The Bulford Files

This promotion is not intended as financial advice. The shares discussed here may be small company shares. By their nature, such investments can be relatively illiquid and, as a result, hard to trade. This makes such shares more risky than other investments. Please seek independent financial advice if necessary.

Overlooked and undervalued - buy this share today and you could...

Profit from £53 Million of Undiscovered Land!

Find out how a deal made eight years ago could be about to send one company's share price thorugh the roof...

Dear Reader

The share price discrepancy I'm about to reveal shouldn't really exist. Because in theory the market should have ironed it out by now.

But it hasn't...

Let me explain.

It all goes back to 2000, and a business deal between two rival companies. On the surface it was a very boring deal - one company buying a factory from another.

But I've discovered something very interesting about that deal. It turns out it was a real coup for the buyers.

They ended up with a very valuable asset, and paid only a fraction of its true value.

Now, nearly eight years on, this company's shares could be about to rocket as a result...

What I found is buried in a footnote in the seller's annual report. The rather vague phrase 'certain land for future potential development'.

In fact, this 'certain land' is big enough to build 1,000 new homes. It's now worth more than £53 million - nearly five times what the buyers paid.

In theory this sort of thing shouldn't happen. A business should know better. After all, you'd expect the selling firm to know what its own assets are worth, wouldn't you?

But in this case they were eager for a quick sale. They had another deal going through, and urgently needed cash to fund it. So our buyers grabbed a bargain.

As a result, this tiny company gained a piece of land worth more than the whole of the rest of its business.

The stock market should have priced this value in. But it hasn't...

A few years later it floated on the stock market. It should have only been a short time before the hidden value of this land was reflected in the share price.

In fact the shares did go up. But here's the thing - they didn't go up enough.

Even now, eight years after they bought it, the land is still worth significantly more than the firm's entire market cap.

This means that if you buy this company's shares, you're effectively paying only for the land. The business itself is free!

Incredible, isn't it? The stock market is supposed to be efficient. Share prices are supposed to reflect all public information.

But this is clear evidence that the market is not efficient.

Bargains can be found.This company is one of them. It's just sitting there, waiting to be discovered.

But because of its smaller size, analysts have so far overlooked it.

Now, though, it looks like that's about to change...

This type of land has never been more prized

Gordon Brown has set a goal of building 3 million new homes by 2020. There's just one problem...

Where's he going to put them?

Inevitably some will have to go on greenbelt land. Britain is a tiny island, and to meet such a target we'll inevitably need to sacrifice some of our rural space.

But the government faces a tough battle. The National Trust has already said it will fight such proposals. It even plans to buy greenbelt land itself in order to block development.

This makes brownfield land - the kind our company's sitting on - more precious than ever.

Brownfield land is not coveted green space. It's former industrial land that needs a new purpose anyway - and it's perfect for house building.

The pressure for new housing has caused investors to re-evaluate companies with valuable land-holdings.

Already, larger companies have seen their share prices more than double thanks to the hidden value of their brownfield land.

Take the example of UK Coal:

The chart shows UK Coal's share price over the last 5 years.

For a long time these shares were going nowhere. By October 2006 they were as low as 213p.

But then the company did something which had a dramatic effect...

177% in less than 6 months

On 7 November 2006, it gave a presentation. It told would-be investors about its extensive land portfolio.

The presentation described UK Coal as "one of the largest brownfield value opportunities in the UK". It revealed it was sitting on an estimated £800 million worth of property.

The impact was huge. The shares went up 21% in just two days. And they kept climbing, reaching a high of 589p the following April - a 177% rise in less than 6 months.

Once the market had seen the hidden value in UK Coal, the share price adjusted rapidly.

The reason I'm writing to you today is because I believe the same thing is about to happen to the company I've found.

I want to give you the chance to get in before it does. To take advantage of this glaring stock market mispricing.

It's a classic example of what I call a "hidden value" investment. Professional investors make their biggest profits from these kinds of shares.

