Long-term investors understand that market timing is not important. However, the decision to buy or sell a stock hangs entirely on its valuation: is the market price accurately reflecting a company’s intrinsic value? This is the question I ask myself when considering if I should buy Meta Platforms (NASDAQ:META) stock or any of the FAANG companies in November.

A fall from grace

At the beginning of the year, a share in Meta was worth $338.54. Today, it hovers around $93.16. This represents a 72.4% decrease in the company’s market value. However, this is not the first time Meta’s share price cratered this year.

In February, the technology business saw a 32.6% fall in its share price after it released its full-year 2021 earnings. Investors were not happy with the numbers, and Meta’s shares declined sharply.

In recent days, the same story repeated itself. Meta reported its third-quarter earnings, which were far below analysts’ expectations. The market reacted immediately, punishing its stock price once more.

But where is this technology giant sinking all the money? Well, in building the metaverse. On its website, this digital environment is pitched as a new way to connect and share experiences. It offers several ways through which to deliver this. These are smart glasses, augmented reality, and virtual reality.

It sounds like a great idea. But is it also a good business? Or, more importantly, does the metaverse make sense from an investment perspective?

Intrinsic value vs. market price

The FAANGs – Facebook (now Meta Platforms), Amazon, Apple, Netflix and Google (now Alphabet) – are some of the world’s most valued businesses.

Even after a year of steady decline, their market capitalisation in mid-October was about $3trn. To put this into perspective, according to data from the World Bank, the UK’s GDP in 2021 was £3.19trn.

But price does not equal value. When I am thinking whether I should buy Meta stock or any of the FAANGs this month, I am trying to assess how accurately the share price reflects a company’s intrinsic value.

Discounting a company’s cash flows is one way of trying to gauge its intrinsic value. However, it is not the only way. Something like the metaverse can have substantial long-term commercial appeal. Think about Google in the early years: few investors believed in its business model. Now, it outgrew itself into becoming Alphabet!

Meta’s story could be similar. Its market capitalisation, at the time of writing, is about $247bn. Its cash in the bank is roughly $41bn. Given the company’s track record, I am not assuming that it won’t generate any returns on its investments.

Our world will become even more digitalised. The FAANGs are, in my view, the infrastructure of tomorrow’s economy. It may be worth my time going through the exercise of trying to gauge their intrinsic value and see if they are good investments right now.

The post Should I buy Meta or any other FAANG stock in November? appeared first on The Motley Fool UK.

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Anton Balint has no position in any of the shares mentioned. The Motley Fool UK has recommended Alphabet, Amazon, and Apple. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

When I heard that Liz Truss resigned as the UK’s Prime Minister, I thought to myself: “How will investors react towards UK shares now?”

What is the outlook for UK shares?

The latest fund flows data was not encouraging. Looking at the numbers from Refinitiv, I saw that across all asset classes, not just equities, but also fixed income and more exotic strategies, investors pulled their money out of UK funds during September.

The negative investor sentiment may endure for a while. But is it a reflection of the fundamentals underpinning UK businesses? Prices reflect what the market is willing to pay for an asset. However, this piece of information may not always reflect the economic reality of the asset.

Prices can be depressed too much, or they can be too high. This happens during periods of increasing uncertainty, such as this one. Indeed, the FTSE All-Share has had a volatile year. So far this quarter, the index declined by about 3%.

In my view, the near-term outlook for UK shares appears to be bearish. That is if we are to extrapolate the sentiment baked into current prices.

But what about the long term?

If we look at the FTSE All-Share index for the past 20 years, we can see that there have been many ups and downs, some more severe than others. For example, during the Global Financial Crisis, UK shares declined by 45%. For the next 10 years, however, they have climbed higher and higher.

Then again, during 2020, the UK market tanked, alongside other stock markets from across the world. And again it recovered.

When I look at history, what I observe is that negative sentiment is abrupt. The sell-offs are sharp. However, the recovery, both in investor attitudes towards UK shares and in their prices, is more staggered.

