Quarterly Newsletters

December 2023 Quarterly Newsletter

January 22, 2024

In this quarterly, we discuss ESG, reporting season and share buybacks in our piece “Capital management – a new approach”. In our article “Technology = growth”, we pick up on the workings of Marc Andreessen and Ben Howritz on three sources of growth. We follow this up with a brief discussion on Chris Miller’s book “Chip War”. We then comment on the power of compounding and how a high portfolio turnover approach can reduce the quality of stated performance numbers when viewed on an after-tax basis. Finally, some words on the transition to our new fund administrator. Photo. Everything supposedly makes sense, until it doesn’t. Some call it herd mentality. Source. CartoonStock

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Previous Quarters

December 2023 Quarterly Newsletter

January 22, 2024

In this quarterly, we discuss ESG, reporting season and share buybacks in our piece “Capital management – a new approach”. In our article “Technology = growth”, we pick up on the workings of Marc Andreessen and Ben Howritz on three sources of growth. We follow this up with a brief discussion on Chris Miller’s book “Chip War”. We then comment on the power of compounding and how a high portfolio turnover approach can reduce the quality of stated performance numbers when viewed on an after-tax basis. Finally, some words on the transition to our new fund administrator. Photo. Everything supposedly makes sense, until it doesn’t. Some call it herd mentality. Source. CartoonStock

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September 2023 Quarterly Newsletter

October 19, 2023

In this quarterly, we discuss reporting season, profile the long-term financial sustainability of a range of holdings in our article “Mind the Gap” and review our site visit to carsales’ U.S. and Brazil operations. We then discuss China’s property woes and the likely longer-term consequences. Four-wheel drive equipment manufacturer ARB unveiled its new Earth Camper during the quarter, and we provide some comments following our visit to the NSW launch. We conclude with a review of Domino’s Pizza Enterprises Environmental Social and Governance (ESG) initiatives.

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June 2023 Quarterly Newsletter

July 21, 2023

In this quarterly, we highlight the challenges the banking sector faces in our articles “This is important”and “Good vs Bad Buybacks.” We then explore the work of Ken Allen at global logistics provider DHL in our piece “Simple is hard” and why common sense often leads to corporate success. To round this out, we comment on the economic fallout getting increasing attention in our piece “Productivity –or lack thereof.” We then address the significance of scale and leadership in our core portfolio holding, ResMed. Finally, we explore the link between working-from-home and productivity, before highlighting the sustainability practices of nib holdings in our ESG article.

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March 2023 Quarterly Newsletter

April 24, 2023

In this quarterly, we delve further into the role of debt in our lead article, “Understanding debt and why it matters”. We also recommend tuning in to the video referenced in that piece. We discuss company reporting season, highlighting results and matters of interest, and then explore recent events in our article, “Five small steps and one misstep”. We travelled abroad and locally, attending the CSL Europe tour of the company’s manufacturing facilities in Germany and Switzerland, including the recent acquisition of Vifor Pharma. Locally, SEEK and Reliance Worldwide Corporation hosted investors at site briefings, which we comment on in our “Investor Day” articles. We explore the Research and Development (R&D) strategies of several portfolio companies, before commenting on advances in quantum computing. Finally, in our ESG article, we highlight several key points from Iress’ 2022 annual sustainability report.

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December 2022 Quarterly Newsletter

January 24, 2023

In this quarterly edition we review SFML performance, attribution, ESG and company results from reporting season. We start with our macroeconomic outlook for 2023, dovetailed with a debt perspective viewed over the decades. We follow this up with our take on what makes for “A Quality Business”. We then focus on the tectonic shifts in digital technology in “Turning point”. Following this, we provide insights into recent company AGMs and results. We discuss the path of a business when leaders move on in “Succession”. In our ESG review we focus on a proven performer, TechnologyOne and provide an update on “Green Energy” within Selector.