They look for something others have missed. Something that the wider market would pay a lot for, if only it knew about it. Then they get in, ahead of the crowd.

Once the secret is widely known, there's a sudden scramble to own previously ignored companies. It's this scramble that causes the share price to surge - and banks us our profit.

How Britain's greatest stock picker found his best ever share

Anthony Bolton - the Fidelity fund manager described as Britain's Warren Buffett - found his best ever share using this "hidden value" approach.

In 1984 he bought the Mersey Docks and Harbour Board. Conventional wisdom said it was a disastrous move.

But Bolton had spotted something the market hadn't. The company was sitting on a very valuable land portfolio.

Bolton made more than ten times his money on Mersey Docks. He has since described it as his best ever share purchase.

This story is legendary among investors. And it was on my mind when I met the manager of the company I'm going to tell you about.

He'd just finished talking me through their plans for the future, and was giving me a tour of the premises. To be honest, I was already very impressed.

But I wanted to know about the land. I asked him about the deal he'd made in 2000. Were they really sitting on all this land that hardly anyone knew about?

It was his turn to be impressed - he could see I'd done my homework. He confirmed it was true.

This one piece of land really is worth more than the entire company!

Like UK Coal and Mersey Docks before it, this land play is just sitting there, waiting to be spotted.

When the market wakes up to the real value of this company, the share price should surge rapidly.

There is major profit potential if you get in before it does. In a second I'll tell you exactly what you need to do right now.

But first I want to understand that there are risks involved. To show you what I mean, let's quickly look at two other companies - Sainsbury's and Mitchells and Butlers.

Both have been in the news a lot recently. And both provide important lessons for any investor considering a hidden value land play.

The rise and fall of Sainsbury's

Let's look at Sainsbury's first. Sainsbury's has a large stock of freehold and long-leasehold properties. In May 2007 these were valued at £8.6 billion.

That works out at around 490p per share. Yet a couple of years ago you could have bought shares in Sainsbury's for much less: 

 

Like UK Coal, Sainsbury's was trading sideways for years. Then, in December 2005, Chief Executive Justin King bought 58,000 shares.

The market took note. Clearly Sainsbury's was worth another look.

Investors began to see the real value that was locked up in Sainsbury's property. Private equity piled in to take advantage.

The shares climbed steadily over the next 18 months. By July 2007 they'd risen 111% - a phenomenal performance for a blue chip share.

Of course, as you'll have seen from the chart, that's not the end of the story...

Make sure you sell once the share is fully priced

The 5 year Mitchells and Butlers share chart tells a similar tale:

In the three years from May 2004, the price rose more than 260%. Again the driver was private equity, attracted by the pub group's £3.9 billion of property.

But, along with Sainsbury's, these shares have fallen sharply since reaching their peak.

The lesson here is that an undervalued share doesn't stay undervalued forever.

Many shareholders are only good at one half of investing. They make good buys, but don't sell at the right time.

Consequently they end up watching their profits ebb away. Getting out is just as important a call as getting in.

Once your holding has reached its full value, you should take profits and look for new opportunities.

There's also another, more subtle lesson to be learned from Sainsbury's and Mitchells and Butlers.

Both of these were pure land plays. Investors were buying the value of their land, not the future earnings of a strong underlying business.

Furthermore, the shares had risen on the back of private equity interest. The private equity groups, unlike most investors, are geared towards realising the land's profit potential - including selling it off if need be.

The companies themselves do not have such plans to unlock their properties' full asset value. Once the credit crunch scuppered the private equity deals, there was nothing to fall back on, and the shares were quickly dumped.

The company I'm going to tell you about is a totally different - and much stronger - prospect. In fact, I would buy its shares even if it didn't own valuable land.

A specialist manufacturer with great future potential

The company I've found makes bricks. But it's no ordinary brick maker.

They work with architects who want something with a special 'look'. Recently they've supplied the bricks for prestige projects like the British Library extension and the St Pancras redevelopment.

But because the market is bearish on the housing sector, this company, although it is in a separate niche, has been tarred with the same brush. This is keeping the share price low.