Nevertheless, over the long term, the outlook for UK shares has been positive. As such, what does it mean for investors in British companies that the country has yet another new Prime Minster this year?

In the near term, market noise will dictate the fate of the FTSE All-Share market. However, in years to come, if the British economy remains resilient and business-friendly, then I believe that the outlook for UK shares is not that bad.

Ultimately, however, each investor decides for themselves how to read recent political events. When I do so, I prefer to contextualise my views with ample historical data. Why? Because even if history does not repeat itself, it rhymes.

Long-term investors are students of history, as Warren Buffett and his mentor, Benjamin Graham, so often stressed. In practice, this means studying previous market falls during times of uncertainty and asking oneself the following questions:

How quickly did the market decline? How fast did it recover? What event or series of events had led to an improvement in investor sentiment?

The post What could a new Prime Minister mean for UK shares? appeared first on The Motley Fool UK.

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Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

News of pension funds facing challenges to deliver income to policyholders have become more frequent in recent years. Consequently, many people have taken matters in their own hands. As such, private pensions have grown in popularity. But what is the right amount of retirement income to strive for? Should we aim for a million, or perhaps more? I don’t think so.

Lifestyle maths

By investing relatively small sums of money on a consistent basis throughout our working life, we can build a retirement pot of a million. This is thanks to the power of compounding. The maths is straightforward.

With an initial balance of £1,000 and a monthly investment of £200, at an annual rate of interest of 10%, a person starting this process at their 20^th birthday will have over £1,000,000 by the time they are 60.

Longevity has increased over the years. Therefore, retiring at 60 should provide one with another two or three decades of living on one’s own terms.

But do we need to aim for a million? It depends on our lifestyle. Ultimately, what makes one rich or poor is not how much one earns but how much one spends. I remember an anecdote from a few years ago that helps to illustrate this point.

In a newsletter, Professor Scott Galloway from the New York University Stern School of Business explained how one of his rich friends was poorer than his retired parents. This person was spending all his monthly income, barely having a few dollars to save. Meanwhile, Galloway’s parents were left with a few thousand dollars despite receiving far less money.

What made the difference was not the size of the income, but their lifestyle choices. To live well in retirement is less dependent on the size of our pension and more on our spending habits.

Spend smartly to retire well

Long-term investors cherish the wealth they manage to build over the years. They know how hard it is to save each month, find attractive opportunities and then successfully ride many market cycles.

I believe that the same discipline should transpire once we reach our goal of having some decent income in retirement.

The common image of retirement is often one of yachts and luxurious travels. We are encouraged to see ourselves decorating our property with expensive items and spending money without a worry.

But this is not realistic, nor is it in line with the discipline of long-term investing. Cheap but meaningful pleasures, such as reading, cooking, woodworking, gardening and hiking can make our lives rich once we leave the workforce.

The pensions industry is undergoing tremendous change. These transformations, however, may not be enough to deal with the so-called “pensions time bomb”. We must also calibrate our spending habits in order to live well in retirement.

The post Should I aim for a million as my retirement pot? Not necessarily appeared first on The Motley Fool UK.

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Last week, during a conversation with a friend who works for a City-based investment firm, the prospect for UK assets came up. He explained to me that almost nobody wants to touch UK stocks right now. I disagreed. Now may be the best time to invest in stocks, when there is panic on the trading floor.

A lesson from recent history

The conversation reminded me of the prevailing investor sentiment towards UK assets in the wake of the Brexit referendum. Back then, shares in British REITs tanked, the sterling declined against other major currencies, and the FTSE 100 fell sharply.

Investors were expecting the UK economy and financial markets to be done. None of this pessimism came to pass, however. Since the day of the referendum, the FTSE 100 has climbed by 15% as of the day of writing.

Long-term investors, I believe, must be willing to brave many market storms in order to build lasting wealth.

Focusing on the long term

Warren Buffett, and other legendary investors, have certain rules of judgement that they abide by when making allocation decisions. One of them is to buy stocks when the market aggressively sells them. This is easier said than done. Emotions and not reason govern human action. However, we must aim to be rational when we invest our savings.

