Novacyt

First up is former penny stock Novacyt (LSE: NCYT). Based on analyst projections, shares in the clinical diagnostics specialist trade on just five times earnings. That seems ludicrously cheap considering this month’s half-year numbers.

Total revenue jumped 50% to £94.7m in the first six months of 2021 compared to the same period last year. A little under £54m of this came from overseas orders and the private UK testing market. The latter includes buyers operating in, for example, the film and travel industries.

Looking ahead, Novacyt thinks there could be more growth ahead thanks to fresh contracts, a new PROmate Covid-19 test launch, travel routes reopening and the colder weather arriving. While this all sounds great, there’s a chance that the last two of these won’t happen as quickly as the company would like. An ongoing dispute with the Department of Health and Social Care isn’t ideal either. 

Taking into account how volatile the shares have been over the last year, Novacyt is still only a cautious buy for me.

Serica Energy

Another ‘cheap’ AIM stock is Serica Energy (LSE: SQZ). The North Sea-focused oil and gas company’s shares trade on just five times earnings. That might prove a bargain in time.  In July, SQZ announced promising flow test results from its 50%-owned Columbus development well. The stabilised rate was “at the upper end” of what Serica expected. Once up and running, it’s believed the well will produce roughly 7,000 boe/d (barrel of oil equivalent per day).     As someone with only mixed success in this sector, I’m hesitant to buy shares in Serica. That said, I like that the company began 2021 with no debt and £90m in cash. The fact that the AIM stock is already producing from its Bruce, Keith and Rhum fields (previously owned by BP) is another positive. 

However, the risks involved in future drilling campaigns (such as the North Eigg project), not to mention the opportunities available elsewhere, can’t be overlooked. So, Serica would be another cautious buy for me.

Atalaya Mining

For an even lower valuation, I’d check out Atalaya Mining (LSE: ATYM). It’s trading at just four times forecast earnings. 

Atalaya produces copper concentrates and silver by-product at its 100% Proyecto Riotinto site in Spain. It also has an agreement to own up to 80% of Proyecto Touro, a brownfield copper project in the same country. And, based on recent numbers, this is another AIM stock that could prove to be a steal.

Benefiting from a strong copper price, EBITDA rose to just under €100m in the first half of 2021. Like Serica, Atalya also has a strong balance sheet with net cash of €37.8m at the end of June.

Of course, risks abound. Aside from setbacks that plague exploration, ATYM is never in complete control of its fate. Long-term demand for copper looks robust but commodity prices can be very hard to predict in the near term. That’s fine if I’m being paid to wait. However, there’s no dividend stream with Atalaya.

It goes on my watchlist for now. 

The post 3 dirt-cheap AIM stocks. Should I buy? appeared first on The Twelfth Magpie.

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Paul Summers 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.

There’s still no news of a deal to provide the $3.5bn needed to fund the remaining build of the mine. The company has already warned that it could run short of cash by the end of June.

Management has previously said it hopes to announce a deal by the end of April. I suspect the funds will be found, but I fear that the cost to shareholders will be higher than expected.

Not so cheap

As I’ve pointed out previously, Sirius is already valued at nearly $5bn, if you include the money it needs to raise.

That’s roughly half the firm’s forecast net present value of $9.8bn. This represents the value in today’s money of the cash Sirius will generate over the mine’s life, based on mid-range predictions about fertiliser prices and production volumes.

In my view, a share price of 20p is about right at the moment. History suggests major projects like this usually cost much more than expected. As my colleague Rupert Hargreaves explained recently, Sirius has already increased its cost estimates several times.

I’m going to continue to avoid Sirius Minerals until funding is agreed. I’m more interested in the opportunities for value creation at this fast-growing oil and gas firm.

The shares are up by 1,200%

Shares in North Sea oil producer Serica Energy (LSE: SQZ) have risen by more than 1,200% over the last five years.

