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Very interesting - lot's of small caps there and so concentrated. Well done on Trustco and Nepi - any reason why you sold down on Nepi?  What's on you watchlist and what are you plans for the portfolio?  I also agree with you that if a share does well, let it run.  I also bought on future dividend yield - so some did not pay a great dividend to start with, but I felt within a few years it would pay 4% plus (MRP, Capitec, RMi, GPL, Taste, Rhodes) - hasn't always worked out - but looking for 10% growth in dividends per year.

Portfolio is perhaps too concentrated, but I have now stopped accumulating my 3 big ones and will use their dividends to diversify locally and offshore. I see good things with perhaps a GPI/Spur tie up at some point. No major plans except I would like to convert some of Gooderson into Choppies when the price right, which may not be for a while now.
Sold down NEPI as I thought at R190 it was too expensive, the yield is very low at that price. However, it is a great stock and I may regret it, I just saw better returns elsewhere. I recently bought Delta Property on what should be about a 14% yield for example, whereas NEPI was on about 3%.

BTW - read your blog on Gooderson, and you do make a compelling case. Personally, I am not that interested in NAV - but understand that it's an import measure of a company. I prefer to look to headline earnings and try look to the future and seen anything that could get in the way of this figure growing - which, of course, would impact on dividends.  I am in a slightly different boat as I do live on dividends now - so a decrease impact me straight away.

Glad you enjoyed this. In all honesty this has been an investing lesson for me, rather to stick to higher quality. However, I do like the company, it is conservatively run and financed, and the NAV underpin is there so I am not worried. They have sold the two unprofitable hotels and done a lot of maintenance at all the others, the profits and dividends should come through in future years. The biggest cost though is the opportunity cost of having funds tied up in this when I want to invest in something else.

Glad you enjoyed the blog Mr_Dividend. GPL is my biggest holding, one I have a lot of hope in for the longer term. I will post my portfolio in percentage terms a bit later when I have more time, but it is very concentrated and unconventional.. Coincidentally my next post on my blog which I plan to post today still, is about my investment in Gooderson, in light of their recent poor results and what I learnt from it. I still have faith in it, although it is trying.

I have also been reading your trading diary which was very interesting. Sounds like we have similar longer term goals.

Nobody knows how much PPC may rebound, it might go up another 30%, it might also fall another 20%. I would be more inclined to look for businesses that will do well in the long term that are reasonably priced. I have never invested in PPC because I do not like the industry, it seems too much of a commodity product, and somebody with enough capital could start a cement plant. Look for businesses that have strong moats around them, and prehaps less cyclical than the building industry.