totally in love with: Teledyne Technologies. It also reported in the last day or so. While most people have never heard of Teledyne, that's part of the charm. I came across it first through the writing of William Thorndike in his book The Outsiders, where he speaks about probably the greatest businessman of all, Henry Singleton. Henry Singleton, who passed away some time ago, was a hero for Warren Buffett, and he was the founder and for a long time chief executive of Teledyne. He did share buybacks at a time that the shares were cheap and raised capital when the shares were expensive. He also instilled disciplines at Teledyne that very much are part of the operation today.Alec Hogg (33:50) Teledyne makes the ears and eyes of modern machines: infrared sensors on satellites, cameras on drones and unmanned boats, instruments on submarines. It has a slogan which says "Everywhere you look", and it isn't bragging. The third quarter, that was the three months to the end of September that it's just reported on, was the best in its history. Sales were up just under 10% to $1.7 billion. Adjusted earnings per share, and this is the important part, remember we're getting to these owner earnings, up 21% to $6.72. Profit margins up from 22% to 24%. So not only is it growing sales, but it's growing them more profitably.Its engine room is digital imaging. In that area, sales were up 15%, much better than the nine and a half per cent for the group as a whole, and most of that was organic. Infrared detectors for space up more than 25%. And after SpaceX, love it or hate it, love Musk or hate him, there's no question that people are looking at space more carefully. Investors are paying a lot more attention. And if infrared detectors for space from Teledyne are up by more than 25%, you must know it's got a good slug of that market. It was a similar number for systems on unmanned aircraft and sea drones. Every war of this decade has been a war of sensors. Teledyne sells those sensors.Alec Hogg (35:37) And the order book? Well, orders have exceeded sales for 12 quarters running. The funded backlog is now just over $5 billion. That's visibility that most businesses would kill for. It's like before you start, you know you've got $5 billion, in this case $5.3 billion, of work on hand. And if you're running at about $1.7 billion a quarter, that's a lot of work before you even have to worry about bringing in new business.For the third time this year, management has raised its full-year guidance. In January, Teledyne expected adjusted earnings for the year of $23.65 a share. Now it says that's going to come in at $25.45, so nearly $2 higher, roughly 16% of where it thought it would end as recently as the beginning of this year.Alec Hogg (36:34) And then there's capital allocation. This is where Teledyne really shines. The company is buying Varex Imaging, an X-ray business, for $1.1 billion. It's bought back $225 million of its own shares at an average price of $607 per share. Over the last three years, it's bought back nearly $1 billion at an average of $479 a share. And after all of that, debt is less than one times earnings. That's not a company. That's what Warren would call a compounding machine.Alec Hogg (37:17) So is our intrinsic value too conservative? That's a pretty fair question. Teledyne trades at $630 a share. Our cost is $587, so we're up 7% in the portfolio. Remember that we're buying every month. Our intrinsic value before these results was $700, 10% higher than the current share price. At $630 a share, you're paying about 25 times this year's earnings but, work it backwards, and the market's pricing in around 9% growth a year for a decade.Alec Hogg (38:05) Our $700 assumes growth of 10%, but Teledyne is actually growing at 16%.Alec Hogg (38:14) And you've got to be careful, because some of that 16% is share buybacks, but some of it is a defence spending boom that looks like it's got legs but, of course, won't last forever. Budgets are political, and acquisitions carry integration risk. So I'll nudge a little higher, not leap. I'll lift the growth assumption from 10% to 11%, and that pushes our intrinsic value to about $740 a share. Were we to go to 12% growth, well, that takes it all the way up to $800 a share, and today's price would be a buy. But let's be conservative. And the verdict then is we hold, with intrinsic value now raised from $700 to $740 a share. And you'll see that in the portfolio on BizNews. And if the market gives us a wobble and the share price drops below $600, well, we'll be at the front of the queue, buying alongside Teledyne's own buyback desk, by the look of things.Alec Hogg (39:24) So, the man or the method, as we started in this episode today. We have those four companies that have just reported. The conclusion: Afrimat stays, but on probation, with three tripwires that Andries van Heerden handed us himself. Chubb stays, for better reasons than that Warren likes it. Teledyne stays, because we've got a higher valuation now after those quarterly numbers. And Clicks? Hmm. You'll hear more about that at Tuesday's webinar.Alec Hogg (40:02) One last reminder: every share I've discussed is held in the Ricardo portfolios. This is our analysis, done in the open, not personal financial advice. So do your own homework. We certainly do ours. And let me encourage you to play along with us. These portfolios are on EasyEquities, because it makes it super easy for you to invest in them. Easy has got fractional shares, so you can buy a tiny percentage of a share with small money. The idea is to get involved, and that way you'll learn and take responsibility for your own equity investments. I'm Alec Hogg. This has been the Ricardo Portfolio Update on BizNews Edge.

BizNews Ricardo Portfolio update: Afrimat, Clicks, Chubb, Teledyne

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