News

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

The Long And The Short Of It: Our Investing Biases

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

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

Where To In 2014

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 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