I have a bunch of speculative shares which I affectionately call “the minions”. The characteristics of the minions are: small speculative positions in loss-making companies with reasonable chance of turning around. The idea behind the minions came about from a realisation that one source of multi-baggers is loss-making companies that manage to turn around. You can refer to How to Get a Multi-Bagger? for more info. The turnaround multi-bagger I had was Magnecomp, now known as Innotek. It was a chance occurrence because I usually avoid loss-making companies. However, one of the main problems with value investors is that we often buy too early into companies whose share prices are falling but the earnings are still good, without realising that earnings would soon follow the share prices down. In the case of Magnecomp, it reported a huge loss after I bought it and the share price continued to fall. At …