Martin Pretty

Martin established Equitable Investors and launched its first fund in 2017 after serving four years as an investment manager with Thorney Investment Group. Martin is also a non-executive director of Centrepoint Alliance, a non-institutional wealth...


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Reporting season not so rosy close up

Martin Pretty

Profit reporting season looked great from a distance but down in the trenches investors may not have felt that was quite the case. The data shows, on a stock-by-stock or even-weighted basis, that there has been a tempering of expectations across most sectors. Show More


Reckon and the power of equity incentive

Martin Pretty

Software group Reckon​ ​(RKN)​ demonstrated with the recent $180 million agreement to sell its Accounting Practice Management (APM) business how managers and directors who own significant equity are more likely to relentlessly pursue shareholder value. RKN is a stock the Equitable Investors Dragonfly Fund continues to own as we don't... Show More


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An overlooked small cap agri stock

Martin Pretty

"When your competitors go one way, do you follow them, or do you go the other way?" That question was asked of a room of close to 100 financial advisers by keynote speaker Geoff Ramm at Centrepoint Alliance's annual conference last week. The focus at the time was effective marketing... Show More


Markets Take Time to be Efficient

Martin Pretty

Markets are supposed to price in new information efficiently. But for the investor who has done their homework in advance, time is on their side. Stock prices can react gradually rather than instantly to new information. Information can sit in the public domain but not be widely known and understood. Show More

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I must say, I don't think either the Small Ordinaries or the Emerging Companies indices from S&P are great benchmarks for microcaps. Components of the Small Ords have an average market cap of $1.1 billion, with the largest up above $5 billion - and the weighting favouring the high end. The Emerging Companies index has an average market cap of $245m but a 25% weighting to resources means it is not aligned with many of the industrial-oriented funds and its trailing PE multiple is, according to S&P, -43 (yes minus 43), a figure that suggests to me a different stock composition from what you'd expect the type of funds listed above to be running with.

On Microcap Managers Continue to Outperform ETF’s -

Hi Mark, Managerial Ownership, Board of Directors, Equity-based Compensation and Firm Performance: A Comparative Study Between France and the United States, by Bouras & Gallali

On Reckon and the power of equity incentive -