Listening to the billionaire investor has helped me avoid all sorts of schemes that are unlikely to produce long-term returns. But how would the ‘Oracle of Omaha’ start investing in 2026?

Start small

At the 2024 Berkshire Hathaway annual meeting, a shareholder asked Buffett how he’d start investing with a million dollars. And the answer was interesting. 

The CEO said he’d focus on small companies – the kind that aren’t big enough to be meaningful for larger market participants. That’s where he thinks the best opportunities are. 

Buffett cited a regional railroad that not a lot of other investors were paying attention to back in the 1970’s. It isn’t operating these days, but it’s an interesting example of what to look for.

Investors setting out on this path need to be prepared to think for themselves. There isn’t much analyst coverage to help you figure out small companies – but that’s exactly the point.

According to Buffett, those who are willing to look can find opportunities to earn a 50% annual return. But that involves looking where others aren’t willing to. 

I don’t have an obvious idea for getting that kind of result. But I think the UK – especially the smaller end of the market – is a good place for investors aiming for exceptional returns to look.

Industrial lighting

One example is FW Thorpe (LSE:TFW). The company has a market value of £352m, but £63m in net cash on its balance sheet brings this down to £262m. 

The firm’s a supplier of industrial lighting and its products are used in places like tunnels, hospitals, and airports. And this is an important part of what makes the stock interesting. 

Reliability’s key in these locations and lighting has to meet strict technical standards. It’s not as simple as screwing in some lightbulbs and this creates a barrier of entry for competitors.

This is a key part of what makes the stock interesting from an investment perspective. And at a price-to-earnings (P/E) ratio of 13 (based on this year’s earnings), it’s not exactly expensive.

An important part of figuring out which stocks to buy is thinking through the risks. With FW Thorpe, the company’s size means it competes against bigger firms with scale advantages.

Importantly though, the organisation has a reputation for quality. And its structure means its able to offer its customers a level of responsiveness that larger businesses can’t easily emulate. 

Being brave

Those of us who aren’t Buffett need to be careful with investing as if we are him. But there’s nothing wrong with trying to stand out from the crowd in a measured and considered way.

For those looking to do this, I can’t think of a better investor to take advice from. And that means trying to find opportunities that others might be missing.

I can’t find an analyst covering FW Thorpe, so there are no price targets or earnings estimates. But that might mean it’s the kind of unusual stock to consider that could help a new investor’s portfolio stand out.

The post New to investing? Here’s Warren Buffett’s strategy for starting from scratch appeared first on The Motley Fool UK.

A niche financing firm

First up is Distribution Finance Capital Holdings (LSE:DFCH). With a market cap of £85m and a share price of 52p, DFCH is technically a penny stock. Given the company’s small size, it’s easier to understand why it could fly under the radar for some investors.

Over the past year, the stock is up 72%. The specialist bank focuses on providing working capital and inventory finance solutions to businesses. The more it can lend out, the more money it earns by adding a spread to the loanable rate charged.

Therefore, when the H1 2025 results showed that the loan book size had jumped 21% compared to last year, it doesn’t surprise me that the share price has performed well since then. The report stated that it was growing due to capturing more market share and the introduction of new lending products.

I believe the stock is undervalued because its price-to-earnings ratio is 8.81. This is below the fair value figure of 10 I use. Moreover, I believe it’s cheap as the share price also doesn’t accurately reflect the strong momentum the business is currently experiencing. Even with the recent rally, it isn’t getting that much attention from the media. If this changes, I think the stock could surge.

However, one risk is related to credit quality. If the UK economy struggles in the coming year, more companies might default on their loans. This would be a negative for the company.

Lighting the path ahead

Another stock to consider is RW Thorpe (LSE:TFW). The company designs, manufactures, and supplies professional lighting systems. It typically sells lighting systems to businesses, often with recurring or replacement deals, helping to keep a steady stream of revenue.

Over the past year, the stock is down 18%. One factor contributing to this was the full-year results released in October, which underwhelmed investors. Revenue was basically unchanged versus the previous year, which, for a company with strong historic growth, wasn’t great. This was blamed on certain divisions, such as Germany, being weak. This remains a risk in the future.

