Gareth Brown

Gareth Brown is a Senior Analyst at Forager Funds Management, with a focus on researching European stocks for the Forager International Shares Fund.

Expertise

United Kingdom: Forgiving market

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

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Gain today, pain tomorrow?

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

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Dividend Imputation Should Change

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

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Why even small panics matter

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

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GE: Buffett’s Last Takeover?

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

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The Value of Cash

Gareth Brown

Forager’s two funds have quite high cash weightings today. It’s almost 28% in the Australian fund and 30% in the Forager International Shares Fund. On our recent roadshow tour, many intelligent questions were asked about the current cash weightings. Is it reflective of our thoughts on value available in stockmarkets?... Show More

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Draghi’s Poisoned Price Signal

Gareth Brown

Every asset in the world is priced with reference to the bond market, at least in theory. The bond market dictates your risk-free (ok, low risk) opportunity cost. It’s the so-called price signal. Say you’re considering investing in equities or real estate or barrels of oil – these assets entail... Show More

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