More Tesco

I bought some more Tesco shares today at 321p.  They're on a P/E ratio of less than 9 and a yield of 4.6%, despite:

• Having a dominant position in the UK market.  Economies of scale give them an advantage over their competitors and make it hard for them to assault Tesco's position.
• Having a trusted brand which they can leverage in banking, insurance, etc...
• Being in a cautious economic environment which means their non-food profits are currently depressed.
• Having a very high-growth international business with excellent potential.
• Being in a non-risky business that requires little in the way of capital investment, R&D, etc..
• Being in a business that is largely inflation-proof (with the exception of banking).

When the factors are all this favourable, and given the absence of other obvious investment candidates, I'm happy having a large proportion of my portfolio in Tesco shares.  They are now 26% of my portfolio (up from 17%).

I still have cash available, but I have no immediate plans to invest it.  I want to make sure I have some available in the event of an even better opportunity arising.