I am not saying that every time a stock or sector gets battered is a good buying opportunity. Sometimes there are genuine weaknesses in the fundamentals of a particular company, sector or economy. This was the case with banks – pretty much worldwide – throughout the global financial crisis. Back then, the market was right in punishing bank stocks.

However, more often than not, the market consensus tends to exaggerate either the upside or the downside of an event or set of events. In light of our current discussion, I think this means that some parts of the UK stock market may be unjustly unloved by investors.

Data shows that the FTSE 100 now trades at a forward price-to-earnings ratio of 10.14, down from 15.38 two years ago. This seems a bit drastic: the UK’s economy, both domestically and internationally, is in a better position than during the Covid-19 pandemic.

If I was to follow the advice of Buffett, it is during times of exaggerated sell-offs, such as this one, that I would look to invest in stocks. Right now, the chance of finding bargains (companies with solid fundamentals but cheap prices) ought to be higher.

The post I was told not to invest in stocks right now, especially in the UK – I disagreed appeared first on The Motley Fool UK.

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• How to target a £10k annual income from just one year’s £20,000 Stocks and Shares ISA allowance

When I first began reading about investing in equities (around 2015), I was discouraged to find out that high single-digit returns, or even double-digit returns, were not sufficient in generating an income stream quickly. What I failed to understand was the time element: in time, due to the compounding effect, small sums of money can become significant passive income streams.

Expected returns

The average annualised rate of the S&P 500 index since its inception in 1928 to the end of 2021 has been c.11.8%. Throughout this period, there have been many ups and downs. Sometimes these movements were quite drastic, like during the oil crisis in the 1970s and, closer to our times, the global financial crisis of 2007-08.

However, going forward, most economists and professional investors expect equity returns from developed markets, not just the US, to decline. As such, in my view, it would not be pragmatic to expect an annualised return that mirrors the past. Rather, a more down-to-earth 7% is what most research is suggesting that investors should expect.

Consequently, I am going to use 7% as the rate at which I will compound my savings, starting from £30 per week for the next 30 years.

The power of compounding

If I invest £30 per week, or £120 per month, in 30 years, I will see my balance grow from £1,440 in the first year to nearly £160,000 by the time I am 60. According to the Office for National Statistics, the average UK salary in 2021 was £38,131 annually, resulting in a roughly £2,400 net monthly income. As such, with just 5% monthly savings, I can build a passive income stream of about £160,000 in 30 years.

If I double the monthly savings to 10%, or £60 per week, then the passive income stream in 30 years would be closer to £318,000 – nearly a third of a million pounds. Remember: this can, in theory, be achieved just by buying and holding an equities index in a developed markets region, like the US.

Even with just £10 a week, the results are not that bad, thanks to the power of compounding, resulting in a passive income stream of c.£53,000. Of course, the more I save an invest each week, the bigger my income will be during retirement.

The key lesson

The core message of this mathematical exercise is to show investors that these savings need not be excessively high – the average savings rate in the UK is about 8.8% per year or £2,112 on the annual average salary mentioned above. Investing this sum of money at a compounding annual rate of return of 7%, gives me an estimated £276,000 pot of money to use as income in 30 years.

As such, I believe that building a good passive income stream for retirement is possible even with very little initial capital, due to the power of compounding.

The post How fast can I build a strong passive income stream? appeared first on The Motley Fool UK.

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Is the UK recession here?

Following the statement from the Bank of England, the government announced its “mini-budget” with tax cuts and more fiscal spending, sending the sterling to lows not seen since the 1970s and pushing the yields on short-term and long-term Gilts tens of basis points higher.

Such volatility in currency and fixed income markets, coupled with strong prospects of lower economic growth, are making more and more investors worry of a deep recession this Winter.

Preliminary data from the Office of National Statistics (ONS) suggests that the UK economy will contract for two consecutive quarters, thus entering into a recession. As such, for now the best I answer I can give to the above question is that we seem to be on the verge of a recession.