This is another great reason to buy now. With the sector already out-of-favour, we can protect ourselves from sharp changes in sentiment. And we have the chance of a good gain if the mood lifts.

However, I want to be clear: this isn't just a contrarian play on market sentiment. There are good, underlying reasons to buy this brick maker:

• Its market cap is less than £50 million. The company has already proved its business model works, but there's still a lot of room for growth.
  
  
• Its price to earnings (PE) ratio is nice and low. Using broker estimates, its forward PE for 2008 is a very reasonable 9.5. For 2009 the forward PE is 8.0
  
  
• It already operates at full capacity. In other words, there is strong demand for its product, which outstrips its current production.
  
  
• The company has very little debt. In fact the board anticipates that all debt will be eliminated by the start of 2009.
  
  
• The company is in a cash-generative business. A brick is a small unit to sell, after all, so there's always money coming in. Plus their orders are spread across a diverse customer base, with no one customer accounting for more than 10% of sales.
  
  

There are other positive signs. The sales team has recently been strengthened, and more managers have been taken on.

And the company's finance director recently bought 34,000 shares.

This company clearly backs itself. It's a better prospect than Sainsbury's, UK Coal and the other firms we've looked at. In those cases, the land was crucial.

Indeed, without the property they sit on, Sainsbury's and Mitchells and Butlers couldn't have a business.

For our brick maker, the land isn't part of its operations. So it can sell it off for a profit, to the benefit of its shareholders.

And because the share price is a fair reflection of the company's value without the land, you effectively get a slice of this £53 million asset for free!

This isn't the icing on the cake - it's a whole other cake!

It's tempting to say this house building land is the icing on the cake. But that would underplay its significance.

£53 million is not a huge sum in corporate terms. We've already looked at companies that have billions in land and property assets.

But what matters is not the land's absolute value, but its value relative to the company. This one piece of land is worth more than the company's entire stock market capitalisation.

So in fact, it's not really the icing on the cake. I'd say it's more like getting a second, bigger cake - and only paying for the first!

A mouth-watering risk-reward profile

So can I promise this share will become fully valued soon? Will we definitely make a profit?

No, I can't promise that. I've been in this business a long time, long enough to know there are no risk free investments. Anyone who tells you otherwise is, quite frankly, a liar.

This company looks very promising. But there are no absolute certainties in business.

Here's where the land is key, though. Because while it still doesn't guarantee us a profit, it does give us a mouth-watering risk-reward profile.

In fact, even if this brick maker never sells another brick again, there's enough value locked up in the business to represent a profit at today's share price.

That's if the business fails completely - something which to my eyes is highly unlikely.

I've thoroughly researched this company. I've pored over its financials, met its management, read analyst reports - I even watched a demonstration of a brick being made!

I back them to thrive in the coming year, and beyond.

But it's nice to know that, if I'm completely, 100% wrong, they still have the housing land to fall back on. Kind of like an insurance policy.

Which raises another question. Will they actually be able to unlock the value in that land?

After all, it's no good sitting on all this land unless you can make money from it.

This is where our brick maker has the edge on other land plays...

This company has already signed
the deal to turn the land into profit

One of Britain's biggest home builders has agreed to buy this land. There's still an element of uncertainty - the deal will fall through if planning permission isn't granted.

But I think that's unlikely. The local authority has already granted it for the initial 15 acres. As a result, our brick maker is due to receive around £10 million in the next financial year.

In other words, they've already started developing this site. Houses will be built on it.

It's highly unlikely that the local authority will forbid them to develop the rest. What else are they going to do with 65 acres of former clay pit?

I'd be absolutely staggered if planning permission weren't granted - especially at a time when new homes are a government priority.

If it is, we can expect the home builder to follow up with yet more hard cash.

So this isn't just speculation that the land might bring in money. It's happening - and it looks set to keep happening.

The more it does, the more this tiny brick maker will start to catch the City's eye ... and we've seen how fast the share price can move once that happens.

