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There is little more exciting in mining than a discovery. “Discovery” companies (as opposed to “exploration” companies) are rare, the phase characterised by investors...

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...

You may have seen an article recently about the head of the Dutch central bank, Klaas Knot, who is also a governor on the ECB, saying that “the picture resembles that...

20th October 1987 probably doesn’t mean a lot to anyone who wasn’t in the market – but for those who were - it was a day no one ever forgets... The actual day in...

With the flow of new interest-only lending limited to 30% of the total, some existing borrowers may be about to discover that they are unable to roll over their...

QBE Insurance Group Limited (QBE) is a large and complicated entity. In fact, the scope of the business and the nature of insurance make it quite hard to understand...

a2 Milk entirely side-stepped the carnage faced by other market darlings over the last 12 months to gain more than 282% in this timeframe, and a remarkable 1,115%...

In honour of the forthcoming Melbourne Cup, let’s start with a quick trivia question: In how many calendar years has the favourite finished first in each leg of...

Want to know the biggest yield trap of 2017? Each year there are dividend plays that turn out to be yield traps. In 2012, it was QBE. During 2012 to 2014, we saw...

One of my favourite quotes used by Gerard Minack, a director of Morphic and Ex-Head of Developed Markets strategy at Morgan Stanley and well-known bear, is that “we’re...

Markets tend to overreact on both the upside and the downside. Two years ago, Sirtex was trading at $40 per share and expectations were running high. Following several...