Dealing With Volatility

September 2019 Newsletter | As an investor there are times when your style is in and out of favour, there are times when you get an unusual number of good or bad bounces, and there are times when it is simply unclear why the market is responding in ... Read more

Analysing FY19 Fund Returns

August 2019 Newsletter | In this edition we provide a candid assessment of the Fund's performance in the prior financial year. Just as we do every year, we use the August Newsletter to delve more deeply not only into the attribution of the returns to ... Read more

Is Negative Sentiment Creating Opportunities?

July 2019 Newsletter | Recently there has been considerable focus in the press and across the investment community on the state of the Australian economy. Most of this attention has been focused on the negatives. Very little is being said about what ... Read more

Should We Be Borrowing More?

June 2019 Newsletter | With the backdrop of the current low interest rate environment, where the ten-year Australian Government bond is yielding 1.37% and the recently offered 30-year Australian Government bond is yielding under 2.4%; It raises an ... Read more

Mistaking Value Investing For Buying Low PE Stocks

May 2019 Newsletter | In this newsletter we explain our approach to value, our relative confidence in ensuring that we are buying at a reasonable discount to fair value when we invest and why the Auscap Fund portfolio typically ends up with a lower ... Read more

A Long Term Approach To Investment

April 2019 Newsletter | As the father of value investing, Benjamin Graham, stated “in the short run, the market is a voting machine but in the long run, it is a weighing machine”. And the thing being weighed in the long run is earnings. Taking a long ... Read more

The Residential Construction Contraction Conundrum

March 2019 Newsletter | Can Australia handle a contraction in residential construction? This is the question perplexing many market commentators. There is an adjustment occurring in the residential property market. In this newsletter we examine the ... Read more