Vocus Communications Limited (ASX: VOC) has pulled the annoying stunt of releasing its results 15 minutes before the market opened. I've had a quick look at the report, and decided to add the company to the Hypothetical Ethical Share Portfolio at the last traded price of $3.52 (at the time of writing). [Edit: buy price will be $3.70 or closing price today... see comments below]. [2nd Edit: whoops I added it at $3.77 instead]

I’m going to keep it short and sweet. I’ve sold out of all my Affinity Education Limited (ASX:AFJ) because my thesis is broken. In my very recent article on the company, I compared Affinity Education to G8 Education Group. I wrote:

Maybe Affinity Education has bought the worst Childcare Centres on the market, or their centres are simply not as impressive as G8′s. Because of a relatively short history as a company, we just don’t know when it comes to Affinity Education.

I've been a bit busy lately, but I wanted to record my notes on Azure Healthcare Ltd (ASX: AZV). Over the weekend I had a discussion about Azure with Motley Fool analyst Mike King, who noted that the half yearly results looked interesting. I believe the results reduce the risk of the investment (which is somewhat speculative), and I bought shares in the company on open yesterday at 27c and 27.5c. The purchase was funded by selling my remaining shares in Cryosite (ASX: CTE) at 46c, and selling 10% of my Global Health (ASX: GLH) shares at 70c, so it will be interesting to compare the investment to those two options in the future.

Edit: This company has been sold from the Hypothetical Ethical Portfolio at the closing price of $1.50 on Tuesday 25 February. At the timing of writing, I sold half my real life shares at close, and it is likely I will sell the rest tomorrow. The thesis below has broken. I sold my shares and will not buy back. I've had hysterical emails in response to this post saying things like "Big, big, Big mistake...The hugest you will probably ever make.  I would like to see you get any money back from these people." I don't appreciate the ramblings of people who have allegedly been badly burned by those involved with Affinity Education, if they do not even understand the basics of publicly traded shares. I was very promptly emailed about this company within 48 hours of publishing the thesis below, I have done further research and sold my shares. If you have been burned by these people, feel free to not send me abusive emails. The first emailer was very helpful and polite - if you can't be those things, go vent your frustration elsewhere.

At the close of the market on Monday 17th of February, the ASX All Ordinaries closed at 5,394.8. The Hypothetical Ethical Share Portfolio has slipped against the benchmark since the last update, as the market has risen strongly. Bentham IMF remains the problem child, as shares have been sold off because the company has lost some cases recently. This is part and parcel of the business, and does not represent any degradation of the company. It's also worth noting that so far the portfolio has spun off only 5 cents in dividends, but many of the companies will pay dividends soon, so I will probably have a dividends column in the next update.

Please note: this report is very old to the point where it is useless. You must not consider it to be current. Many things may have changed, and it may well be that I no longer believe this company to be an attractive option. Please consider it an archive only.

“Well I think I've been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I've underestimated it.”

My Net Fone Limited (ASX:MNF) this morning released its first half results for 2014. In the half to 31 December 2013, the company generated Net Profit After Tax of $2.37 million, and Operating Cashflow of $2.9 million. Cash sat at $3.6 million there was approximately $1.6 million more payables than receivables on the balance sheet. The company has no debt, and has paid off all its deferred consideration for past acquisitions.

The ASX All Ordinaries closed at 5,184.506 on Friday the 7th of February, 2014. Bentham IMF Limited has at times traded at a bit less than the purchase price, possibly because the company semi-lost its case against ANZ Banking Group. However, this is simply the business they're in, and it would be foolish to overreact to individual case results.