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September 2022 Quarterly Newsletter

October 18, 2022

In this quarterly we provide a snapshot on company reporting season. Our lead article details the macro forces at play, and how we view the current landscape. We discuss the decision of carsales.com management to go it alone in the U.S. non-automotive market. We provide our observations on James Hardie, having attended the company’s three-day investor event held in New York City during September. We highlight three businesses that fall within the online ‘rivers of gold’, provide the challenges of building an international business, and lament why so many in the market who provide analysis lack accountability. In our ESG article we profile the progress being made with the Australian online classifieds. We also comment on the future of office space and include an author's extract on why sleep is so underrated.

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June 2022 Quarterly Newsletter

July 20, 2022

In this quarterly edition we review SFML performance, attribution, ESG and company results from the May reporting season. Our lead article focuses on the recession fears plaguing markets today. We then move onto the critical juncture businesses face before small can become big, before discussing the attributes of what Jim Collins describes as 10Xers and profiling two portfolio holdings that fit the bill. This quarter also saw us travel to Korea and Japan, visiting the international operations of two core holdings. To conclude, we profile a new portfolio holding WiseTech Global, a business with considerable long-term potential.

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March 2022 Quarterly Newsletter

April 26, 2022

In this quarterly edition we review SFML performance, attribution, ESG and company results from reporting season. In our lead article, we provide a view on the macroeconomic backdrop while reiterating our investment philosophy. We then highlight the importance of maintaining reinvestment consistency and provide examples across the portfolio. Our investment philosophy is fleshed out further across a series of three short articles; “Three buckets - keeping things simple”; “Why point in time investing fails the test of time”; and “Surprises = normal”. We travel for the first time in two years and detail our trip to the U.S. visiting James Hardie Industries. We finish with ESG by reviewing Aristocrat Leisure’s 2021 sustainability report.

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December 2021 Quarterly Newsletter

January 20, 2022

In this quarterly edition we review SFML performance, attribution and ESG. We explore the qualitative factors behind a great business in our article “Firms of Endearment”. Looking at future trends, we delve into the ongoing structural shift towards personalised healthcare and profile an Australian health insurer leading this space. Some are calling the next era for business operators as the “efficiency decade” and we explore one of its pivotal technologies, Artificial Intelligence (AI) through the lens of Appen. Our discussion on proxy advisors returns in our piece “Proxy advisors under the spotlight”. We finish with ESG by reviewing high level disinfection company, Nanosonics, as well as the potential impact of a Carbon Tax on the portfolio.

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September 2021 Quarterly Newsletter

October 19, 2021

In this quarterly edition we review performance attribution and cover businesses that reported during the period. We explore why uniqueness matters in our article "A funny thing" and look into why some businesses are geared for "Success or failure”. We compiled a table on "The Compounders”, which provides some insight into the power of real earnings per share growth. Our stock review this quarter is titled “OFX a marathon”. Our ESG commentary focuses on James Hardie and Modern Slavery. Finally, we finish with a personal comment on character in the piece “High Achievers".

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June 2021 Quarterly Newsletter

July 20, 2021

In this quarterly edition, we review performance and attribution and provide an overview of our recent and timely trip to Melbourne. We discuss a “New” James Hardie and we review a recent portfolio inclusion, Medical Developments International. We highlight the importance of compounding and biodiversity. Finally, we outline our own journey to becoming, a carbon negative business, since inception.

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March 2021 Quarterly Newsletter

April 20, 2021

In this quarterly edition, we review performance and attribution and provide a snapshot of company results from the recent February reporting season. We discuss the widely used PE ratio, the conundrum of owning ‘stranded assets’, and China’s latest five year plan targeting self sufficiency via leadership in science and technology. We review Black Box Thinking ” and consider the book s relevance to our portfolio. On our cover is the eye opening remuneration levels of US CEOs. We highlight how this relates to our portfolio and the way we vote. As reference, we include our Environmental, Social and Governance (ESG) and Voting Policy.

