Equities
Hamish Carlisle

Poor capital allocation decisions are one of the most frustrating parts of being a patient and contrarian investor. We conduct detailed independent research and invest considerable resources and energy in developing a deep understanding of the value of the businesses we own. We focus on long-term fundamentals. We examine the... Show More

Equities
Alex Cowie

Last week we shared the ‘the ten most tipped stocks for 2019’ each of which received more than 1% of the ~2500 stock tips from readers in our recent survey. Today's wire looks at the next tier down: the stocks that got between 0.5% and 1.0% of tips. It’s an... Show More

Hamish Carlisle

We provided some detailed thoughts on Telstra this time last year. Since then, Telstra has underperformed the broader market, the company’s strategy has dramatically pivoted from aspirations of becoming a global technology company to a cost-out and product simplification agenda, and Telstra has brought itself some breathing space and improved... Show More

Hamish Carlisle

This time last year we outlined some thoughts on Australian house prices and noted the premium at which dwellings in this country traded relative to historical averages. In this paper we position this analysis within the context of global asset prices. Show More

Hamish Carlisle

When Merlon was established in 2010 and we first formally reviewed Telstra, the stock was trading at $2.64. The top down (and perhaps consensus) view at that time was that the company faced enormous structural challenges stemming from the ongoing decline in fixed line voice services, intense competition in mobile... Show More

Hamish Carlisle

The state of the housing market remains a key consideration for any Australian equity investor. There is a constant flow of speculation as to the outlook for residential property ranging from predictions of a catastrophic collapse through to justifications for ever increasing house prices. In addition there is heated political... Show More

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