News

Is Australian residential property expensive?

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