I think the short-term negativity towards the share price has made it undervalued. Despite the headline revenue figure grabbing attention, the profit before tax actually rose by 5.9%. This demonstrates that the business has effective cost control, highlighting sound management decisions. The bottom line is the earnings per share increased, but the share price has fallen close to five-year lows, making it cheap in my book.

Another reason I think it’s good value is because the company has increased its ordinary dividend for 22 consecutive years. Although the dividend yield isn’t exceptionally high at 2.46%, for income-oriented investors, this consistency is a plus, especially when combined with special dividends. I’m surprised a company with such a strong track record here has flown under the radar so far.

I think both companies look good value for different reasons, and are worthy of consideration by investors.

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The Alternative Investment Market (AIM) was set up to support businesses in their early growth stages. A lot of the time though, investors systematically overlook these opportunities.

Alternative investments

The requirements for listing on AIM are lower than the main UK markets. So it provides opportunities for companies – and investors – that they wouldn’t otherwise have access to.

Often though, AIM-listed companies get overlooked by institutions. One – perfectly good – reason for this is that they often aren’t big enough to be significant investments for them. Another is that AIM stocks can be riskier and more volatile.

Industrial lighting company FW Thorpe (LSE:TFW) is an example of a smaller company. It has a market value of £352m, but 50% of its shares privately held, so there’s only £175m available to buy.

That’s not big enough to interest big investment firms. But it’s not an issue for ordinary investors and the lack of attention helps keep prices down.

Quality business

Many AIM-listed companies may be small, but this doesn’t necessarily make them inferior investments. In the case of FW Thorpe, the firm has some clear strengths.

One is that it’s vertically integrated, designing and manufacturing its lighting solutions in-house. This gives it an advantage in terms of reliability, as well helping with cost control.

Its decentralised structure is also a strength. Having individual businesses that can make their own decisions allows it to be more responsive to specific customer needs.

Other companies can emulate this. But it puts a lot more emphasis on finding quality managers at the subsidiary level, a risk for a larger organisation. 

Low multiples

FW Thorpe does give away a lot to some of its competitors in terms of scale. And that’s a risk – there are advantages that come with being a bigger operation that the firm doesn’t have. 

Despite this, the company has got itself into a strong position. It has a debt-free balance sheet, consistently achieves strong returns on equity, and has grown its dividend over time. 

Despite all this, the stock currently trades at a price-to-earnings (P/E) multiple of 14. So the obvious question investors need to ask themselves is: why is this? 

The obvious reason is that the stock doesn’t attract the same volume (or type) of buyers as its larger counterparts. But for investors looking to buy and hold for the long term, that isn’t necessarily a problem.

Warren Buffett

The stock market is a crowded place right now and prices of some large stocks are through the roof. Warren Buffett said at a recent Berkshire Hathaway meeting that if he were starting again, he’d look at smaller companies.

I think this makes a lot of sense. In a crowded stock market well-covered by analysts, it can be hard to find opportunities others are overlooking.

Valuations in the UK, however, tend to be a bit more modest than across the Atlantic. And AIM seems like it’s often overlooked by a lot of analysts and investors.

FW Thorpe is one I’ve got an eye on for my portfolio. At today’s prices, I’m looking at it as a potential opportunity, but there are several others also on my radar.

The post Where to find under-the-radar UK stocks at super-low multiples appeared first on The Motley Fool UK.

Decades of consistent dividend growth doesn’t guarantee higher returns in future. But it also doesn’t come about by accident and it’s something investors might want to pay attention to. 

Croda International

Croda International (LSE:CRDA) has increased its dividend per share each year for over 34 consecutive years. That’s an outstanding record and it’s fair to say the company has seen it all. 

The last three decades have included the dot-com bubble, the subprime mortgage crisis, and Covid-19. And through all of this, the firm has kept its dividend growing. 

This is impressive for any business, but arguably even more more so for a cyclical operation. But Croda makes specialty chemicals, where demand can wax and wane depending on end markets.

Investors, though, seem to think this impressive record is under threat. The dividend yield has reached almost 4.5%, which is its highest level for the last 10 years by some margin.

The concern might well be that the firm’s free cash flow in the last 12 months hasn’t covered its dividend. Croda can bridge the gap in the short term, but this isn’t sustainable indefinitely.

