January 2017 Newsletter | In this edition we discuss Australian property and the price level of domestic residential real estate. ... Read more
Part 3: The irony of risk
December 2016 Newsletter | In this edition we discuss the irony of risk and how it creates opportunities for the value investor. ... Read more
Part 2: Recognising investment risks
November 2016 Newsletter | In this edition we analyse some of the investment risks that we consider most carefully before purchasing shares. ... Read more
Part 1: Risk management and how it frames our investment process
October 2016 Newsletter | In this edition we discuss how our approach to risk frames our investment process. ... Read more
Analysing FY16 Fund Returns
September 2016 Newsletter | In this edition we analyse the returns delivered by the Fund in FY16 in terms of single stock and sector contributions. ... Read more
Investing with earplugs: the struggle to avoid the noise
August 2016 | We have found that sharing a consensus opinion on the merits of an investment with the majority of the market is rarely a good way to generate strong returns. In fact, if the opinion is sufficiently consensus and positive, it normally ... Read more
Acting conservatively vs acting conventionally – is there a difference?
July 2016 Newsletter | The Fund had a good financial year in 2015-16, finishing up 20.13% net of fees. This compares favourably with the All Ordinaries Accumulation Index which returned 1.98% and had a closely fought battle with the RBA cash rate ... Read more