Equities
Garry Laurence

When we think about the economic progress of the human race over the past 50 years, there is probably no more important development than our ever-increasing ability to process data at ever-increasing speeds based on improvement in integrated circuits. Simply put the modern world as we know it would not... Show More

Garry Laurence

Remaining true to our core value management style has seen the fund invest in a variety of well run, high quality and attractively priced companies. We keep an eye on all quality stocks, even those we’ve previously divested; after all, you never know when a company’s valuation will fail to... Show More

Garry Laurence

Whether you prefer a thick crust or thin, or you’re a purist when it comes to toppings – does pineapple have a place? – pizza holds universal appeal. Dough, cheese and an almost limitless variety of toppings caters for most, and its versatility ensures a tasty meal whether eaten on-site... Show More

Garry Laurence

In the past quarter, we have seen a significant divergence between the performance of the US stock market compared to emerging markets and Europe. Donald Trump’s hard stance on tariffs and his trade wars have driven fear into emerging markets, especially China. Weakening manufacturing numbers in Europe, a populist five... Show More

Garry Laurence

Investors in self-managed super funds (SMSFs) don’t seem to ascribe to traditional approaches of modern portfolio theory. According to its architect, Harry Markowitz, investors can design an ‘optimal’ portfolio to maximise returns by taking on risk – and risk can be managed through diversification across asset classes. Show More

Garry Laurence

The year ahead might be more volatile than the last, as the world navigates through higher bond yields and rising inflation, but we think a good equity portfolio will outperform most other asset classes. Here I share some thoughts on specific companies, and the implications of a trade war, following... Show More

Garry Laurence

The pace of technological change never ceases to excite me – and I’ve been studying it for a while. I recently attended a Citigroup technology conference in New York with Thomas Rice, our technology expert, to examine the large strides Alphabet (Google) and IBM are making in artificial intelligence (AI)... Show More

Garry Laurence

Another financial year has gone by, with strong performance tailwinds helping to create some significant opportunities in markets around the world. As at 30 June 2017, the MSCI world index had risen 15%, with value stocks in a number of sectors benefitting from a market sentiment shift away from deflation... Show More

Garry Laurence

We have invested in businesses like Expedia, Yahoo and Qihoo in the past and we currently have 14% of our portfolio allocated to these types of businesses. We like these businesses as there is a clear tailwind out of traditional media expenditure towards digital media advertising. Companies that we invest... Show More

Garry Laurence

What an eventful quarter we have seen in equity markets. The election of Donald Trump has seen a significant rise in long term bond yields and a rotation out of bond proxies like utilities, real estate and consumer staples into sectors like financials that have been undervalued for quite some... Show More

Garry Laurence

I thought I would dedicate this newsletter to an undervalued sector globally, financials. Interestingly while global banks seem to be very cheap and attractive opportunities, Australian banks are quite the opposite… I start to worry when I read about 300sqm knockdowns in Sydney selling for $2.7m, $1m over the reserve... Show More

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