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December 2020 Quarterly Newsletter

January 20, 2021

In this quarterly edition, we review performance and attribution. We comment on company results and annual general meetings held during the period. As new science transforms our lives we profile, CSL subsidiary and global vaccine manufacturer, Seqirus. From a technology perspective, we contrast global software giant SAP’s, overdue business transition to the cloud, with the journey TechnologyOne has been on since 2016. We discuss the business transition underway at leading electronic circuit board designer Altium. Through our Environmental, Social and Governance (ESG) lens, we highlight the apparent voting inconsistencies we observed during AGM season. Our 2020 ESG review looks at the importance of our company engagement program and why all our voting is conducted in-house. We close the quarter and year with our 2021 climate commitment.

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September 2020 Quarterly Newsletter

October 16, 2020

In this quarterly edition, we review performance and attribution. We discuss company results from the August 2020 reporting season. We also turn our attention to what in our view, has and has not changed for Selector during this unusual period. We comment on the importance of data, an ESG elephant in the room and corporate reporting creep. To finish off, we review some of our favourite COVID reads.

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June 2020 Quarterly Newsletter

July 17, 2020

In this quarterly edition, we review performance and attribution. We discuss some of the recent capital raisings in our three-part “Forced Dilution” series and reflect on what we’re coining, “Gap year 2020”. We also turn our attention to technological adoption and the move to digital and the cloud. We introduce and profile a new fund investment, Megaport. In our “Gravy train” article, we spotlight a company in the online retail space. We also have a piece on carbon emissions, a topic that is likely to re-emerge as a hot issue. To finish off, we detail Selector’s initiative to become carbon neutral.

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March 2020 Quarterly Newsletter

April 16, 2020

In this quarterly edition, we review performance and attribution. We examine a reporting season whose relevance was lost to market chaos. Our lead article chronicles the performance of a long only, low turnover fund that started in 1935. We review Central bank policy and we highlight the new rounds of global stimulus in Infinity and Beyond. We also highlight the risk of over relying on supply chains in China. Finally, we share some links to some reading material we have found interesting during the period.

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December 2019 Quarterly Newsletter

January 14, 2020

In this quarterly edition, we review performance and attribution. Our lead article considers the singular focus that consumed Netflix on its path to becoming the world's leading subscription based online entertainment service. We follow this up with our interpretation of Geoffrey Moore's consulting work on how companies navigate the 'crisis of prioritisation', in our article titled “The Innovator's Dilemma”. We extend this further with our take on the Harvard Business Review’s top CEOs for 2019 in our piece “It starts at the top”. In our “Passage of Time” article we discuss the 'glue' that is time and how it relates to complementary medicines group Blackmores. We also discuss our thoughts on the thorny issue of proxy advisors. We review Oil Search following our recent company led investor tour to the company’s Papua New Guinea operations and finish with a book review on, The man who solved the market.

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September 2019 Quarterly Newsletter

October 17, 2019

In this quarterly edition, we review performance and attribution. We discuss reporting season, we introduce PolyNovo and profile Octopart, a business within Altium. “On the Road” follows our overseas travels during the period. We look at NPS culture and review APRA’s first Federal Court case in a decade. Photo. We visited The Long Room, Trinity College, Dublin, Ireland. In 1801, it was established as a designated legal deposit entitled to a copy of every book published on the two islands.

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June 2019 Quarterly Newsletter

July 17, 2019

In this quarterly edition, we review performance and attribution for the quarter. We highlight the importance of innovation and culture within organisations and profile ResMed and Cochlear, two leading healthcare businesses. We visit Fisher & Paykel Healthcare in New Zealand and look at one of the biggest growth industries in the world today, cyber security. Photo. Selector analyst trekking through the Atlas Mountains and local Berber kids.

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March 2019 Quarterly Newsletter

April 23, 2019

In this quarterly edition, we review performance and attribution for the quarter. We visit CSL, James Hardie and Flight Centre in the U.S. along with a road trip through Texas. We also revisit Domino’s in Japan. We profile Infomedia, and we consider the importance of culture. Photo. Kilian Jornet leading the way. Everest is a pinnacle we all try to reach.

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December 2018 Quarterly Newsletter

January 18, 2019

In the Selector December 2018 Quarterly Newsletter we review performance and attribution. We visit Blackmores in China and Indonesia. We profile Nearmap, and we consider the importance of leadership and culture.

