Subject: Re: Diageo
I'm ideally seeking 15%-20% per annum to hold individual stocks, otherwise I'll just buy Berkshire or the market, I only purchased Berkshire initially in 2012 @1.1 x book as this suggested to me outperformance going forward and it's worked out to be near c15% to present.

12%pa desired is a figure I use as a starting point to see if current valuation on a conservative basis is anywhere near current.

For my return expectations the company is overvalued, if you are happy with c8-10% then it's at par.