The firm went into the 2015 oil downturn with net cash and a production asset. In 2017, management used these advantages and its North Sea presence to agree a deal with BP to buy its share of the Bruce, Keith and Rhum fields, collectively known as BKR.

Serica has published its 2018 results today, giving investors their first chance to see how this deal is working out. The signs are promising. Although Serica didn’t become the operator of the fields until 30 November, my sums suggest that the resulting cash flow lifted Serica’s underlying operating profit from $14.1m in 2017 to $20.8m.

The accounting for this deal is a bit complex. But in my view, broker forecasts for 2019 revenue of $414m and a net profit of about $162m look reasonable. That means the shares currently trade on a forecast price/earnings ratio of less than 3, even after today’s gains.

What could go wrong?

It seems that the market is still a little sceptical about the long-term success of the BKR deal. So what could go wrong?

One risk is that Serica’s management will now use the firm’s cash flow to start empire-building, making too many expensive acquisitions.

Another risk is that the Rhum field is 50%-owned by the Iranian Oil Company. Due to US sanctions, production requires a US government licence, renewed annually. So there’s an ongoing risk of disruption.

Finally, it’s possible that the performance of the BKR fields will fall short of expectations over the next few years. So far there’s no reason to expect this, but I’m not an expert on these assets.

My verdict: I believe Serica Energy could continue to generate value for shareholders. To lessen the risks, I’d aim to buy on the dips from now on. I’d hold.

The post The Sirius Minerals share price is rising: is it time to buy? appeared first on The Twelfth Magpie.

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Roland Head 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.

What’s interesting is that BP shares are now within about 15% of their all-time high of around 700p. Today I’m going to ask whether this FTSE heavyweight could print a new all-time high in 2019.

I’m also going to look at a small-cap oil firm whose share price could double over the next 12 months.

Ignore the forecasts

Over the last 12 months, consensus forecasts for BP’s 2018 earnings have risen by 50% to $0.56 per share.

Historical data provided by Reuters shows that BP’s earnings have beaten quarterly forecasts consistently since mid-2017. Rising oil prices have added fuel to the fire.

Analysts have simply been playing catch-up.

Let the facts speak

The good news is that there are some hard facts we can use. Between 2010 and 2013, BP generated an underlying replacement cost profit — the most comparable measure — of between $13.4bn and $21.2bn each year.

In 2017, underlying replacement cost profit was just $6.2bn, less than half the minimum underlying profit earned during the last oil boom.

Why I’m bullish

The price of oil is still lower than it was in 2010-2013. But BP’s costs are also lower and the firm is now focused on maximising profits rather than just pursuing growth.

At the time of writing, the shares were trading on 14 times 2018 forecast earnings, with a 5.1% dividend yield.

My sums suggest that the group’s profits and dividend would only need to rise by another 15% to justify a share price of 700p.

Commodity producers always carry some risk. But with production and oil prices still rising, I think there’s a good chance that the BP share price will set new records some time soon.

A potential double bagger?

Small-cap Serica Energy (LSE: SQZ) is poised to become one of the beneficiaries of BP’s decision to exit older North Sea assets. The company expects to complete a deal to buy stakes in the Bruce, Keith and Rhum (BKR) fields from BP and French firm Total at the start of November.

Serica will then be entitled to a share of net cash flows from the fields from 1 January to the completion date.

These two deals are expected to increase the group’s proven and probable reserves from 3m barrels of oil equivalent (mmboe) to 60mmboe. Impressively, this has been done without raising debt or issuing new shares.

The firm reported a loss for the first half of 2018 today, as production from its Erskine field has been suspended due to a pipeline fault. However, this is one case where analysts’ painstaking calculations can be useful.

Forecasts for the full year — including cash flow from BKR — suggest Serica could generate earnings of $0.41 per share in 2018, if the deal completes as expected.

These projects put the stock on a forecast P/E of just 2.8, falling to a P/E of 2.2 in 2019.

