I have owned shares in Glaxo for ages but not as long as my friend Pam.
We both remember the good old days when the shares rocketed. Now they trade in a range without any sign of breaking out but they do yield the sunny side of 5% and I reinvest the divis. And I always had in the back of my mind that I could sell them when something better came along.
I sold them on Friday because an opportunity, only seen by me twice before, came along; first in 1996 (British Gas) and then Shell in 2016. On Friday I bought Legal and General. It yields almost 9% and it has a P/E of less than 6. This is the strongest buy signal possible for a well capitalised (£13 billion) company in the FTSE 100. As a rule I do not buy shares in individual companies but this is a no brainer. I will report again when I have reaped a 100% return.
Meanwhile MP Evans has bought about 8,000 hectares of palm oil plantations in Indonesia. The oil palms are immature so will soon start to provide income and the plantations are close to existing sites and, in one case, will utilise their existing mill.
In the FTWeekend this morning Lord Lee informs me he has bought Legal and General and MP Evans.