One of our largest holdings in the TBF Small Cap Value Growth Fund is a company with a market cap of $170M that reported a profit of $27M in CY2016 and paid a dividend of $18M. The business does not have a lot of debt on the balance sheet and... Show More

We know, you have probably heard this all before, but it is still one of the most fascinating investing phenomena out there: The miracle of compound interest! Here’s an example... Show More

Andrew Lockhart from Metrics Credit Partners provides an insight into the domestic credit market. It’s part of the financial system usually reserved for the ‘big banks’ who provide credit to large corporates looking to invest and expand their businesses. While credit is available it seems appetite for growth remains patchy. Show More

One of the strongest and most predictable relationships in global equity markets over the last few years is that of bond yields and so-called ‘bond proxies’. As the name suggests, a bond proxy is a stock that is held in place of fixed interest securities, primarily for yield. They are... Show More

Companies that change the way we do business can offer great opportunities as they establish and monetise new marketplaces. So in this week’s Buy Hold Sell we review 3 stocks leveraging this theme, as well as a microcap taking on Tatts and TAB, and a stock enjoying the NBN as... Show More

In June, Costco Wholesale (COST.US) fell more than 15% in reaction to the news Amazon.com (AMZN.US) is acquiring Whole Foods Market (WFM.US). We think Costco’s competitive advantage is durable and thus initiated a position. Show More

A recent addition to the portfolio, Australian dairy and foods business, Bega Cheese, was the largest single contributor to performance of the portfolio for the month of June. Over the past 6 months, Bega has seen transformational change in its business through the completion of three major transactions: Show More

Howard Marks, Co-Founder of Oaktree Capital, criticised forecasters in a memo earlier this year, writing: “There are no facts about the future, just opinions”. And few asset classes are harder to forecast than currencies. Show More

Hamish Douglass, CEO, CIO and Lead Portfolio Manager (Global), discusses why rising tech stocks are still well priced, the strategy driving Amazon’s purchase of Whole Foods and what this means for other retailers. Show More

Following on from the popular post on the seasonal turning point for the VIX last week, here's an insight into seasonality for the S&P500. The chart shows 2017 superimposed on the historical average price movement across the year, and it looks like a fairly decent fit, with the implication being... Show More

If you are unable to attend the sold-out ‘Livewire Live 2017’ event next week, you will be pleased to hear that, for the first time you will now be able to watch it all via our ‘Digital Pass’. You will see the keynote speech from Hamish Douglass, the 2 panel... Show More

APRA have finally come out with their capital rules to fulfil the ‘unquestionably strong’ requirement of the Financial Services Inquiry. The focus is on is the Common Equity Tier 1 ratio requirement (CET1), which is the amount of equity the banks need to hold relative to risk weighted assets (loans).... Show More

While many investors shun media companies as an investment proposition, potentially imminent legislative reforms could spark a consolidation of the media sector and create a raft of investment opportunities. Show More

One of the key aspects to any overseas trip is to gain from the perspective of local management, not only to gauge the growth prospects within the domestic market, but to also assess any flow-on effects for Australia. After returning from a recent trip to the U.S, we realised the... Show More

If the bears are right, an Australian property bubble, a recession for retailers and dramatically slowing Chinese growth rates towards the end of the year, combined with record high asset prices — especially assets that produce no income such as art and two-digit licence plates — are a recipe for... Show More

When we look back upon the financial excess prior to the GFC, the great bust and near financial Armageddon, the multiple bouts of global quantitative easing transferring private debt to governments thereafter, it will make a historic story for the grandchildren. Boom to bust to boom again within a decade,... Show More

Every day it seems the media is reporting how Amazon will destroy Australian retailers. We are under no illusion that Amazon will take market share and reduce the profitability of Australian retailers. It would be foolish to think otherwise given that Amazon grew its North American sales by 25% to... Show More

While the banks have shown expected weakness, it is other areas of the market that have caught our eye as they start to lose their lustre after being strong for years. We look at 3 examples today, with all being quality businesses… but you have to ask: what price should... Show More

Only a few companies truly stood out from the 170 we met with on a recent trip. One of them, a smallcap healthcare stock, uses iPhone cameras in single-use, disposable endoscopes, and we forecast earnings to grow 3-fold over the next 4 years. We discuss this and several other standouts... Show More

It’s no secret that growth is hard to come by in the Australian market, but that doesn’t mean that every opportunity has been found already. Livewire interviewed Katana Asset Management’s Romano Sala Tenna, who outlined four stocks with good growth prospects that the market missed. Show More