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.
continue readingJanuary 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.
continue readingOctober 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.
continue readingJuly 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.
continue readingApril 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.
continue readingJanuary 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.
continue readingOctober 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.
continue readingJuly 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.
continue readingApril 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.
continue readingJanuary 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.
continue readingOctober 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.
continue readingJuly 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.
continue readingApril 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.
continue readingJanuary 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.
continue readingOctober 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.
continue readingJuly 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.
continue readingApril 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.
continue readingJanuary 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.
continue readingOctober 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.
continue readingJuly 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.
continue readingApril 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.
continue readingDecember 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.
continue readingOctober 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.
continue readingJuly 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.
continue readingApril 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.
continue readingJanuary 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.
continue readingSeptember 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.
continue readingJune 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.
continue readingMarch 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.
continue readingJanuary 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.
continue readingSeptember 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.
continue readingJuly 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.
continue readingMarch 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.
continue readingDecember 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.
continue readingOctober 8, 2011
In the September 2011 edition we look at the macro impact on valuations, investor sentiment and retail investments. Opportunity or paradigm shift?
continue readingJune 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.
continue readingMarch 15, 2011
In the March 2011 edition we review our performance and attribution. We review the reporting season and examine new investment opportunities.
continue readingJanuary 16, 2011
In the December 2010 edition we focus on barriers to entry. We revisit solar & make a comment on the National Broadband Network.
continue readingOctober 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.
continue readingJune 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.
continue readingMarch 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.
continue readingDecember 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.
continue readingSeptember 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’.
continue readingJune 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.
continue readingMarch 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.
continue readingDecember 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.
continue readingSeptember 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.
continue readingJune 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.
continue readingMarch 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.
continue readingDecember 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.
continue readingSeptember 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.
continue readingJune 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.
continue readingMarch 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.
continue readingDecember 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.
continue readingSeptember 22, 2006
In the September 2006 Quarterly Newsletter, we highlight the importance of our qualitative road-map in our stock selection process.
continue readingJune 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.
continue readingMarch 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.
continue readingDecember 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.
continue readingSeptember 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.
continue readingJune 22, 2005
In the June 2005 Quarterly Newsletter we talk about the normality of volatility and reiterate our qualitative investing style.
continue readingMarch 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.
continue readingDecember 22, 2004
In the December 2004 Quarterly report we outline our strategy and reasoning behind selling out of a company.
continue readingSeptember 22, 2004
In the September 2004 quarterly newsletter, the significance of time is emphasized as being the key proponent for success.
continue readingJune 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.
continue readingMarch 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.
continue readingDecember 22, 2003
In the December 2003 Quarterly Newsletter we reflect on our performance. We also analyse Aristocrat, AVV limited and Patrick Limited.
continue readingSeptember 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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