If you don't take this opportunity today, it may not be here tomorrow.

And you could be waiting a long time for another share like this.

The ONLY way to ever invest in a share

Believe me it's not easy to find these overlooked, potentially profit-packed companies. It takes a lot of work and dedicated research.

But I believe this is the ONLY way to ever invest in a share.

My name is Tom Bulford.

I'm the Editor of The Bulford Files, an elite investment advisory alert service published by Fleet Street Publications.

The Bulford Files concentrates on finding the safest, cheapest shares in the UK market - "hidden value" investment situations, like the brick maker with enough land to cover its current share price even if it never sold another brick again.

If you would like to learn more about this incredible situation - an opportunity that could make you a ridiculous amount of money - I'll send you a detailed report, completely free of charge.

Claim your FREE report by scrolling to the bottom of this page, or read on so I can tell you a bit about myself and how I discovered the real and only way to make consistent money in the stock market: By investing in "hidden value" shares.

The proven potential of "hidden value" investing

I used to manage a European fund for the Argentinean market. It grew to become that country's largest mutual fund.

I was also a director for Schroder Investment Management International. For years I was responsible for over £2 billion of rich foreign clients' money.

With over 30 years experience in the world markets, I've pretty much seen it all.

I've seen plenty of eager young traders come and go... most of them turn up fresh out of uni with big egos and even bigger misconceptions of the money to be made. Most crash and burn pretty quickly.

And it's all because of the mistaken idea that in order to make big money in shares you have to gamble on overly risky companies and hope for quick-fire winners - regardless of a stock's fundamental value.

Nowadays my time is my own. And this is how I spend it:

I conduct detailed research into companies that show robust management, sound balance sheets, exemplary prospects for future profit, but yet for whatever reason are completely ignored by the wider market.

I've been using this strategy for the past two years to find what I believe to be the absolute best, as safe as can be, most overlooked "value" investment situations in the UK market. Then I share them with a small group of like-minded investors.

If you've never heard of my "hidden value" strategy before, I'm not surprised. Most people haven't...

But in all my years of investment experience, I have never seen another strategy that works so consistently and effectively to bring the potential for such amazing gains.

Let me show you an example...

How investing in good, steady,
overlooked and undervalued
shares can really make you money

In June 2006, after months of painstaking research, I discovered a little-known and ludicrously undervalued specialist construction company...

Formerly known as Montpellier Group, and before that Y.J Lovell, its business harked back to the eighteenth century. Between 2001 and 2003 it made numerous acquisitions and began selling off the weaker sides of its business to larger conglomerates. It also traded under the names of the different businesses it had acquired, but changed the group name to Renew Holdings.

With all this going on, it was no wonder that very few investors knew anything about Renew. But the many changes of this frenetic period of activity wiped out all the group's debts and left it with a terrific spread of expertise in several specialised areas.

The company had made huge strides forward - but the share price hadn't caught up! As soon as my "hidden value" research strategy spotted this, I immediately recommended this rarely publicised company to readers of The Bulford Files.

I knew that there was an area of Renew's business that could really get the City talking. This was nuclear engineering. Another Renew subsidiary, Shepley Engineers, operated exclusively in the nuclear market, having been retained for many years at both Sellafield and BNFL's Springfields works up in Yorkshire.

Its workload was evenly split between operational engineering support and decommissioning, and, as I uncovered, was based in an area earmarked for 70% of the Nuclear Decommissioning Authority's planned £50bn spending programme.

I realised the potential business coming their way would be absolutely staggering!

Brokers began forecasting annual earnings per share of 5.8p, rising to over 7p the following year - a growth rate of 20%! Not only that, I discovered it was about to realise £2.6m from property sales in the States and had another £30m of surplus property assets that could potentially be sold off in the future.

No wonder director John Samuel bought 50,000 shares at 54p after the results!

Profiting from these lower risk, "hidden value" companies is all about getting into them before the City awakes to their charms...

And that's exactly what happened in the following months!