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September 2018 Quarterly Newsletter

October 19, 2018

In the Selector September 2018 Quarterly Newsletter we review performance and attribution. We visit John Guest in London and trek to Alaska. We try to understand the human genome and we call for a more balanced media.

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June 2018 Quarterly Newsletter

July 20, 2018

In the Selector June 2018 Quarterly Newsletter we review performance and attribution. We revisit the notion of investing ahead of the curve, we introduce Nanosonics to the portfolio, we review the once in a lifetime Reece acquisition, we visit Japan and comment on China.

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March 2018 Quarterly Newsletter

April 20, 2018

In the Selector March 2018 Quarterly Newsletter we review performance, attribution and reporting season. We consider the importance of re-investment, discuss the bumps and bruises investments deliver and we visit PNG.

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December 2017 Quarterly Newsletter

January 18, 2018

In the Selector December 2017 Quarterly Newsletter we review performance and attribution. The structural changes that the world is forcing on business should be a key point of investor concern. In most instances, this will inevitably lead to significant business realignment. In our review of the book “Red Teaming”, we touch upon this and the pitfalls of failing to identify the shifts. We follow this up with an article titled “The Fat Pitch”, reflecting on the need for investor patience when contemplating new opportunities. During the quarter, we undertook many site visits, including company organised investor days. We share our thoughts on one such tour in our, “Travelling” article and explore how science research is evolving.

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September 2017 Quarterly Newsletter

October 19, 2017

In the Selector September 2017 Quarterly Newsletter we review performance and attribution. In this quarterly we review performance and attribution. During the Quarter, we travelled to the U.S. with James Hardie. We also comment on the unhealthy focus on “meeting guidance”, corporate culture, oil, domestic energy and reporting season.

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June 2017 Quarterly Newsletter

July 20, 2017

In the Selector June 2017 Quarterly Newsletter we review performance and attribution. In this quarterly we review performance and attribution. During the Quarter, we attended the Cochlear and Computershare investor days. We travelled to the U.S. visiting Sims Metal Management, Altium, Impedimed and we attended the ASCO conference. We also comment on Asian energy, the changing travel landscape, and Credit Ratings Agencies.

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March 2017 Quarterly Newsletter

April 20, 2017

In the Selector March 2017 Quarterly Newsletter we review performance and attribution. In this quarterly we outline our thoughts on the importance of business focus, discuss executive remuneration, comment on Domino’s Pizza Enterprises, provide a brief profile on logistics group Qube Holdings, and finally we dissect individual results emanating from the latest reporting season.

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December 2016 Quarterly Newsletter

January 19, 2017

In the Selector December 2016 Quarterly Newsletter we review performance and attribution.Our headline stories include Aconex and our take on the Public versus Private debate. We review the response of management teams who have been “side swiped”. We take a look at the importance of Voting. Finally, we investigate the potential of a Liquid Biopsy.

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September 2016 Quarterly Newsletter

October 20, 2016

In the Selector September 2016 Quarterly Newsletter we review performance and attribution. In our headline stories, we cover our recent US visit to Reliance Worldwide Corporation and Fisher & Paykel. We take a look at Resmed, Impedimed, Home Care and Inghams Group IPO. We also comment on Glenn Steven’s departure. Photo: “The Fire Dog” – Charleston USA.

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June 2016 Quarterly Newsletter

July 15, 2016

In the Selector June 2016 Quarterly Newsletter we review performance and attribution. In our headline story, we cover our US Gaming visit. We take a look at inflation, ten year bonds and meetings we held in the US. We also comment on recent investor days we have attended.

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March 2016 Quarterly Newsletter

April 14, 2016

In the March 2016 edition we review performance and attribution. In our headline stories, we cover Cochlear and Blackmores’ new infant formula. We take a look at electric cars, oil and credit rating agencies. We also comment on trends in central banking and “just-in-time” investing.

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December 2015 Quarterly Newsletter

January 14, 2016

In the December 2015 edition we review performance and attribution. In our headline stories, we visit China and look into Blockchain. In addition we comment on takeovers, Atlassian and high yield bonds.

