June Newsletter | Value investing is about discounting the unpredictable future and valuing what we can assess today. We value the current earnings stream, to the extent that we can assume it will continue for some time, considerably more than we ... Read more
The Long And The Short Of It: Our Investing Biases
March 19, 2014
March Newsletter | In this edition we discuss our approach to investing, including why we are generally positioned net long and with surplus capital. ... Read more
Where To In 2014
December 17, 2013
December Newsletter | 2013 has been a strong year for equity markets. In this edition we discuss our expectations for 2014 in the context of the Australian economy, where cyclical headwinds are likely to prevail in the medium term and act as an ... Read more
The Bears Have No Shares: Are Equities Expensive?
November 18, 2013
November Newsletter | Are equities currently expensive? Is it a good time to buy? Is it a good time to sell? We look at a number of absolute and relative measures and draw a few conclusions. ... Read more