Dealing with imperfect information

June 2016 Newsletter | Investing in the stockmarket must be the perfectionist’s worst nightmare. There is often no clear right or wrong investment. There is never a value equation that can actually be solved. No matter what some might suggest, there ... Read more

When less is more: investing with patience and conviction

May 2016 Newsletter | Attentive readers will have noticed in recent months the increasing level of cash being held in the fund. In fact, cash levels have recently been close to levels not seen since the fund’s inception. This is a function of a ... Read more

The great debate: dividends vs investment

April 2016 Newsletter | In the boardrooms of corporate Australia and across the national press there has been a great debate unfolding. The suggestion is that payout ratios, or the amount of corporate income that is paid to shareholders in the form ... Read more

Employing the jobs data: what conclusions can be drawn?

March 2016 Newsletter | In the middle of the biggest decline in Australia’s terms of trade in decades, the unemployment rate has actually dropped from 6.2% a year ago to 5.8% in January 2016. What’s more, the participation rate has been holding ... Read more

Is Now The Time To Buy?

February Newsletter | 2016 has started with significant volatility in global equity markets. The Australian market has not been spared, with the ASX200 Index falling 5.48% in January and continuing this declines into early February. In the 11 months ... Read more

The Good, the Bad and the Ugly of Australia’s Economic Growth

January Newsletter | It would appear that 2016 has commenced with the ugly, and unfortunately a quick analysis of the state of the Australian economy suggests that, perhaps like the stockmarket, the year ahead holds plenty of challenges. At first ... Read more

Is Timing The Market Important?

December Newsletter | Historically, many successful investors have been quoted as saying that they do not try to time their investments. This has led to the common belief that it is time in the markets and not timing the markets that is crucial to ... Read more