Part of this was the result of higher working capital requirements, though, which I expect to stabilise over time. So, as it’s at an unusual cheap price, I think it’s worth a look. 

FW Thorpe

FW Thorpe (LSE:TFW) is a much smaller company. It focuses on industrial lighting for things like airports, tunnels, and hospitals, where lighting is critical and often has to meet specific requirements. 

That means operating in this sector requires high levels of technical expertise, which creates a barrier to entry for potential competitors. And this gives the company a degree of pricing power.

FW Thorpe has managed to increase its dividend per share for 22 consecutive years. While the yield is only 2.2%, the £11m distribution is more than covered by free cash flows of £38m.

Investors looking at the stock should think about the outlook for UK construction. And one of the best forward indicators for this is the UK Construction Purchasing Managers Index (PMI).

UK Construction PMI June 2023 – July 2025

Source: Trading Economics

The latest reading (from July) came in at 44.3. That’s a concern because (a) a number below 50 indicates contraction in the sector and (b) it’s the lowest the index has been in the last three years.

That’s a risk investors should pay attention to. But for those with a long-term perspective, it might mean FW Thorpe represents an under-the-radar opportunity to be greedy where others are fearful. 

Track records

Around 66% of businesses fail within their first 10 years. But at the other end of the scale, there are those that can generate higher and higher returns for shareholders each year for decades. 

Croda International and FW Thorpe both have outstanding records of dividend growth. And this is the result of each having an extremely strong competitive position.

Despite the possibility of temporary disruptions, I expect both companies to do well over the long term. And I think dividend investors looking for opportunities should take note.

The post 2 UK shares with outstanding dividend growth records appeared first on The Motley Fool UK.

Beyond the FTSE 100 and the FTSE 250, investors don’t have to look far to find some companies with strong competition that have almost no exposure to the US. Two in particular stand out to me.

JD Wetherspoon

JD Wetherspoon (LSE:JDW) runs a chain of pubs in the UK. The stock is up almost 20% since the start of the year, but I still think it looks undervalued. 

Over the long term, the firm is aiming to grow its number of pubs from just under 800 to 1,000. This should result in higher profits, but the stock currently trades at a price-to-earnings (P/E) ratio of 14. 

The company’s reputation for customer value has seen it perform well recently while other UK businesses have been faltering. The latest trading update revealed like-for-like sales growth of 5.6%. 

The prospect of higher staffing costs has been generating a lot of attention recently. And I think this is likely to be an ongoing challenge – I don’t see the National Living Wage going down in future.

I expect this to weigh on JD Wetherspoon’s profits, but the effect on the competition has been much greater. Greene King reported a loss in 2024 and things are even tougher for smaller businesses. 

As a result, I still have a positive view of the company’s long-term prospects. And with things moving in the right direction, I think right now could be a very good time to consider buying the stock.

FW Thorpe

FW Thorpe (LSE:TFW) manufactures and sells lighting products for locations like hospitals, road tunnels, and industrial settings. While it does sell products in the US, this accounts for less than 2.5% of total sales.

The firm operates as a decentralised conglomerate. In essence, that’s a slightly fancy way of saying it consists of a number of smaller businesses that each focus on their own specific area. 

Industrial lighting is more complex than just fitting lightbulbs or LEDs. Lights in road tunnels and hospitals have to meet certain technical standards and this creates a barrier to entry for competitors.

One reason the stock has faltered recently is that organic growth has been relatively subdued. On top of this, some of the acquisitions the company has made haven’t worked out as anticipated.

That illustrates one of the key risks for investors to note. But after a 23% decline in the last 12 months, I think the current share price might well factor this in. 

Since 2020, FW Thorpe has generated £27m per year in free cash flow on average. With an enterprise value of around £283m, that’s a potential return of around 9.5% – I think that’s worth considering. 

Tariff protection

JD Wetherspoon and FW Thorpe offer investors a way of blocking out the noise when it comes to US tariff developments. And I think both look like attractive stocks to consider in June.

Both are businesses with important competitive advantages. And while their share prices have been moving in opposite directions recently, they both look like good value at the moment.

The post 2 ‘tariff-resistant’ UK shares to consider buying appeared first on The Motley Fool UK.