Such a low valuation multiple is unlikely to be sustainable. If the BKR deal delivers as expected, I believe Serica’s share price could quickly double from current levels, to reflect the expanded firm’s profits and cash generation.

That’s why I rate this stock as a speculative buy.

The post Why the BP share price could hit record highs in 2019 appeared first on The Twelfth Magpie.

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Roland Head 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.

Big acquisition

The big news in November was that the company announced the acquisition of BP’s interests in the Bruce, Keith and Rhum fields in a move set to diversify Serica’s revenue and reduce its dependence on the Erskine field. Benefits of the deal will be higher production volumes and reserves, and the ability of the firm to use its prior tax losses to offset profits. The directors say the deal is “structured to control risk and minimise shareholder dilution,” and they expect it to complete during the third quarter of 2018.

The firm’s improved prospects drove the shares up during the year. In November, you could have picked up some of the stock at 27p, but today the shares change hands for around 67p. Yet they’ve been higher, touching 91p or so in January. Chief executive Mitch Flegg said that the firm is working hard towards the transition of the assets from BP as well as looking for new assets to add in the UK North Sea to grow the business, “where there are strategic benefits for Serica.”

City analysts following the firm expect earnings to increase around 512% during 2018 and 27% the year after that, which throws up a tempting forward price-to-earnings ratio of just over two, although the future financing outcomes resulting from the deal with BP makes the valuation a little muddy for the time being. Nevertheless, I think Serica is an interesting investment proposition that could sit well in a portfolio alongside oil major Royal Dutch Shell (LSE: RDSB).

Big dividend

One of the striking things about Shell is its forward dividend yield running close to 5.7% for 2019. City analysts expect earnings to rise 53% this year and 9% in 2019. Those earnings should cover the dividend payment around 1.4 times, which is quite a low level of cover from earnings, suggesting the directors may see little opportunity to invest in further growth projects.

Back in February with the full-year results report, chief executive Ben van Beurden said 2017 was a year of “transformation,” just like it was for Serica. Driven this time, though, by a “relentless focus on value, performance and competitiveness,” which saw the firm generate $39bn of cash flow from operations, excluding working capital movements, from an “upgraded” portfolio.

As an income stock, Shell looks tempting, but a glance at the share-price chart reveals how volatile the stock can be because of its cyclicality. Commodity prices have been firmer lately, but that situation can reverse, and if the share price declines, the capital you lose could wipe out years of income gains from the dividend. That’s one reason I think it could be worth diversifying your holdings in the sector to include potential growers such as Serica Energy.

The post Should you pile into Royal Dutch Shell plc and this tempting growth stock? appeared first on The Twelfth Magpie.

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Kevin Godbold has no position in any of the shares mentioned. The Motley Fool UK has recommended Royal Dutch Shell B. 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.

Profit from market caution

Small-cap North Sea oil producer Serica Energy (LSE: SQZ) has risen by 200% since last September. This surge followed the news that the company had agreed to use some of its cash pile to buy three mature, producing North Sea oil fields from supermajor BP.

The Bruce, Keith and Rhum (BKR) fields will add 50m barrels of oil equivalent to Serica’s reserves. They’re expected to increase the group’s net production to 21,000 barrels per day. The resulting cash flow is expected to lift the group’s profits from $10.8m in 2017 to $83.4m in 2018.

However, the share price doesn’t yet reflect these gains. Serica stock currently trades on a 2018 forecast P/E of 3. It’s clear that investors aren’t yet willing to credit the firm’s transformation.

Two risks

The first risk facing Serica is that production from its only producing field is currently stopped due to a pipeline blockage.

Output from the Erskine field was cut off in January, during cleaning operations. According to an update today, a small gap has been opened up, but service has not yet resumed. In the meantime, the group must be losing money.

A second risk is that the BP transaction isn’t expected to complete until the third quarter of 2018. Although the deal will be backdated to 1 January, the company won’t receive any cash from the BKR fields until late this year.