Three cheap shares I’d buy

During difficult economic times, the tendency is to sell risky assets, such as equities. The FTSE All Share index, as of 27 September, fell by 7.3% from its monthly peak of 4,108 and it was down by c.3% on the month. Similar bearish behaviour can be observed in the FTSE 100 index.

However, I think now is the time to look for bargains – cheap shares of good quality companies. Here are three that stand out to me.

Rolls-Royce saw its shares plunge this year by more than 40%. However, this sell-off, as it was pointed out by other Foolish writers on these pages, has not been entirely justified. I agree.

Since the Covid-19 pandemic, which was the primary factor in the bear case, Rolls-Royce saw its prospects improve. For example, its interim results suggests that the company’s primary divisions are performing very well.

Another stock that trades cheaply but which, I believe, has better prospects than its price may indicate is Lloyds Banking Group. Its shares fell in September on fears that higher interest rates will lead to bad loans as debtors find it more difficult to pay off their loans.

However, I am more optimistic, given the healthy condition of its balance sheet that has continued to improve since the crisis of 2008.

Finally, I like the outlook for Royal Mail Group. Its shares declined steadily by about 60% year to date. Its dividend yield is now close to 13.6% and it trades on a P/E ratio of 3.2. The share-price decline during September is, in my view, a clear sign that the business has been sold off with other British shares as investors exited the UK market following the above developments.

But, looking over the long term, the company remains in decent shape and the country’s postal service is unlikely to go anywhere anytime soon.

I believe these companies have a large enough moat to weather the current economic challenges and come healthier out of this storm. If this will be the case, their share prices will reflect this.

The post Three cheap shares I’d buy right now even if the UK is in a recession appeared first on The Motley Fool UK.

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Anton Balint has no position in any of the shares mentioned. The Motley Fool UK has recommended Lloyds Banking Group. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

Selecting solid dividend stocks

The first thing I do when looking for dividend-paying shares is to scan the FTSE 100 universe for high dividend-yielding companies.

At the time of writing, Imperial Brands, Vodafone, BT, GSK and British American Tobacco all are expected to deliver a dividend yield of more than 5%, with HSBC, Lloyds Banking Group and Schroders expected to provide a dividend yield of above 4%. Meanwhile, the overall dividend yield of the FTSE 100 index is hovering around 3.2%.

These are all very attractive numbers, in my view. However, I also look at the dividend coverage ratio. As a reminder, dividends are paid from a company’s net profits. The management team can choose what to do with the net profits: to retain part of them in order to invest in the business, or buy back shares, or to deliver a portion of the profits to shareholders.

The dividend coverage ratio tells investors the number of times that a company can pay dividends to its shareholders, and it is calculated by dividing the net profit by the amount of dividends paid. In my view, a dividend cover ratio of 2.0 or above is very good. Between 1.5 and 2.0 it is decent.

For example, Imperial Brands’ dividend cover is just under 2.0, which means that the attractive dividend yield is supported by enough earnings. However, even with this extra layer of analysis, I do not feel comfortable of building my passive income stream solely from dividend stocks.

The world beyond dividends

Investing in equities means exposing my money to equity risks, such as company specific-challenges that can result in lower profits and thus, in lower dividends. Therefore, I am looking to diversify into other asset classes, like real estate and fixed income.

I like accessing real estate through REITs. These trusts can offer an easy way to access prime real estate, be it commercial or residential, across the country. One thing I keep in mind, though, is that their liquidity profiles can differ depending on what is going on in the economy but given the yield they provide, adding them into the mix seems to be a logical decision.

In terms of fixed income, I am looking at Gilts rather than Treasuries. The UK government has been more responsible than the American one with its borrowing and, therefore, the risk of devaluing the income from Gilts is lower while the risk-free protection is still there.

Therefore, as I am building my passive income stream, I am looking both at dividend stocks and beyond them to ensure that it is robust for the long term.

The post Why I am not building my passive income stream only from dividend stocks appeared first on The Motley Fool UK.