Nobody likes seeing something they were thinking of buying trading at a higher price. But being a good investor is about looking past the short-term movements at the bigger picture.

Quality

There are two things I look for in a quality business. The first is a strong competitive position that’s hard to disrupt and the second is the ability to earn strong returns on capital.

To be a good investment, a firm has to be able to differentiate itself over the long term. If a competitor can make a cheaper or better product, this is going to be a problem sooner or later.

Equally, a business needs to be able to earn a good return on its growth investments. Shares in a company that invests £100m to grow its profits by £1m are unlikely to be a good investment. 

Finding these kinds of companies trading at attractive prices isn’t easy. But even with share prices moving higher, I still think there are opportunities available. 

WH Smith

FTSE 250 retailer WH Smith (LSE:SMWH) probably isn’t the first name that comes to mind for investors looking for quality stocks. But I think it’s a better business than most people realise.

The firm has recently agreed to sell off its high-street stores and focus on its travel operations. These are located in airports, hospitals, and train stations, where competition is very limited.

This brings increased exposure to travel, which increases the risk from a recession. I’m keeping a close eye on this, but I’m also mindful that the stock still looks like good value.

WH Smith’s travel division generated £189m in operating profit in 2024 – over 15% of the current market cap. So even with the share price rising, I think it’s worth considering.

FW Thorpe

Industrial lighting company FW Thorpe (LSE:TFW) is a stock a lot of investors might not be familiar with. But it has a number of attractive features from an investment perspective. 

The company isn’t the biggest – and this creates a risk of larger organisations with greater scale looking to compete with it. But it does have a strong competitive position.

FW Thorpe focuses on industries with specific regulatory requirements, such as hospitals and road tunnels. This allows it to use its technical expertise to provide added value for customers. 

The stock hasn’t really participated in the recent rally. And with a consistent track record of returns on equity above 10%, I think it’s well worth a look at today’s prices. 

Investment opportunities

It can be tough to buy stocks that were trading at cheaper prices only a few days ago. But what matters is where the share price is now, now where it has been. 

Investors should be careful not to fall into the trap of thinking a stock that has recently gone up can’t continue to do so. This can be an expensive mistake.

What matters most of all is finding a quality business. And I think there are still some in the UK that are worth a closer investigation for investors looking to buy shares right now.

The post 2 quality UK stocks to consider buying as share prices rally appeared first on The Motley Fool UK.

More seriously, there’s quite a bit to the chancellor’s latest spending plan for investors to take note of. And this could be big news for a couple of UK shares that investors might ordinarily overlook.

FW Thorpe

FW Thorpe (LSE:TFW) provides industrial lighting systems. And while this sounds about as exciting as a lecture on the history of tax law, there’s actually quite a bit to catch the attention of smart investors.

The firm focuses on areas where requirements are technically complicated or specific. This creates a barrier to entry for competitors and allows the business to maintain some strong operating margins.

Emergency lighting’s one example. Whether it’s an expansion at Heathrow Airport or the building of a new cancer hospital in Cambridge, this is more complicated than screwing in some energy-efficient bulbs.

Emergency systems need to be able to deploy instantly in the event of a power failure and stay on for a certain amount of time. And FW Thorpe has the technical expertise to provide this.

One of the risks with this business is that it depends on continued investment into UK industry. Whether it comes from the government or the private sector doesn’t matter – but it can’t be guaranteed.

Sales growth has stalled in the last year or so and the stock’s fallen almost 20%. But this could pick up as the chancellor’s investments take shape and I think the stock’s well worth a look for investors.

James Halstead

The idea behind James Halstead‘s (LSE:JHD) similar. The company manufactures and distributes commercial flooring, which also sounds as exciting as reading a 500-page photocopier manual. 

Again though, the firm focuses on specialist products that go into environments that have specific requirements. Hospitals, for example, can’t just stick down some bathroom vinyl and be done with it.

James Halstead has a product that can be welded at the seams to create a completely sealed surface. This prevents bacterial growth and meets the demanding hygiene standards hospitals maintain.

Equally, airport floors need something a bit tougher than the average lino. And the company’s developed flooring that can deal with high foot traffic, rolling luggage, and constant cleaning.