I don’t see either of these risks as a major concern. Serica reported net cash of $30.7m at the mid-point of last year and should be able to ride out any short-term losses. I believe the shares could double again over the next 18 months.

More of the same, please

Yesterday’s final results from mid-cap oil and gas firm Premier Oil (LSE: PMO) received a fairly positive reception from the market. The group’s stock — which I own — has tripled from the lows seen in January 2016, but continues to offer good value in my view.

I’ve recently bought more of these shares because I don’t think the 71p price reflects all of the progress that’s likely over the next 18 months.

The first area of improvement is debt reduction. Yesterday’s results showed a marginal fall in net debt to $2,724.2m in 2017. But the firm also released details of bond redemptions which lead me to think that this net debt figure could already be around $200m lower, at about $2.5bn.

Debt reduction is expected to speed up in the second half of this year, as production from the Catcher field reaches full capacity. In the meantime, I think some of the company’s undeveloped assets could attract outside interest.

Funding has already been agreed to develop the Tolmount gas field, which is targeting 540 billion cubic feet of gas resources. But Premier also has last year’s “world class” Zama oil discovery in offshore Mexico and the Sea Lion field in the Falkland Islands.

The stock currently trades on a 2018 forecast P/E of 6, reflecting its high debt burden. But as borrowings fall and progress is made with new projects, I expect the shares to rise significantly from current levels.

The post 2 three-bagger stocks that could still be cheap appeared first on The Twelfth Magpie.

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Roland Head owns shares of Premier Oil. The Motley Fool UK has recommended BP. 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 reckon I’m seeing that with BooHoo.Com (LSE: BOO), just as surely as I saw it with ASOS before. In the latter case I was sure the early share price rise was too much, too soon — I said it at the time and I’ve been proved right, as the shares crashed and have still not regained their early overblown peak.

Looking at Boohoo I see impressive rising profits for sure, and I certainly like the look of that. And forecasts for EPS growth of 38% in the year to February 2018 followed by a further 24% the year after look very tempting. But I must note that we’re already seeing a slowing in early growth, after last year brought a 97% rise and the year before racked up 48%.

Too expensive

Now, those are still great forecasts, but to put them into a valuation context, let’s look at PEG ratios. The PEG compares the prospective P/E ratio with the expected EPS growth to try to see if the current share valuation is justified by growth expectations. A value of 0.7 or less is often seen as a great indicator, while anything under around one is still pretty good.

Forecasts for Boohoo suggest a PEG greater than two for next year, rising to nearly three a year later. And P/E multiples come in at 84 and 69 for the two years respectively — the FTSE 100 average is around 14.

If the shares aren’t significantly cheaper than today’s 195p sometime in the medium-term future, I’ll be ready to ingest some headwear.

Better growth prospect

I’m more impressed by the growth prospects for oil and gas explorer Serica Energy (LSE: SQZ).

Having faced the oil price crisis and come out of it with the price of a barrel hovering around $50, I see the crushing pressure of super-low prices that critically endangered a number of indebted and unprofitable companies as receding, and I reckon we’re emerging into a new period of optimism for explorers.

Serica is profitable and has been for a couple of years, and we’re seeing forecasts that would double earnings per share this year to produce a very low P/E of only a little over four. Of course, the erratic nature of oil exploration profits means we shouldn’t treat this measure in the same way we would for most other sectors, but Thursday’s interim results do leave me feeling a little on the bullish side.

Growing profit

The company reported a post-tax profit of $10.3m, compared to a loss this time last year of $2.8m, and I was impressed by an operating cost (including transportation and processing) of $14 per barrel of oil equivalent. That’s low, and it suggests Serica has a reasonable safety margin should we enter a new phase of volatile oil prices.

Investors have been a little cautious of late due to an operations delay at the firm’s Erskine platform, but an update this week told us that production has successfully recommenced.

The Erskine field averaged 3,100 barrels per day up until May, and 2,800 barrels over the full period. And now it’s back online, I don’t see any great fears.

