Latest wires

Given the recent negative report published on Credit Corp (ASX: CCP) please find following a note we recently wrote on Collection House (ASX: CLH), their biggest competitor: Show More

In investing, a ‘moat’ commonly refers to a company’s ability to maintain its competitive advantages to protect its long-term profits and market share. Elon Musk thinks that “moats are lame”(1) and ripe for disruption, however, for ‘commodity’ products such as internet and television distribution, a moat can be crucial. Show More

Leigh Creek management must be feeling like Fortescue Metals founder Andrew Forrest on opening his Cloudbreak mine, after an analyst earlier opined he would safely lie on the railway track to the site because the mine would never be built. Show More

Monopoly is the ultimate real estate game, but it also has some important lessons for real life property investors. In Monopoly, there are three things that determine which squares are the best to own: 1) The likelihood of players landing on them, 2) The ‘price to earnings’ ratio i.e. how... Show More

Business news can be seasonally quiet in June with companies approaching reporting blackout. Investors do however get to enjoy a fresh round of IPO's eager to attract their hard-earned capital. Show More

Since peaking in March 2015, the share prices of our major banks have been plummeting. I fear there is more bad news ahead with the markets beginning to catch up with factors that will limit the banks’ ability to grow their mortgage books as quickly as they have in recent... Show More

We were intrigued by Scott Morrison’s comments earlier in the month that more utes on Australian streets is an indicator of better economic growth, “Every time an Australian sees a ute driving around a suburb of one of our metro areas or regional towns with a phone number on the... Show More

Back on the 22nd of May, I made a bet with one of the dealers on our floor. He thought Telstra would see a $1 handle before a $3 handle. I was on the other side, and after today, I’m more confident that I’ll prevail. Show More

AI is on the verge of transforming the lives of millions of people in their workplace and at home. From driverless cars to machines that converse with humans, advances previously considererd science fiction are now becoming commonplace. Companies looking to adopt these changes have the potential to reap new profits... Show More

The online grocery sector is inherently more complex than other forms of online retail. It is evident that the online grocery sector has not exhibited the same level of frenetic cadence or disruption that other forms of online retail have experienced. Show More

The significant outperformance of Resources over Industrials since February 2016, is a major factor contributing to the recent underperformance of Value managers like IML, compared to Growth and Momentum strategies which I discussed in a recent wire. Show More

Australian stocks enjoyed a strong hour or so of outperformance this morning with the banks again offering support to the index, however the war of words between Donald Trump and his Chinese counterparts over trade intensified putting pressure on US Futures which turned sharply lower – Asian markets also copped... Show More

New Hope Coal produces high calorific value thermal coal with relatively low impurities. The majority of its product is exported to Asia and sold to electricity producers. This type of coal is expected to command a premium in the long term because it allows power plants to operate more efficiently... Show More

There are now over 100 LIC’s (plus some Listed Investment Trusts, or LITs) on the ASX. The main difference between a LIC and a LIT is tax: LITs help to avoid the great "Labor Franking Credit Grab". In this wire, we examine this theme, as well as four other important... Show More

Back in August 2015, we wrote an incisive article noting that ANZ’s $2.5 billion placement raising had fallen short. Whilst there was no public confirmation at the time by either ANZ or the underwriters, it was our experience in the market that led us to deduce that the investment banks... Show More

They say the only safe way to double your money is to fold a bank note and put it back in your pocket. The next best thing may be to find high-quality microcap opportunities. Chris Stott, CIO at Wilson Asset Management outlined a sub $200 mil turnaround retail story at... Show More

It’s been nearly six months since Marks’ last memo. In the absence of any major shift in global markets, he has taken the opportunity to discuss a more ‘big picture’ issue – the removal of human beings from the investment process. This comes in three main forms; passive or index... Show More

As Baron Rothschild famously said, “buy when there’s blood in the streets.” Despite many investors being aware of this phrase, it is often ignored in practice as acting in this way during these times can feel counterintuitive. There are however, some interesting statistics from studies that support this philosophy, which... Show More

In part 2 of this video series, we compare valuations in Asia to the US. While the US has had a full market cycle and earnings have been very strong, in Asia there’s more room for earnings growth. Show More

We were first alerted to a potential opportunity in NEC through a large industrial and commercial property owner and developer. Over lunch, our industry contact was discussing many changing aspects of his property and business / tenant dealings, with one subject particularly relevant to the changing landscape for NEC. One... Show More