forager

Steve Johnson

In March this year, copper miner MMG announced that it had sold its Century zinc mine in Queensland for the grand total of $1. That $1 didn’t go far though. MMG agreed to pay the purchaser $34.5m to cover the costs of rehabilitating the depleted mine site over the subsequent... Show More

Steve Johnson

A few investors have noticed Forager’s recent sale of our substantial holding in Reckon (RKN). We will provide more details in our September Quarterly Report, but to head off a few questions we have been receiving, our rationale can be summarised into four reasons. Show More

Steve Johnson

Mining services company Macmahon has been in the wars for most of the past decade. As the largest holding in Forager's Australian Shares Fund, we are anticipating the next decade being better. In this video we discuss our recent trip to Indonesia, new contract wins and the importance of Macmahon's... Show More

We asked a panel of portfolio managers how they are thinking about investing in today's richly valued market. Specifically: what attributes they are seeking, and how they are avoiding biases. Steve Johnson offers some essential reading, Tim Kelley focuses on capital preservation, and Alex Pollak cites four key characteristics. Show More

Steve Johnson

I presented a webinar for Netwealth last week on value investing in small and mid cap stocks. Even after a couple of decades practising value investing, going back to basics gets me thinking about the fundamentals of what we do. And it helps, a lot. Show More

Steve Johnson

Six months ago, organic baby-food company Bellamy’s was flying the flag for a new Australian economy. Australia’s reputation for healthy, clean food was going to pick up the commodities slack as China’s growth transitioned from infrastructure to consumption. Yet just a few weeks after the company’s first profit downgrade caused... Show More

Steve Johnson

Market darling Bellamy's has fallen 35% this morning. It joins a growing list of priced-to-perfection growth stocks that have disappointed investors late in 2016 (APN Outdoor, TPG, Vocus etc etc). It still trades at 20 times last year's earnings. Show More

Steve Johnson

Fortunately, my job is to pick stocks, not fund managers. It is notoriously difficult to separate luck from skill, and even harder to work out whether someone who has been skillful in the past is going to be skillful in the future. Show More

Steve Johnson

Ask any ‘rational’ industry insider or McKinsey consultant where AmazonFresh should open next, and the answer is likely to be ‘anywhere but the UK’. Try Holland. Or Sweden? Australia? Anywhere that offers at least a remote chance of earning decent profit margins in the medium term. But Amazon founder Jeff... Show More