Investment Theme
Gareth Brown

Steve and I recently attended an auto conference in Detroit. After years of flying high cyclically, stocks in the auto sector have sold off heavily recently. We’ve made a few investments in auto parts suppliers. Attending the conference was a chance to catch up with management teams of those investments... Show More

Opinion
Gareth Brown

Every year I intend to publish our annual book recommendations sufficiently early for those seeking gift ideas. But every year, the list gets cobbled together in a mad rush a few days before the 25th, much like my own Christmas present shopping. Not this year, folks, not this year. Show More

Equities
Gareth Brown

We looked at Facebook stock—far too briefly it turns out—in 2013 when it was trading below US$30 a share. It had listed a year earlier and was in the doldrums because of what the market perceived as a ‘painful’ transition from desktop to mobile. Painful? That transition turned out to... Show More

Investment Theme
Gareth Brown

The United Kingdom has become a particularly fertile hunting ground for the Forager International Shares Fund in a Brexit-tainted world. Six of the Fund’s 10 largest positions are listed in London. Two of those have businesses that are entirely domestic facing, two are more global in nature and the remainder... Show More

Opinion
Gareth Brown

The best run businesses think long term. While it’s easy for management to roll out a few platitudes each quarter, talk is talk. The acid test is whether management embraces activities that hurt in the short run in order to reap in the long run. I’ve always thought of this... Show More

Gareth Brown

This will be short and likely controversial. There’s a lot of vitriol about dividend imputation these days. Much of it is misguided. However widely practised around the globe, double taxation of corporate earnings is unfair. Most countries acknowledge that fact indirectly by having low tax rates on dividends. Our dividend... Show More

Gareth Brown

Sitting in a pub with property man Pete Wargent a few months ago, we were discussing the property market of Sydney in the 2008-10 ‘downturn’. I use inverted commas because barely a blip registered on any city-wide measurement of house prices. Show More

Gareth Brown

I’m sure I’m not the only one running the ruler over capital goods giant GE (General Electric). Still influenced by the rein of Jack Welch from 1981-2001, the company is number 1 or 2 in an astounding array of businesses. Pretty good businesses at that. Show More

Cheers Andrew. My thoughts exactly. Lots of human power required for the new level of monitoring, and that's a big part of why the margin was guided down by management. Ultimately, a lot of this will be done by machines - meaning (all things being equal) those margins might go back up at some stage.

On Future-proofing Facebook -