Fund manager Marina Bond began to cover Renew in MoneyWeek magazine. The City finally got talking about the company...

Fund managers awoke to its true value. And my readers watched contentedly as the share price soared. Within just seven months we had sold out and banked a 71.7% profit!

[You can see my full portfolio of closed positions in the last 12 months by scrolling down to the bottom of this report.]

The point is this... Buy into shares that offer "hidden value" and you will get lucky! Sometimes very lucky indeed. Using this strategy you can easily make the sort of gains usually associated only with high risk, highly speculative stock market punts.

This same hard-work approach
has paid-off handsomely for some
of the world's richest investors...

Warren Buffett will not invest in ANYTHING he doesn't fully understand. Plain and simple - he point blank refuses to.

What he does look for is real "hidden value" in the shares he decides to invest in. And it's what's made him the most well-known, super-successful investor in the world (in fact he's the second-richest man in the world, according Forbes).

Okay, I'm no billionaire, but it's important for me to be totally aware of what I'm getting into before I'll part with a penny of my cash.

I don't just look at charts and graphs. I absorb facts and figures... get a real understanding for the companies I'm interested in. But above all, I talk to people.

Very soon I believe the market will realise the value of this specialist brick maker. Its price will soar and the opportunity to profit will have gone.

Before any of this happens, I'd like to send you full details of this company, including a comprehensive breakdown of its business, prospects, management, history and, most importantly its real value.

And I'd like to give you this report absolutely FREE...

In return, I'd like you to review The Bulford Files for three months. It is the most deftly researched UK market investment strategy we have here at Fleet Street Publications. The aim is to take carefully placed positions in companies that minimise the risk of losses, yet still have the potential to yield stunning returns.

In short, you and a select few shrewd investors are invited to join us as we secure our investments in the most dynamic and high-growth companies the UK has to offer.

If you truly believe that real, long-term market success tends to be based on strong fundamentals and good, solid value...

...then you're exactly the kind of investor I'd like to hear from.

I'd also like to give you - assuming you're the right person for this type of elite service - privileged access to every single one of the grossly undervalued, solid businesses with high-growth potential shares in my portfolio right now - including:

• The fruit grower which is a play on China's changing diet. As the Chinese become wealthier, they're changing the way they eat - and this company has found a great way to profit
  
  
• The car repair specialist that's found an innovative way to make life easier for insurers - and line its (and your) pockets in the process
  
  
• The company with a stake in proven Falklands oil, and a great sideline in property management
  
  

Of course there can never be any guarantees that my recommendations will come good.

I can show you why I'm so confident they will. But I need to warn you first...

The Bulford Files may not be right for you

Now before you make a decision on whether you'd like to receive my advice, let me just make one important point very clear:

This service is NOT for the average investor.

In fact, it's not for most investors... The Bulford Files is designed especially for a small group of people who aren't interested in being investment 'Flash Harrys' - it's for people who are interested in putting their money into unheard-of companies that may often be involved in what might be considered 'boring' industries.

They more often than not receive little-to-no coverage in the FT... and you may need to forget about the shares for months at a time.

That's why my current readers are patient investors who understand the importance of investing in "hidden value" shares. Sometimes it'll take a few months to see a great return, other times it'll take a couple of years, and of course, we're bound to take the occasional knock on the way too (in fact in March we closed out of Electrocomponents for a 9.9% loss). But at the end of it all they also realise what they can expect from such a service... staggering results.

Some of the shares I recommend are small company shares. As such, they can tend to be less liquid than most, so the price may be more volatile. You may also find that the spread between the bid and offer prices is larger. This means that if you need to sell the shares soon after you have bought them, you might get back less than you paid.

The companies I pick for the The Bulford Files portfolio, all have one thing in common: If you get in early, they should all make you fantastic money with a strategy that looks to limit risk as much as is humanly possible.

So here's what I'm offering you today...

Join me TODAY for a unique opportunity to
dramatically increase your personal wealth

This is a unique project with big potential profits at stake. But you wouldn't consider buying a new car without a test drive, right?

