Australian Government Budget 2014: Implications For Discretionary Spend

May Newsletter | What impact will the Australian Federal Budget have on discretionary expenditure? In our most recent newsletter we compare the 2014 Budget with the contractionary 1996 Budget and assess the potential impact on discretionary retail ... Read more

Real Yield & Relative Value

April Newsletter | In this edition we discuss our thoughts on the real yield offered by equities, that is, the yield offered by equities after deducting for the effect of inflation. We look at current real yields, from both an earnings and a dividend ... Read more

Asymmetric Information & IPOs

February Newsletter | The IPO excitement was palpable in late 2013. Private owners of businesses obliged, raising $11.8 billion in December alone, the most initial capital raised in any month in the history of the Australian Stock Exchange and almost ... Read more

A December To Remember: A Tale Of Two Halves

January Newsletter | In this edition we discuss our thoughts on the volatility in December and the opportunities that were presented to investors in a turbulent final month of the calendar year for the Australian market. ... Read more

Auscap Sydney University Finance Competition Results – Sem 2, 2013

Auscap Asset Management is pleased to announce that Tom Farmakis is the winner of the Auscap Sydney University - Mergers & Acquisitions Competition (FINC3013) for Semester 2, 2013. Students within the Mergers and Acquisitions Course were asked to ... Read more

An Alternative Notion of Margin of Safety

October Newsletter | Investing in stocks with a sufficient "margin of safety" between the price a security trades for in the market and what one might consider a conservative estimate of the intrinsic value of the entire company is a key principle ... Read more

Risk And Reward: The Case For Size & Liquidity

September Newsletter | At Auscap we prefer to invest in large and mid cap companies, favouring characteristics that include familiarity, a proven competitive advantage, a strong track record of return on equity, recurring cash flow and stock ... Read more