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• Is the stock market correction a once-in-a-decade chance to target a million-pound SIPP?
• How to target a £10k annual income from just one year’s £20,000 Stocks and Shares ISA allowance

Anton Balint has no position in any of the shares mentioned. The Motley Fool UK has recommended British American Tobacco, GSK plc, HSBC Holdings, Imperial Brands, Lloyds Banking Group, Schroders (Non-Voting), and Vodafone. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

Why diversify?

About four years ago, I lost close to £10,000 by investing in a single investment vehicle – a trust. A trust is a pooled, close-ended investment product that is listed on a stock exchange, which raises funds from investors to allocate into a number of companies. Despite the fact that this particular trust was invested in over 100 companies, I still lost all my money as it was all concentrated in a single product managed by one fund manager.

What I did wrong was to ignore the need to diversify or, as Warren Buffett once said, “not to put all my eggs in one basket”. Consequently, with the stock screener in front of me, looking through the FTSE 100 for shares that offer great long-term potential for a good price (value for money remains a key consideration!), I keep in mind the need to diversify.

In simple terms, diversification is the mitigation of market risk by spreading that risk accordingly. Applying this lens to the FTSE 100 universe, I spotted the following ways I could diversify my portfolio with Footsie stocks.

Diversifying my portfolio with FTSE 100 shares

First, I can diversify by buying shares in companies that operate in different sectors. What sectors exactly make up the FTSE 100 depends on what businesses reach the index, and this can differ across specific time frames. Right now, there are 11 sectors, including consumer staples, financials, industrials, materials and healthcare.

Some of these industries are more cyclical than others, each presenting a different business case for the long term. Therefore, looking to buy attractively valued shares in FTSE 100 shares across different sectors can act as a diversifier, in my view.

Secondly, I want to buy shares in companies that operate in different parts of the world, as not all economies are the same and some will fare better than others. For example, SSE and Tesco are UK-focused businesses while Unilever and Shell are more internationally focused.

Finally, I am looking to buy both an index fund that tracks the performance of the FTSE 100 index, thereby gaining exposure to the overall price movement of its constituents, as well as an actively managed product by a fund manager in whose investment vision and strategy I believe.

Therefore, even when looking at solid FTSE 100 shares, I always seek a way to diversify (reduce) the risk in my portfolio in order to mitigate the chances of losing my hard-earned savings.

The post Invest in solid FTSE 100 shares. But don’t forget about diversification! appeared first on The Motley Fool UK.

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• Is the stock market correction a once-in-a-decade chance to target a million-pound SIPP?
• How to target a £10k annual income from just one year’s £20,000 Stocks and Shares ISA allowance

Anton Balint has no position in any of the shares mentioned. The Motley Fool UK has recommended Tesco and Unilever. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

I approach investing my own money with a risk-first mindset. In my view, what not to buy is as important as what to invest in. Here is the key stock market sector that I am avoiding in the current UK economic environment.

The bigger picture

The UK economy is facing a number of headwinds. Official data from the Bank of England shows that the inflation rate in the UK is now just over 10%. However, the British Chamber of Commerce expects inflation to peak at 14%!

In simple terms, such high inflation means that consumers have a lot less money to spend on things that are not necessary, like food and shelter, which in turn means lower economic growth going forward.

Meanwhile, the central bank has increased interest rates in order to fight off inflationary forces. However, higher interest rates (or tighter monetary policy) means that the cost of servicing debts goes up. For consumers, this translates into higher mortgage rates, and for businesses it results in bigger debt payments.

Overall, the impact of these macroeconomic developments on the British economy is negative.

During such difficult periods, I want to avoid companies that are not providing necessary goods and services or that are in a weak economic position.

When I look at the FTSE 350 opportunity set today, I see one particular sector that I don’t want in my portfolio.

Discretionary goods and services

Also called consumer cyclicals, as they depend on the business cycle to perform well, consumer discretionary companies provide non-essential items or services that are in high demand when the economy is strong.

As such, when consumer confidence and purchasing power are high, these types of stocks tend to do well. In this category we can include high-end apparel, entertainment, retailers, leisure activities, hotel chains, and even automobiles.