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September 2015 Quarterly Newsletter

October 15, 2015

In the September 2015 edition we review performance and attribution. In our headline story, we visit the USA. In addition we comment on the reporting season, shorting and the institutional imperative.

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June 2015 Quarterly Newsletter

July 16, 2015

In the June 2015 edition we review performance, attribution and look back on the 2015 Financial Year. In our headline story, we visit Asia. In addition we comment on the SIRFLOX trial, debt and the Federal Budget.

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March 2015 Quarterly Newsletter

April 14, 2015

In the March 2015 edition we review performance and attribution. In our headline story, Global Demographics are revisited for a second time, nearly 10 years after our initial article. Seek (SEK) is profiled and the February 2015 reporting season is reviewed. Finally we consider the merits of long term sustainable dividend growth.

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December 2014 Quarterly Newsletter

December 31, 2014

In the December 2014 edition we review performance and attribution. We profile Altium (ALU) and SAI Global (SAI). We ask the question – Are AGM’s a waste of time? And finally take a look at “winners” like IBM, Oil, Government policy and Vladimir Putin.

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September 2014 Quarterly Newsletter

October 8, 2014

In the September 2014 edition we review performance and attribution. We profile GBST Holdings and iProperty Group. Offshore we take a look at Quantitative Easing and US Energy. We also consider how technology for the Ages changes each generation.

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June 2014 Quarterly Newsletter

July 9, 2014

In the June 2014 edition we review performance and attribution. We introduce Intueri Education, an IPO, and we profile Aristocrat Leisure. We also take a look at the successes and failings of both the Renewable Energy Target and the recent Federal Budget.

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March 2014 Quarterly Newsletter

April 9, 2014

In the March 2014 edition we review performance and attribution. We profile Reece, Infomedia and Flight Centre’s US operations as well as conducting discussions about lazy balance sheets and franking credits.

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December 2013 Quarterly Newsletter

January 16, 2014

In the December 2013 edition we introduce OzForex, an Initial Public Offering. We discuss deflation, economists and the New Zealand economy. Close to home, we take a look at the five super sectors of the Australian economy, HECS and touch briefly on a number of other businesses and issues.

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September 2013 Quarterly Newsletter

September 10, 2013

In the September 2013 edition we focus on recent acquisition made by IRESS and Domino’s. We share our experiences after a visit to Port Moresby in Papua New Guinea as well as briefly discussing Amazon, Europe and perils for businesses of ignoring technology.

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June 2013 Quarterly Newsletter

June 15, 2013

In the June 2013 edition we introduce IVF specialist Virtus Health, an Initial Public Offering. Our macro focus is on the US and at home we look at the Federal Budget.

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March 2013 Quarterly Newsletter

March 15, 2013

In the March 2013 edition we do a round-up of the recent reporting season. Our macro focus is on the new global currency wars. At home we take a look at the Federal Government, our miners and also discuss some global developments in executive pay.

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December 2012 Quarterly Newsletter

January 10, 2013

In the December 2012 edition we review and share some of our macro thoughts on energy, interest rates and bank regulation. Also, we focus on health insurance specialist NIB.

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September 2012 Quarterly Newsletter

September 15, 2012

In the September 2012 edition we discuss our stock selection process. We focus on obstructive sleep apnea specialist ResMed Inc. and finally, we revisit the issue of government intervention.

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June 2012 Quarterly Newsletter

July 10, 2012

In the June 2012 edition we profile Technology One and take a look at Super Retail Group. We also comment on the economic landscape and transformations.

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March 2012 Quarterly Newsletter

March 15, 2012

In the March 2012 edition we focus on the hazardous and waste treatment business of Tox Free Solutions Limited and the international affiliates of SEEK Limited. Finally, we review US Macro issues.

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December 2011 Quarterly Newsletter

December 15, 2011

In the December 2011 edition we focus on global gas hubs, gas reserves, supply and price differentials. Also we examine this potential impact on global trade imbalances between China and the USA.

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September 2011 Quarterly Newsletter

October 8, 2011

In the September 2011 edition we look at the macro impact on valuations, investor sentiment and retail investments. Opportunity or paradigm shift?