It's my opinion the same should hold true for investment research - especially for The Bulford Files, one of our more elite services.

That's why if you're interested in becoming a member, I'd like to let you try it out first - on a no obligation basis - for three months.

But I won't pretend to anyone it is going to be free. Far from it.

So let's get to the crunch. What will you pay should you decide to stay on after your three-month review?

Before I tell you, let me make something clear...

As part of my research I've lost count of the amount publications and industry bulletins I subscribe to! You name it, and I probably read it. And Lord knows what it costs me each year.

Then I spend even more travelling up and down the country, visiting each and every company I recommend, scrutinising each chief exec, chairman, finance director... whatever it takes.

And that's only the beginning of what it takes to track down the "hidden value" investment situations I uncover...

When I'm home, I shut myself in the office for sixteen-hour stretches, going through each and every research note and nugget of information I've collected.

Of course, all this research is what makes my job exciting...

...but also very expensive and time consuming, month after month, year after year.

So The Bulford Files isn't cheap. This exclusive, premium service will cost you £495 per year. No discounts. No price breaks.

Is the price worth it? I think so... especially when you see the potential gains to be made from just one of my recommendations...

But let me put this in context for you: I know some fund managers who charge more than £500 PER HOUR for a consultancy... MY unique consultancy works out about £1.36 a day!

What else could you get for £1.36 a day that offers such potential value AND a cast iron three month money back guarantee?

How About a 146% Gain in a Little Over 18 Months!

Back in October 2005 I tracked down one such firm... small and unloved, but with a formidable CEO and a terrific story to tell, Computer Software Group specialised in acquiring small businesses that own proprietary software, and are ready to sell out. Chief Executive Vin Murria hunted them down, waiting for precisely the right moment to pounce, and then snapped them up.

As soon as I discovered what she was up to I arranged to meet, face-to-face...

Vin told me that a few speculators are beginning to show an interest in her growing business. After a recent presentation 4 million shares were snapped up, pushing the price up from 55p to 61p. But I could see this was only the beginning. Profits were set to triple within two years... and yet the shares trade were on a PE, for the year to February 2007, of just 8.

This was just plain ludicrous!

I could easily see them at £1 by spring 2007. So my advice to my readers was to load up ASAP! Lo and behold just this May we received a 150p bid for our shares in "hidden value" Computer Software Group... securing us a very handsome 146% gain in a little over 18 months!

Your TRIAL entry into my premium investment circle

Complete the simple online order form by clicking one of the links at the bottom of this letter and here's what you'll get:

1. A copy of my exclusive report on this unique brick company

In it you'll learn all about how this one company is shaping up to be the best land play of 2008. I'll give you everything you need to know - its history, its financials, its prospects for the future. Plus I'll show you exactly how they plan to turn £53 million of prime development land into cold, hard cash - and how this will affect YOUR investment.

They've already made the deal that could send these shares through the roof. I believe it's only a matter of time before the wider market sees this company's full potential.

So get in now! Claim your three-month trial of The Bulford Files by clicking on one of the links at the bottom of this letter NOW and receive full details of one of the hottest investment opportunities of our time.

NOTE: THIS SPECIAL REPORT IS YOURS TO KEEP WHETHER YOU CONTINUE YOUR SUBSCRIPTION OR NOT

2. Three whole months worth of specific actionable investment alerts straight to your inbox

Each issue will contain clear evidence of hard work and solid research - with straight answers to the kind of common sense questions you'd ask if you were sat in front of a company Chief Executive.

All you have to do is look out for my plain English weekly alerts, which will arrive in the post and by email or whatever you wish. In these special timely bulletins, you'll learn:

• Why I believe a particular business is undervalued yet shows specific upside potential, other words: A "hidden value" investment.
  
  
• Why I expect the stock's value to make itself known the wider market in the imminent future
  
  
• What potential gains we expect to take when this happens
  
  

When I make a recommendation, I'll tell you exactly what you need to say to your broker - to the word - and I'll also set buy limits and stop-losses in order to keep your risk down to a minimum.