Serica’s period-end cash of $30m with no debt makes me see it as relatively low risk for the sector.

The post One bargain growth stock I’d buy ahead of Boohoo.Com plc appeared first on The Twelfth Magpie.

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Alan Oscroft has no position in any shares mentioned. The Motley Fool UK owns shares of and has recommended ASOS. The Motley Fool UK has recommended boohoo.com. 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.

Investors clung on in vain during the opening weeks of 2017, but the writing was on the wall. US oil production remained stubbornly high, as did oil storage levels. The US shale sector was revitalised, and any sign of oil price strength was used to justify putting more drilling rigs to work.

Six months on, and it’s clear that the process of rebalancing the oil market could take much longer than expected. Brent crude recently hit a low of $44 and currently trades at just $48 per barrel. Many investors are struggling to find attractive shares to buy in this sector.

Today I’m going to suggest two stocks — one large and one small — which I believe could be profitable and fairly low-risk ways to invest in oil.

A surprise choice

Mining giant BHP Billiton (LSE: BLT) makes most of its money by digging commodities such as coal and iron ore out of the ground. But the group also sold $3.3bn worth of oil and gas during the second half of 2016, generating an underlying operating profit of $360m.

BHP’s exposure to the oil and gas sector has recently attracted the attention of activist hedge fund Elliott Advisors. The US group believes that the firm’s oil and gas assets would be better managed and more profitable if they were spun off into a separate company.

I’ve no way of knowing whether this view is correct, but to be honest, I don’t really care. As a shareholder, I believe that the fact this question has been raised will probably be enough to improve results.

Chief executive Andrew Mackenzie is now under renewed and public pressure to boost the performance of the firm’s petroleum assets, or consider a sale. That pressure is likely to rise when the group’s new chairman, Ken MacKenzie, takes control later this year.

Looking further ahead, BHP’s profits should benefit as and when the oil market does stage a recovery.

In the meantime, BHP has falling debt levels and is paying a well-covered 5% dividend yield. On both points the firm compares favourably to BP and Shell. I remain a buyer.

Too cheap to ignore?

Stocks which trade on a forecast P/E of three are usually best avoided, I think Serica Energy (LSE: SQZ) could be an exception. This £65m exploration and production company is almost unique among its peers. It actually makes a profit.

Last year saw Serica clock up sales of $21.4m and an operating profit of $3.5m. Despite the firm’s North Sea production being shut down for six months, the group ended the year with net cash of $16.6m. This figure had risen to $30.5m by the end of June.

In its most recent update, Serica said that it has “no material expenditure commitments” but is “actively reviewing opportunities”.

Of course, there’s no dividend. Investors must rely on executive chairman Tony Craven Walker to create value with this money. But given Serica’s low valuation, cash pile and operating costs of just $14/barrel, I think this is a risk worth taking. I’d rate Serica as a speculative buy.

The post Oil stocks could be heading for a lost decade: here’s what I’d buy appeared first on The Twelfth Magpie.

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Roland Head owns shares of BHP Billiton. The Motley Fool UK has recommended BP and Royal Dutch Shell B. 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.

With that in mind, here are two stocks which appear to offer the scope for further share price gains.

Improving outlook

The share price of gold producer Polymetal (LSE: POLY) has risen by 22% since the start of the year. Much of this has been due to the rising price of gold, which has become increasingly popular as uncertainty regarding the global growth outlook has increased. President Trump’s spending plans have also meant that the prospects for inflation are now more bullish than previously thought, which has made a natural store of wealth such as gold more attractive to investors.

As well as a rising gold price, Polymetal’s shares have been boosted by improving financial performance. Its production update released on Wednesday showed that it has increased gold equivalent production by 8% in the first quarter of the year. This was comprised of a rise in gold production of 18%, a fall in silver production of 15% and an increase in copper production of 88%.