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June 2011 Quarterly Newsletter

June 15, 2011

In the June 2011 edition we provide our thoughts on the banking sector; where many are calling it cheap when looking at price to earnings ratios and yields.

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March 2011 Quarterly Newsletters

March 15, 2011

In the March 2011 edition we review our performance and attribution. We review the reporting season and examine new investment opportunities.

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December 2010 Quarterly Newsletter

January 16, 2011

In the December 2010 edition we focus on barriers to entry. We revisit solar & make a comment on the National Broadband Network.

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September 2010 Quarterly Newsletter

October 10, 2010

In the September 2010 edition we discuss some of the risks of merger and acquisition strategies. We discuss Campbell Brothers in detail – a portfolio position and we make a comment on the changing world order.

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June 2010 Quarterly Newsletter

June 21, 2010

In the June 2010 quarterly newsletter, we review our performance and attribution. We also refer to an article written nearly 50 years ago to understand why history is repeating. We discuss Blackmores in detail and examine our portfolio position. We also make a comment on sovereign risk and the election.

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March 2010 Quarterly Newsletter

March 21, 2010

In the March 2010 quarterly newsletter we discuss IRESS in detail. We also raise the lid on acquisitions gone wrong and why investors should be asking some hard questions of management. We also take a look at the potential bubble in residential home prices and finally make a comment on the RBA.

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December 2009 Quarterly Newsletter

December 21, 2009

In the December 2009 quarterly newsletter we examine Whitehaven Coal and explain why it has been added to the portfolio. We also take a detailed look at Impedimed as well as small scale renewable energy. We also analyse Governments and Debts and explore the implications for the economy at large.

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September 2009 Quarterly Newsletter

September 21, 2009

In the September 2009 Quarterly Newsletter, we examine the fallout from the GFC and take a look at the road to recovery. We also distinguish between a share price and a business, take a detailed look at Sirtex Medical, and conclude our investigation on Governments – ‘Perfecting the Art of Stealing’.

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June 2009 Quarterly Newsletter

June 21, 2009

In the June 2009 Quarterly Newsletter we take a look at the issue of earnings dilution, examine Pharmaxis and assess REA Group. We also look into the Australian Government and its debt.

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March 2009 Quarterly Newsletter

March 15, 2009

In the March 2009 Quarterly Newsletter we take a look at the ‘Perfect’ Business, and observe the economy taking a trip down memory lane. We also analyse WorleyParsons and the implications of Government Intervention.

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December 2008 Quarterly Newsletter

December 31, 2008

In the December 2008 Quarterly Newsletter, we examine the Surf apparel industry and use Billabong as a case study. We also look at the year that was 2008, and peer forward to see what 2009 will hold.

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September 2008 Quarterly Newsletter

September 1, 2008

In the September 2008 Quarterly Newsletter we take a look at the macro economy, the development of regulation, sub prime mortgages and Australian Wealth Management. We also briefly analyse Resmed, Seek, Roc Oil, QBE Insurance Group, NIB Holdings, and NAB.

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June 2008 Quarterly Newsletter

June 21, 2008

In the June 2008 Quarterly Newsletter we take a look at the macro economy at a glance, evaluate equities as a long term investment opportunity and talk about stock selection. We also take a closer look at Aristocrat Leisure, Cabcharge, Cochlear, Flight Centre, Kagara, Macquarie Group, Primary Healthcare, Pharmaxis, Telstra, & Tatts Group.

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March 2008 Quarterly Newsletter

March 21, 2008

In the March 2008 Quarterly Newsletter we explore the concepts of truth, fear, volatility, unit pricing and experience. In this newsletter we reiterate our investing strategy during times of turbulence. We also give our thoughts on inflation and interest rates.

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December 2007 Quarterly Newsletter

December 31, 2007

In the December 2007 Quarterly Newsletter, the tactics of management are scrutinized. The link between transparency and profitability is also explored. We also make our predictions as to what 2008 has in store.

