Trading update

Sold ARM Holdings last Friday for a 25% profit in 9 months or so.

The Q1 results were OK but the market was mainly excited about a significant return of capital to shareholders through dividends and share buy backs. Fair enough but I would rather cash in the gain now in the form of the higher share price rather than wait for the dividends or for the buy backs to take effect.

Dollar revenues were only up 14% and at 140 pence ARM is on a 2007 PE of almost 30. Not a bargain by any means.

ARM will go back on my wish list. If it drops below 120p this year I will look at it again.