Looking ahead, Polymetal is expected to record an increase in its earnings of 23% in the current year. It is due to follow this with growth of 14% next year. This puts it on a price-to-earnings growth (PEG) ratio of just 0.8, which indicates that now could be the perfect time to buy it for the long run.

Dirt-cheap valuation

While much of the Oil & Gas industry has underperformed the wider index in 2017, exploration and development company Serica Energy (LSE: SQZ) has recorded a share price gain of 116% since the turn of the year. Despite this, it continues to trade on a relatively enticing valuation. In the current year, the company’s bottom line is forecast to more than double. This puts it on a forward price-to-earnings (P/E) ratio of just 4.6, which indicates that there is a wide margin of safety on offer.

Looking ahead, the Oil & Gas industry may experience a turbulent period. While demand is likely to catch-up to supply in the near term, there is no guarantee of further cuts to production by OPEC. As such, the oil price may remain volatile and could even fall in the coming months. While this may lead to a difficult period for investors in Serica Energy and in the wider industry, in the long run the margin of safety on offer indicates that the upside potential is significant.

The post 2 FTSE 350 growth stocks with unbeatable momentum appeared first on The Twelfth Magpie.

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Peter Stephens has no position in any 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.

However, many of these companies are still short of cash and heavily in debt. I’d steer clear of such firms for a little longer yet. The companies catching my eye at the moment have proven assets, net cash, and — ideally — profitable production.

I’ve found three stocks that seem to fit the bill and still look cheap. In this article, I’ll take a closer look at each one. Are further gains likely?

Cash + free gas

Cameroon-focused Bowleven (LSE: BLVN) had net cash of $99m (£79m) at the end of October. This means that the group’s £78m market cap is completely covered by surplus cash.

The market seems to be assigning no value to Bowleven’s 20% stake in the Etinde gas field, which is thought to contain up to two trillion cubic feet of gas in place. Yet Bowleven’s stake in Etinde should soon benefit from $40m of paid-for appraisal work by the field operator NewAge. Bowleven also stands to receive a $25m cash payment, if the field is developed.

With net cash and a book value of 88.9p per share, Bowleven shares should be worth more than 24p. But chief executive Kevin Hart says that he’s assessing “new venture opportunities.” There’s a real risk that Bowleven’s cash will be wasted on risky exploration projects, rather than returned to shareholders.

From Russia, with love

The Russian oil industry has survived the oil crash in much better shape many investors expected, thanks to low costs and the devaluation of the rouble.

Long-time producer Exillon Energy (LSE: EXI) has survived unscathed. The firm’s latest accounts showed net cash of $103.6m at the end of June, equivalent to 45% of Exillon’s £187m market cap.

Exillon trades on just 3.2 times trailing earnings. While broker coverage is thin, the latest forecast I’ve found suggests Exillon could report a net profit of $37.7m this year. That’s equivalent to a forecast P/E of 6.2. The same forecasts also suggest that a dividend of up to 11 cents (8.9p) per share could be paid this year. If so, then Exillon has the potential to offer a yield of more than 7%.

Russia may remain a risky place to invest, but there’s no doubt in my mind that Exillon could deliver further gains.

Small, but perfectly formed

At £38m, North Sea-focused Serica Energy (LSE: SQZ) is pretty small. But it had a $13.1m net cash balance at the end of September, even before receiving payment for September sales.

The group’s profits were hit during the first half of this year by a maintenance shutdown on its main asset, the Erskine field in the North Sea. However, with Erskine back in production since late August, management expects net cash to start rising again.

My calculations show that Serica trades on a trailing P/E of 10. Broker forecasts available through a private subscription service I use indicate that net profit in 2016 could rise to $8.8m. That’s equivalent to a P/E of about 5.2 at current exchange rates.

There’s no dividend, but I believe Serica shares are probably worth more than 14p.

The post These cash-rich oil stocks could be a life-changing buy appeared first on The Twelfth Magpie.

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Roland Head has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.