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September 2007 Quarterly Newsletter

September 21, 2007

In the September 2007 Quarterly Newsletter the concept of time is discussed. If one isn’t in a rush, it is much easier to take advantage of a opportunity when it appears. And when stocks go close to halving, it is an opportunity no matter how gloomy the sky above appears. This sentiment is the resounding theme of this newsletter. We also visit NIB and further investigate sub-prime mortgages.

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June 2007 Quarterly Newsletter

June 22, 2007

In the June 2007 quarterly newsletter we discuss the advantage of having a smaller, more consolidated portfolio. We also take a closer look at CathRX, Flight Centre and BBW. We also explain the term ‘sub-prime’ and the implications of these instruments on financial markets.

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March 2007 Quarterly Newsletter

March 22, 2007

In the March 2007 quarterly newsletter, we reflect on our trip to visit Kagara. We also discuss our qualitative road-map in detail. We also take a look at the pharmaceuticals industry, with reference to Sigma and Pharmaxis.

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December 2006 Quarterly Newsletter

December 22, 2006

In the December 2006 Quarterly Newsletter we discuss the implications of having a concentrated, high conviction portfolio. We also explore the importance of stock selection.

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September 2006 Quarterly Newsletter

September 22, 2006

In the September 2006 Quarterly Newsletter, we highlight the importance of our qualitative road-map in our stock selection process.

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June 2006 Quarterly Newsletter

June 22, 2006

In the June 2006 Quarterly Newsletter, we take a look at the implications of a changing population on a nation’s GDP. We also discuss the FY 2005-6 with particular reference to Roc Oil, Cochlear, SAI Global and Macquarie Bank.

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March 2006 Quarterly Newsletter

March 22, 2006

In the March 2006 Quarterly Newsletter, we take a look at the role of the media and analysts in influencing investment decisions. We discuss the decision to sell a stock, and what conditions should be present.

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December 2005 Quarterly Newsletter

December 22, 2005

In the December 2005 Quarterly Newsletter, we take a closer look at Research and Development programs and the implications for profitability of a business. We give our thoughts on Alan Greenspan- does he have the golden touch, or is he trigger happy? We also provide insights into our meeting with Roc Oil.

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September 2005 Quarterly Newsletter

September 22, 2005

The September 2005 Quarterly Newsletter takes a look at the importance of ROE (return on equity) and the ROCE (return on capital employed) ratios in the investment decision. We also give our thoughts on Cabcharge and reflect on our meeting with Reg Kermode.

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June 2005 Quarterly Newsletter

June 22, 2005

In the June 2005 Quarterly Newsletter we talk about the normality of volatility and reiterate our qualitative investing style.

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March 2005 Quarterly Newsletter

March 22, 2005

In the March 2005 Quarterly newsletter, we re-enforce our investing strategy as being aligned with the long term to avoid short term speculation and volatility. We also speak to Chris Corrigan from Patrick Ltd.

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December 2004 Quarterly Newsletter

December 22, 2004

In the December 2004 Quarterly report we outline our strategy and reasoning behind selling out of a company.

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September 2004 Quarterly Newsletter

September 22, 2004

In the September 2004 quarterly newsletter, the significance of time is emphasized as being the key proponent for success.

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June 2004 Quarterly Newsletter

June 22, 2004

In the June 2004 Quarterly Newsletter we reflect on our performance over the past year. We also have a brief look at Cochlear.

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March 2004 Quarterly Newsletter

March 22, 2004

In the March 2004 Quarterly Newsletter, we reiterate our investing strategy. We base our investment decisions based on a combination of qualitative and quantitative characteristics. We also pass comment on Aristocrat Leisure.

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December 2003 Quarterly Newsletter

December 22, 2003

In the December 2003 Quarterly Newsletter we reflect on our performance. We also analyse Aristocrat, AVV limited and Patrick Limited.

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September 2003 Quarterly Newsletter

September 22, 2003

The September 2003 Quarterly Newsletter is our first publication. It provides a brief introduction to the fund and its managers. Further details about current staff can be found on the people page. We also briefly talk about Flight Centre, Arrow, Reece and Aristocrat.

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