active investing

Book Number 6 – The Little Book of Value Investing by Christopher Browne (Revised May 18)

Lachlan Hughes

Today I review the investment classic authored by Christopher Browne, ‘The Little Book of Value Investing’. Browne was a partner at Tweedy, Browne Company – the oldest value investing house on Wall Street. Again, I recommend reading the book in its entirety. However, here are my favourite chapters. Show More

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Book Number 7 – The Great Crash 1929 by John K. Galbraith (Revised May 18)

Lachlan Hughes

Originally published in 1955, The Great Crash 1929, provides a timeless reminder of the economic consequences of financial speculation, excess leverage, and herding. Many parallels can be drawn between The Great Crash of 1929 and the Global Financial Crisis of 2008. There are moments in this book where you may... Show More

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Book Number 8 – Common Stocks & Uncommon Profits by Philip A. Fisher (Revised May 18)

Lachlan Hughes

Warren Buffett once described himself as being 85% Ben Graham and 15% Phil Fisher. If Ben Graham is the father of value investing, Phil Fisher is the father of growth investing. The primary difference between the two philosophies is clear. Ben Graham’s investments tend to benefit from a one-time profit.... Show More

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Book Number 9 – The Art of Short Selling by Kathryn Staley (Revised May 18)

Lachlan Hughes

I wanted to change up the pace, from looking for cheap companies, to looking for expensive companies. Welcome to book number 9 in my top 10 investment books of all time, “The Art of Short Selling”. This book has been written by Kathryn Staley. Kathryn is an expert in the... Show More

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Book Number 10 - You Can Be a Stock Market Genius by Joel Greenblatt of Gotham Capital (Revised May 18) 

Lachlan Hughes

Over the next ten days, I will review and post my top 10 investing books of all time - starting with number 10. I hope you enjoy the reviews and they provide you with some new perspectives that improve your investing. This book is a must read for any keen... Show More

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Microcap Managers continue to outperform ETF’s

Mark Tobin

We are on the home stretch of FY18 and microcap and small caps indexes have continued to demonstrate strength. Once again, microcaps significantly outperformed large caps. The S&P/ASX All Ordinaries Accumulation Index returned a -3.69% for the Q3FY18. In contrast, the S&P/ASX Emerging Companies Index posted a -1.85% return in... Show More

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IIR March 18 Microcap Monthly Newsletter

Mark Tobin

Veris Limited (VRS: ASX announced another acquisition in its continuing strategy to rollup firms in the surveying and urban/regional planning business. Veris decided to wind down its old OTOC construction business over last 18 months to focus on its surveying and planning strategy. The new acquisition was well received with... Show More

Does Kip McGrath Education Get an A

Mark Tobin

Kip McGrath Education Centres Limited (KME: ASX) has been a long-standing microcap on the ASX. The company provides private tuition for students through a network of franchise tutors. The company has been overhauling its business model and systems in the last few years in order to improve profitability and capture... Show More

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Consolidated Operations Group are the cogs starting to turn?

Mark Tobin

Consolidated Operations Group (COG:ASX) is the new incarnation of the old Armidale Investment Corporation (AIK:ASX). COG has been slowly transitioning itself from the old LIC structure to a proper operating business structure over the last two years. COG is now pursuing two main lines of business: Show More

When researching companies, expect the unexpected.

PM Capital

As investors, we can get caught up with the new and snazzy. The world is definitely moving on at speed, but it’s generally technology that gets most of the attention. However, it’s not just the hardware that’s moving on. It’s also the belief systems of human beings that have to... Show More

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Active versus passive when prices are extremely stretched

Roger Montgomery

There’s a pithy marketing one-liner that has almost single-handedly produced a multi-billion dollar index-fund and ETF industry. It goes something like this; ‘Most active fund managers underperform the index.’ Show More

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Markets Take Time to be Efficient

Martin Pretty

Markets are supposed to price in new information efficiently. But for the investor who has done their homework in advance, time is on their side. Stock prices can react gradually rather than instantly to new information. Information can sit in the public domain but not be widely known and understood. Show More

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The dirty secrets fund managers don’t want you to know!

Lachlan Hughes

I hope to enlighten potential investors about the tricks used by fund managers to ‘window dress’ their performance. Some of these tricks can be backed out and where possible I have provided the math below. Show More

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What SAS Soldiers and CIA Spies Can Teach About Investing

Christopher Joye

In The Australian Financial Review I consider what active investors can learn from the decision-making processes of soldiers from the Special Air Service (SAS) Regiment and the CIA team that tracked down Osama bin Laden (click on that link to read the column for free via Twitter or AFR subs... Show More

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The future of active management

Livewire Exclusive

Chris Cuffe recently shared his views on the future of active management in this exclusive video with Livewire. Acknowledging the pressures on the industry, Chris makes the case that there will always be a role for good active managers that can generate real alpha over the long-term. Show More

MedAdvisor (MDR:ASX) Digital Revoultion of Pharmacy Scripts

Mark Tobin

MedAdvisor (MDR: ASX) operates in the healthcare IT space, specifically in improving the interaction between pharmacies, patients, drug manufacturers and doctors. They provide a fully digital end to end experience for processing medical scripts for prescribed medication. Show More

How to sidestep the potential pain from passive investing

Nathan Bell

In part one we showed how being contrarian can produce huge returns, while in part two we explained how buying companies with owner-managers can also give you an edge. Show More

Data: the new oil. Here are the companies with the biggest wells

Alex Pollak

The Economist this week makes reference to data as the new oil – the fuel on which the new economy runs. Last week, we made observations about knowledge networks, with commentary on how central they had become to business, and by way of proof, noted the change in make-up of... Show More

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HGL: A Microcap with Growth & Value Options

Mark Tobin

HGL Limited (ASX: HNG) is a mini-conglomerate containing predominantly distribution businesses. HGL distributes some of its own propriety brands and third party brands in the Australia and New Zealand market. The business has been in a turnaround or self-help mode for the past 3 years and these efforts are now... Show More

Pay passive funds peanuts, get monkeys

Christopher Joye

In The Australian Financial Review I wade into to the contentious "active versus passive" investing debate and argue that "buying a “passive” or “indexed” fund is lobotomised investing predicated on the beliefs that: the market is smarter than you are; investors are systematically rational; assets are always properly valued with... Show More

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