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For the best part of 50 years Victoria’s historically fecund gold fields have been a basket case, given lack of government support and disastrous big-ticket attempts...

On the surface, emerging markets appear to be significantly cheaper than developed markets. Emerging markets trade at a forward PE of ~12x, compared to ~18x for...

The latest episode of our popular Complexity Premia podcast is live! In this punchy new episode we discuss: the 2019 bond market performance wrap-up; the coming of a...

2019 in ReviewMacro ViewAs we noted in the 2018 review of the fund, we came into 2019 with concerns in relation to the soft macroeconomic environment in Australia, and...

While understanding a company’s assets is important when deciding whether to invest, it’s also critical to understand whether those assets are tangible or intangible....

In huge news The AFR's John Kehoe reports today that "Treasurer Josh Frydenberg has set up a snap review to consider closing a loophole that allows financial advisers...

Convertibles are a unique asset class often overlooked by debt and equity investors. They offer the best of both worlds in that they share the ideal features of the...

There’s a common question being asked of economists, money managers and financial commentators these days; are we mid-cycle or late-cycle? The honest answer is that we...

The last 40 years in financial markets have been heavily influenced by a very important factor: falling interest rates. A look at the 10-year US bond yield shows that...

2019 was a big year for the exchange-traded funds (ETF) market as it cracked $61 billion in assets and accelerated its lead over the listed investment companies and...

In 2006, David Pace, Matthew Ryland and Marc Hester decided to leave their jobs at Merrill Lynch to found Greencape Capital. Less than a year later, the GFC rocked...

Today I interview Paul Moore, founder of the $2bn PM Capital, which runs two LICs, who sensationally calls on Treasurer Josh Frydenberg to finally close the loophole...

The Australian small caps market generated strong returns in 2019 (from an end 2018 low) which has continued so far into 2020, driven by accommodative monetary...

2019 and the decade ended strongly for equity market returns nearly everywhere, and Australia was no exception. Profits were not the fuel, remaining anaemic. There...

As simple souls we attempt to disaggregate investing into earnings and multiples. Concerned as we are with the preservation of capital, we continue to maintain that...

Our current investment thesis is that an external shock could spell disaster for the already fragile Australian markets. This could very well end up being that shock....

For as long as there have been markets, there have been people looking for ways to gain an advantage. From scams and fraud in under-regulated markets before the...

There’s always a lot to read at the start of the New Year in markets. Lots of predictions for the year ahead, lots of pontification about the risks, advice to “take...

As we begin a new year, investors may be taking some time to reassess their portfolios and establish expectations for the road ahead. If any lesson can be drawn from...

The market opened fairly well this morning following a flat session overseas, however weakness crept in at 11.30am following a better than expected employment print...