Asset Allocation
Adrian Lemme

Australian house prices are falling. Credit availability is tightening. US mortgage rates are rising. These and other factors have put building materials stocks under pressure. In this paper we assess value across the building materials sector given our assessment of “mid-cycle” housing starts and take a view on where we... Show More

Adrian Lemme

There has been no bigger retail story over the last 12 months than Amazon’s entry into the Australian market. This time last year we gave our initial view (Amazon Not Introducing Internet to Australia) on how Amazon will impact the Australian retail landscape with particular focus on ASX listed retail... Show More

Adrian Lemme

Every day it seems the media is reporting how Amazon will destroy Australian retailers. We are under no illusion that Amazon will take market share and reduce the profitability of Australian retailers. It would be foolish to think otherwise given that Amazon grew its North American sales by 25% to... Show More

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