SSC Security Services Corp Ordinary Shares V.INP

RE:RE:RE:I’ve been nibbling a little this week

[bargainhunts]

Agree with all of this. I have been adding for months now and have a pretty full position. My only note of caution is that as the weight of mortgages in the company's book rises in relation to capital streams, the year on year results are going to be a bit hard to interpret for a while. Because mortgage interest is accrued monthly this will have the effect of smoothing their earnings over four quarters. The usual seasonal peak of Q1 will be flattened, and the other quarters will be raised. So I don't think quarterly results are going to be spectacular. The real focus will the forward looking element of how much they have managed to deploy and what the mortage pipeline looks like.