The rhythm of life is no different to the rhythm of economic and corporate cycles. The optimism of birth, the excitement of growing up, the cynicism arising from the compromises that come with maturity, the tumult of unfair turns and the joys of victory, all in turn impacting upon performance.... Show More

In the context of the Sir John Templeton quote “… Bull markets are born on pessimism, grow on scepticism, mature on optimism and die of euphoria …” we are clearly still in the optimistic phase. Show More

Another year (almost) over, and assets have again been on a tear. All ASX sectors have performed well this year, with most generating double digit returns, consistent with global experience. The other global norm is the notable sectoral exception to this great performance; Telecommunications has been the laggard, underperforming by... Show More

Next to Materials (especially Resources), Industrials have been the sector which has added most to Fund performance through the past couple of years. We often address the logic behind our position in Resource names, and in recent years have also consistently spoken to the impact the Bond bubble has had... Show More