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Short-term reactionary behaviour is to be expected within every earnings season, and February 2019 was no exception. But opportunities that went misinterpreted or unappreciated by the herd await patient investors willing to block out the noise and really take a look at a company’s fundamentals and growth prospects. Here, we... Show More

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Livewire Exclusive

Growth stocks like Afterpay, Appen and Nearmap that are making waves offshore have been dominating the leader board. Meanwhile, domestic cyclicals have been struggling as deteriorating economic conditions weigh them down. How are investors supposed to invest in this dichotomy, in which growth stocks with overseas success look ever more... Show More

Chris Prunty

Expectations for Domain’s (ASX:DHG) first-half result were low. Recent share price performance has been poor. Prior to the result, the stock had fallen -28% over the past 12 months. The last big move for the stock was after their disappointing trading update on the 12th of October which saw the... Show More

Chris Prunty

The remarkable track-record of Australia’s largest listed debt buyer makes Credit Corp worthy of attention. Following today's FY18 results announcement, we share our view on the stock, which we think deserves more credit from the market. Show More

Chris Prunty

The whole market – including small caps – has been on fire since early October. It’s like someone flicked the ‘get long Australia’ switch in the first week of October and it was game on. If there are big global money flows in to a market purely for the reason... Show More

Chris Prunty

It’s not often you get the chance to build a portfolio from scratch. But that’s what the last month has been about at QVG Capital with the launch of our new Opportunities Fund. On 1 September we started with a blank sheet of paper and, just as importantly, without the... Show More

Chris Prunty

Not since the dark days of 2008 has the spectre of macro-economic trends and global events had so much impact on small cap portfolios. I’m reminded of a quote attributed to Warren Buffett’s mentor Benjamin Graham who is reported to have said “the market is like your mistress, you can’t... Show More

Chris Prunty

When we started the Ausbil MicroCap Fund in February 2010, we missed the bottom by about 12 months but in hindsight, it was still a fantastic time to start a smaller companies fund. Valuation multiples ranged from 8-12x PE and earnings were recovering so growth looked better than it does... Show More

Chris Prunty

In the stock market, as in life, good news (upgrades) travels fast while bad news tends to become evident slowly. Employees, management, and boards all want to see their companies do well, and they tend to be true believers about their companies future. This optimism can make boards and management... Show More

Chris Prunty

One of the great joys of this year’s budget was not waking up on Wednesday morning knowing something was going to be down off the back of government tinkering. When it comes to regulatory change, as investors, we are certainly of the view; less is more. Our largest ‘regulatory risk’... Show More

Chris Prunty

As Kenny Rogers says; you've got to know when to hold ‘em. Know when to fold ‘em. Know when to walk away, know when to run. When a stock falls materially – say 20% - then answering the hold, fold or run question correctly is what distinguishes the good, the... Show More

Chris Prunty

My colleague and I fancy ourselves as small cap specialists so one of the interesting features of the market over the past year has been the attempt of small cap resources to get off the floor. The Small Resources Index rallied over 10% 3 times in 2015; in February, April,... Show More

Chris Prunty

I was taught to read financial statements like the Tele; back to front. You start with the important stuff (sport) on the back page, then move to the boring stuff up front. It’s the same with financial statements. Start with the cash flow, then move to the balance sheet and... Show More

Chris Prunty

Some of the recent moves in mid cap stocks are justified by the negative earnings revisions off leveraged balance sheets. If a stock is geared then a relatively small move in the earnings growth rate can have a more pronounced hit to that company’s equity. The other area of concern... Show More

Chris Prunty

Stocks with US$ revenues ought to do well in reporting season as these revenues are translated back into A$ at a weaker A$ than in prior periods. We own billing software provider Hansen Technologies (ASX:HSN) which has a high proportion of foreign revenues. Stocks leveraged to housing construction, house prices... Show More