Along with shifting construction output, the firm’s reliance on PVC as a raw material makes it vulnerable to rising oil prices pushing up costs. That’s a risk investors need to seriously consider.

Despite this, James Halstead’s closing in on 50 years of consecutive dividend growth. And with a current yield of almost 5%, I think it could be one for passive income investors to consider. 

Boring’s beautiful

On the excitement scale, emergency lighting and non-slip floors are so far behind artificial intelligence (AI) and anti-obesity drugs that it’s not even funny. But investors shouldn’t overlook these boring stocks.

FW Thorpe and James Halstead have strong competitive positions that are difficult to disrupt. And I think the chancellor’s plans for investing in the UK could give them both a boost.

The post Can the chancellor’s growth plans send these stocks soaring? appeared first on The Motley Fool UK.

That won’t be straightforward – and investment returns are never guaranteed. But I have a plan for getting there before I reach retirement age (in 2056). 

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

The road to a million

The road to a million is different for different people. The long-term average return from the FTSE 100 has been 6.5% – enough to get someone who invests £1,000 each month to £1,000,000 in 30 years.

My situation is different in two ways. The amount I have available each month is likely to vary – the way my income and outgoings work, I expect to be investing more in some months than others.

The second is I’m not starting from scratch. So I’m hopeful that I can get to £1,000,000 by 2056 even if I don’t manage to find £1,000 every month to buy shares with. 

Those two things mean I need to think carefully about how to go about investing. But I have a plan that I think gives me a decent chance of hitting my target.

My investment plan

The uneven nature of my income means I have a choice – I can either invest my cash as I get it, or I can try to spread it out to offset the unevenness. And I know what I plan on doing here.

Over the long term, I think holding excess cash – beyond what I need for my ordinary expenses and some for emergencies – is likely to weigh on my overall returns. So I’m looking to deploy it in the stock market as soon as I can.

There is, however, a caveat – I’m only willing to invest if I think I can manage at least the 6.5% return the FTSE 100 has been offering over the last couple of decades. 

Below that and it becomes less clear that the potential rewards are not worth the inherent risk of buying stocks. Fortunately, I think there are some decent opportunities available at the moment. 

A UK small-cap

FW Thorpe (LSE:TFW) is a stock I’ve been looking at recently – and I like what I’m seeing. The firm is a collection of businesses that manufacture specialist lighting solutions for industrial settings. 

The firm focuses on industries with regulatory requirements. Whether it’s healthcare settings or road tunnels, lighting needs to meet specific standards and this creates a barrier to entry for competitors.

While FW Thorpe has benefitted from lighting solutions moving from fluorescents to LEDs, this is now largely complete. That means there’s a risk growth might be slower in the future.

An ongoing shift to smart lighting as part of industry 4.0, however, could be the next boost for the company. And with the stock down 22% over the last 12 months, I think it also looks like good value. 

Building a portfolio

I don’t have cash available to invest right now – and I’m not willing to sell any of the investments in my Stocks and Shares ISA. But FW Thorpe is a company that has been catching my eye recently. 

I think there’s a good chance it can generate the 6.5% return I’m looking for. So there’s a good chance I’ll be adding it to my portfolio when I’m looking for stocks to buy later this month.

The post Here’s my £1,000,000 plan for my Stocks and Shares ISA appeared first on The Motley Fool UK.

The best opportunities are often found in places other investors aren’t looking. And the Alternative Investment Market (AIM) in the UK is quite a way off the beaten track.

Overlooked opportunities

Fundamentally, investing well comes down to one thing. It’s about seeing a company’s shares trading at a price that doesn’t accurately reflect the quality of the underlying business. 

This depends on seeing something that other investors are missing. And that’s easier to do when there aren’t as many people paying attention to the stock. 

Two stocks I’ve been looking at recently are Churchill China (LSE:CHH) and FW Thorpe (LSE:TFW). In each case, I can’t find more than one analyst covering the stock. 

With this type of stock, investors have to do more of the work themselves. But I think there’s a much higher chance of seeing something others aren’t if not many of them are looking.

Churchill China

Churchill China has nothing to do with Asia – it designs and manufactures tableware. The firm focuses on the hospitality industry, since that’s where repeat business tends to come from. 

The stock’s down 45% since the start of the year, mostly due to end markets struggling. And there’s a risk things might continue with the government’s Budget increasing costs on businesses.

