No wires.

December to Xmas Eve was the worst month since 1931. Starting valuations hence matter, so seasonality chart is redundant. All great investors buy and holld. No one can time the market.

On Sell in May and go away -

Excellent piece Roger. People should read Marathon Asset Managements letters from 1990s. Book Capital Account. Today has many similarities to the past.

On The Unicorn has arrived -

Good piece. I would say its simple - Shire has a better drug profile & will take CSL market share. Could it well be people are not looking at Global Comps? Shire was on 9x P/E.

On Why do Australians pay crazy multiples for CSL? -

Cracking podcast. Well done. China has plans for c345 Nuclear Reactors (double world fleet) - Source, 2008 paper by Chinas NDRC Director Jiang titled Chinas Nuclear Power under 1.5 degree.

On Reminiscences of a podcast operator -

Awesome list. Surprised Influence didn't make it - one of your great blogs - Munger said as you know that book made him hundreds of millions

On 12 outstanding investment books -

Great piece - awesome. I would add under what to look for; 1. who has funding, 2. management, and 3. register. That would materially change the preferred portfolio in my opinion.

On The metal you can't live without -

Great article - excellent point on Working Capital. My preference however is Z1P (Zip Co). It is 400% cheaper to APT in ratio of market cap / vendor count. Future is bright for both APT and Z1P

On Much more growth ahead for Afterpay -

Very nice to see FMG being supported. It still remains the #1 Acquirer Mutiple. Many thanks to LiveWire for publishing my earlier piece on FMG

On What Mattered Today: Why we own FMG -

Well written, inflation is well and truly about to kick off. As a teacher of Econometrics, I mapped 50 years of commodity data and we are about to enter a new era of inflation - hope you enjoy the piece

On How I’m playing the return of inflation -