However, when consumers have less money to spend, the primary focus of many people would be to pay the bills: energy, food, mortgages and rents rather than to spend on a new watch, car or computer game.

Consequently, consumer discretionary stocks tend to perform poorly when the economy is facing headwinds, like it is now. Indeed, the FTSE 350 Consumer Discretionary Price index has already declined by c.22% this year, at the time of writing.

When I look at the FTSE 350, the following names come to mind as examples of consumer cyclical stocks I am avoiding right now: JD Sports, Next, Currys and Games Workshop.

What about the long term?

As a long-term investor with a passion for fundamental analysis, I am always conflicted about dismissing stocks based on macroeconomic considerations. However, one think I learned from working for Neil Woodford is that attractive fundamentals must be supported by a positive business case going forward.

Given the above economic environment, I do not see a strong business case for this stock market sector. However, when the data changes, I too shall change my mind.

The post One stock market sector I am avoiding right now appeared first on The Motley Fool UK.

More reading

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• Here’s what £10,000 invested in Greggs shares a year ago’s worth now
• Recent BT share price performance is jaw-dropping but can it continue?
• Is the stock market correction a once-in-a-decade chance to target a million-pound SIPP?
• How to target a £10k annual income from just one year’s £20,000 Stocks and Shares ISA allowance

Anton Balint has no position in any of the shares mentioned. The Motley Fool UK has recommended Games Workshop. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

In my opinion, among these overlooked opportunities in the FTSE 350 is also the hedge fund business, Man Group (LSE:EMG).

Being one of the world’s largest active management firms, Man Group boasts one of the most resilient brands in the European alternative investment landscape, serving over 650 large institutional clients globally with an offering of more than 75 strategies. In total, Man Group manages just above $142bn in assets.

Throughout 2022, the stock has been trading between 250p and 175p, with the last close being at 243.30p at the time of writing. However, despite trading closer to its upper range, Man Group’s shares offer a couple of appealing qualities to investors seeking both capital growth and income from a solid equity business.

Let’s start with the latter quality: the income-generation capability. In this inflationary environment, everyone is looking for extra revenue streams. At the time of writing, Man Group’s shares offer an attractive 4.38% dividend yield. The two-year UK Government Bond (Gilt) yield is roughly 2.66% and the 10 year one revolves around 2.57%, in the context of a circa 10% inflation rate.

Unlike a Gilt, a business like Man Group can pass down the additional increase in prices to its clients by increasing its fees, therefore protecting the income it is able to deliver through its dividend.

Furthermore, the hedge fund business’s share price remains far below its pre-financial crisis levels. Given the huge demand for alpha from institutional investors, there is plenty of room for the share price to appreciate and deliver attractive capital growth for investors.

Bet on alpha?

Alpha is profit that can only be generated as a result of a fund manager’s skill — in other words, alpha only results if the fund manager beats the market. Man Group’s core business (the hedge fund one) revolves solely on this: to generate alpha for large institutions.

Ironically, its greatest strength is also Man Group’s most prominent risk: if the hedge fund business does not perform in line with its clients’ expectations, the underperformance may lead to less assets to manage in the future and thus to lower fees and, ultimately, to a smaller bottom line. However, the company has been successfully generating alpha for almost 35 years. This is the main reason behind its strong brand name.

Consequently, as an investor who is focused on the long term, I look at Man Group and see a high-quality FTSE 350 business trading on an attractive valuation, with a solid income stream that has plenty of room to deliver in the years ahead. I am strongly considering buying shares for my portfolio soon.

The post A hidden gem in the FTSE 350 appeared first on The Motley Fool UK.

More reading

• A SIPP seems to offer investors free money – is there a catch?
• Here’s what £10,000 invested in Greggs shares a year ago’s worth now
• Recent BT share price performance is jaw-dropping but can it continue?
• Is the stock market correction a once-in-a-decade chance to target a million-pound SIPP?
• How to target a £10k annual income from just one year’s £20,000 Stocks and Shares ISA allowance

Anton Balint has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.