I feel like crowing on this upgrade as I had been pushing the Adair's barrow on HC for some time. But I cannot as I have been caught on the VOC and RFG downgrades.
What I got right at Adair's was better understanding of the business, attending the AGM's and forming a view as to whether I could trust management with my money. My money.
At the AGM I liked the fact management admitted to its mistakes, set out plan to fix and then deliver. Management also told us how they deal with competition and the effect of Amazon. They also told us how they targeted the new store roll out program.
After each AGM I came away more impressed.
The hard lesson is before you invest, do your research and when you think you have done enough do even more. I missed the clues in RFG and got a bum steer on Geoff Horth who turned out not to be the god of integration.
Good luck to the existing Adair's shareholders and let's hope the discipline they have shown over the last 18 months continues.
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