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          <time datetime="2018-04-12T12:12:14+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">April 12, 2018 12:12</time>
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              The voting machine and the weighing machine
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  “In the short run the market is a voting machine but in the long run it is a weighing machine.”   Benjamin Graham  The father of value investing, Benjamin Graham,...
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        Auscap Asset Management
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        <time datetime="2018-04-12T12:12:14+10:00" data-controller="datetime" class="hidden sm:block sm:flex-none order-1 w-36 uppercase pre-header-sm lg:pre-header-md text-darkgray">April 12, 2018 12:12</time>
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            <a class="pre-header-sm lg:pre-header-md uppercase text-primary hover:underline" href="/categories/equities">Equities</a>

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          <time datetime="2018-04-12T11:38:58+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">April 12, 2018 11:38</time>
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              A time to buy profits not hope
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            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
  The rhythm of life is no different to the rhythm of economic and corporate cycles. The optimism of birth, the excitement of growing up, the cynicism arising from the...
</div>

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      <div>
        Schroders
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          <time datetime="2018-04-12T11:01:27+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">April 12, 2018 11:01</time>
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        Montgomery Investment Management
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          <time datetime="2018-04-12T08:22:05+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">April 12, 2018 08:22</time>
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        Yarra Capital Management
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          <time datetime="2018-04-11T17:06:28+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">April 11, 2018 17:06</time>
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              <span class="wire_title_component w-full block group-hover:underline"><span data-controller="logged-in-class" data-logged-in-class-logged-in-class-value="hidden"></span>Is the rubber hitting the road for <span class="whitespace-nowrap">Tesla?<svg xmlns="http://www.w3.org/2000/svg" width="24" height="18" viewBox="0 0 24 18" fill="none" stroke="currentColor" id="embed_video" class="inline-block align-middle group-hover:underline w-6 h-4 lg:h-6 ml-2">
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            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
  The share price of tech market darling, Tesla, rose inexorably more than ten-fold between early 2013 and early 2018. One manager not convinced by the hype was Jacob...
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        Pitt Street Research and NDF Research
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  Shareholders and bondholders have bought the Tesla growth story. However, my column in The Australian notes that Tesla&#39;s significant debt, negative free cashflow and...
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          <time datetime="2018-04-11T09:34:41+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">April 11, 2018 09:34</time>
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              Hybrids vs Equities: How Does Risk vs Return Trade-Off Stack-Up?
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  Two quick charts looking at the risk and return trade-off between ASX equities and ASX major bank hybrids. The first chart considers the current cash (unfranked) and...
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              Are the Pieces Falling into Place for an RBA Rate Rise?
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  The consensus view is that it is unlikely that the Reserve Bank of Australia (“RBA”) will act to raise cash rates in 2018.  While not all the pieces are in place yet...
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              The next 12 months for Facebook
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  This time last year, I published an article on Livewire called ‘What Peter Lynch taught me about Facebook’. Here, I made a warning call on the data privacy issues...
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  Australian capital city home prices fell 0.2% in March, their fifth monthly fall in a row. This has brought annual growth down to 0.8% from 11.4% in May last year....
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          <time datetime="2018-04-10T09:49:57+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">April 10, 2018 09:49</time>
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              <span class="wire_title_component w-full block group-hover:underline"><span data-controller="logged-in-class" data-logged-in-class-logged-in-class-value="hidden"></span>Who wins if the AUD <span class="whitespace-nowrap">falls?<svg xmlns="http://www.w3.org/2000/svg" width="24" height="18" viewBox="0 0 24 18" fill="none" stroke="currentColor" id="embed_video" class="inline-block align-middle group-hover:underline w-6 h-4 lg:h-6 ml-2">
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            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
  Traditionally, yields on Australian government bonds have been higher than their US counterparts. In fact, the last time US bonds traded at a premium was nearly 20...
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  We have previously discussed A$ gold as a hedge to global market volatility, and highlighted our particular interest in Australian gold producers that boast...
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        Paragon Funds Management
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        <time datetime="2018-04-10T06:52:15+10:00" data-controller="datetime" class="hidden sm:block sm:flex-none order-1 w-36 uppercase pre-header-sm lg:pre-header-md text-darkgray">April 10, 2018 06:52</time>
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          <time datetime="2018-04-09T15:46:24+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">April 09, 2018 15:46</time>
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              Caltex Australia Limited (ASX: CTX)
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  Caltex Australia Limited is the leading provider of transport fuels in Australia, providing about 20% of the total fuel market. In addition to being a vertically...
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        Trusted and Confidential Asset Management Advisors
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