I'll always update you regularly on our portfolio of stocks too - advising you when to buy more; when to hold; when the time is right to take some profits off the table; or to sell out completely...

...and hopefully doubling or tripling our investment in just a few months!

Accept my invitation today

Simply click on one of the links below and spend a minute to fill out the online trial invitation form and you'll guarantee your FREE THREE-MONTH TRIAL MEMBERSHIP of The Bulford Files alert service.

Acting on this today will not commit you to anything. It will just mean you guarantee yourself a look at the exciting opportunities I've talked about in this letter.

As soon as I receive your reply, I'll rush you your FREE copy of my report. After this, you'll receive weekly alerts by email. You'll get my highly exclusive, undervalued - and potentially hugely profitable - recommendations throughout the year... not to mention all the updates and dedicated research.

But remember - If you act on the information in the report RIGHT AWAY

Kind regards,

Tom Bulford
The Bulford Files

PS: Remember, this company's entire market cap is covered by just this one piece of land. That's without considering its earnings, or any other assets

The current share price is, in my opinion, fully justified by the company's earnings (if anything it's a little on the cheap side). Which makes the land a huge, undiscovered bonus. Something like this can't stay so cheap for long, so you need to act now. Click on one of the links below to get your FREE report on this exciting opportunity.

Please select one of the offers below
Join me today by Direct Debit
Join me today by credit card

All figures correct at 08/02/08. These figures refer to the past. The past is not a reliable indicator of future performance.

Your capital is at risk when you invest in shares - you can lose you some or all of your money, so never risk more than you can afford to lose. Shares recommended in The Bulford Files may be small company shares. These can be relatively illiquid and hard to trade making them riskier than other investments. Some shares recommended may be denominated in a currency other than sterling. The return from these may increase or decrease as a result of currency fluctuations. Always seek personal advice if you are unsure about the suitability of any investment.

The Bulford Files is the new name for Sleeper Stock Alert - all performance figures relate to that service. Since 30/09/05, when the service began, and 08/02/08, the average overall performance of our open and closed positions was 9.32%. In the 12 month periods ending Jan 2007, Jan 2006 and Jan 2005, the overall performance of shares closed during that period were 10.11%, 7.43% and 47.96% respectively. Figures are calculated using the closing mid-prices on the date on which shares are first recommended, they do not take into account subsequent re-recommendations at a different price. All gains are gross, and returns will be affected by dividend payments, dealing costs and taxes. All portfolio figures are based on virtual performance. A full portfolio is available on request. The above figures refer to the past and past performance is not a reliable indicator of future results. The promotion contains forecasts. Forecasts are not a reliable indicator of future results. Profits from share dealing are a form of income and subject to taxation. Tax treatment depends on individual circumstances and may be subject to change in the future. Editors or contributors may have an interest in shares recommended.

Special first year price offers are only available to those who have not previously subscribed and are limited to one subscription per household.

Fleet Street Publications is a member of the Financial Ombudsman Service compensation scheme. Full details of our complaints procedure are available on request and can be found on our website, www.fspinvest.co.uk. Fleet Street Publications treats all clients as retail clients.

The Bulford Files is issued by Fleet Street Publications Ltd. Registered office 7th Floor, Sea Containers House, Upper Ground, London SE1 9JD. Customer services: 020 7633 3600. Registered in England and Wales No 1937374. VAT No GB629 7287 94. FSA No 115234. www.fsa.gov.uk/register  Fleet Street Publications is authorised and regulated by the Financial Services Authority, 25 The North Colonnade, Canary Wharf, London E14 5HS. © 2008 Fleet Street Publications Ltd.

1. Currencies
2. Shares
3. Funds
4. Penny Shares
5. Commodities
6. Gold
7. Foreign Investment
8. Tax Optimisation
9. Spread Betting

• News
• Legal
• Resources
• Privacy Policy
• White Papers