Despite this, the falling share price looks like an overreaction. The company has largely offset lower sales with operational efficiencies, resulting in stable operating profits.

Higher inventory should put the firm in a position to react quickly when demand starts to recover. When that will be I don’t know, but I think this is one to keep an eye on.

FW Thorpe

FW Thorpe manufactures industrial lighting equipment. Over the last decade, revenues have been growing at an average of 9% a year and earnings per share growth has been around 8%.

This has been driven by a wide transition to LED systems. But with this shift largely complete, there’s a risk for investors that growth might slow in the future. 

There are however, some strong reasons for thinking the stock could be a good investment over the long term. The first is that it owns its intellectual property and manufacturing facilities. 

This puts FW Thorpe in a strong competitive position. And at a price-to-earnings (P/E) multiple of 15, the valuation isn’t particularly demanding at the moment. 

Under-the-radar stocks

Investing well is about finding quality companies that are underestimated by the market. And to reiterate, this can be easier when there are fewer investors looking at them. 

Both Churchill China and FW Thorpe look like good candidates to me. I think investors should have both on their radars with a view to considering potential buying opportunities.

The post 2 small-cap ideas for a Stocks and Shares ISA appeared first on The Motley Fool UK.

Regular Motley Fool readers will know I’ve been banging on for years in praise of the couple of dozen long-established family businesses listed on the UK stock market. Pubs group Fuller, Smith & Turner (LSE: FSTA), soft drinks firm Nichols (LSE: NICL), and lighting company FW Thorpe (LSE: TFW) are three such firms. Let me show you their blue-chip credentials, and why I’d be more than happy to buy them today.

Building long-term wealth

Strong balance sheets, and careful stewardship through multiple economic cycles and market crashes, are features of these businesses. I believe these qualities align well with the aims of investors seeking to steadily build wealth over the long term.

Furthermore, with a largely stable shareholder base of family members, and like-minded long-term investors, these companies’ share prices tend to hold up relatively well through the sort of market crash we’re currently experiencing.

The table below shows the performances of the FTSE 100, Fullers, Nichols, and Thorpe since markets went into free-fall after 21 February.

Seven decades of dividend growth

Fullers (founded 1845) owns premium pubs and hotels, as well as craft cider and gourmet pizza restaurant chain The Stable. As you can see, it’s outperformed the FTSE 100. This is despite it being in one of the sectors most heavily impacted by Covid-19 fears. For example, blue-chip Whitbread, the owner of Premier Inn — and food and drink chains, including Brewers Fayre — has seen its shares plummet 46%.

Fullers has a strong, freehold property-backed balance sheet. Furthermore, the sale of its brewing business last year, with cash proceeds of over £200m, now looks very timely. The company has a remarkable dividend record of seven decades of unbroken growth. The running yield of 3% and price-to-earnings (P/E) ratio of 14 indicate value against historical standards. And the same is true for Nichols and Thorpe.

Defensive out-performer

Nichols (founded 1908) owns a portfolio of still and carbonated drinks brands, headed by its flagship brand Vimto. The superior performance of its shares (-5%) versus the FTSE 100 reflects the defensive characteristics of the business. Having said that, it’s also outperformed Footsie drinks giant Diageo (-23%), which is widely seen as an exemplar of blue-chip quality.

Nichols’ latest annual results show cash of £40.9m on the balance sheet at the year-end, and no debt. The cash-adjusted P/E is 17 and the running dividend yield is 3%.

Another cash-rich small-cap stock

FW Thorpe (founded 1936) designs, manufactures and supplies professional lighting systems. It serves diverse industries and customers. Nevertheless, it’s more geared to the general economic backdrop than a company like Nichols. In other words, it’s a cyclical rather than defensive business. Yet its shares (-14%) have significantly outperformed not only the FTSE 100 during this market crash, but also classy blue-chip sector peer Halma (-19%).

Thorpe is another cash-rich family business. It had £30.8m on its balance sheet and no debt at its last year-end. The cash-adjusted P/E is 17.8 and the running dividend yield is 2%.

Hopefully, you can now see why I believe Fullers, Nichols and Thorpe deserve to be called blue-chip small-caps.

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