Long before the term disruption was popularised by Silicon Valley, high quality business managers have been alert to the existence of change. In fact, Joseph A. Schumpeter, in Capitalism, Socialism and Democracy noted; Show More
Franking credits, income levels and home bias are just 3 reasons why Australian investors have such a love affair with domestic markets. However, with Australia’s top 6 yielding stocks providing approximately 50% of ASX200 Income, investors are exposing themselves to dangerous levels of concentration risk. Indeed if you held the... Show More
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
KKR & Co has been a US-based alternative asset manager since 1976. Now, it's changing. PM Capital Portfolio Manager, John Whelan, explains why KKR & Co. is going through major corporate change and why it may be positive for the company. Show More
Royal Dutch Shell’s valuations make its stock look very tempting despite concerns over electric cars taking over. Show More
In the video below, taken from the recent PM Capital Adviser Forum, Chief Investment Officer Paul Moore discusses why equities still stack up versus other asset classes, particularly government bonds. He also comments on modern asset allocation and why advisers and their clients need to think differently. Show More
In the past companies used to buy a database, install it on their hardware, and deploy it locally. But what we've seen over the last few years is the rise of cloud computing, a significant evolution in the way in which we save, store and access data, and that has... Show More
In the third episode of the Peters MacGregor Global Investing Podcast, Nathan Bell, Head of Research, and Trevor Scott, Senior Investment Analyst, compare and contrast the digital landscape and internet service providers in Australia and around the world. With growing internet usage demands and consumption of online content around the... Show More
The recovery in global stock markets has turned into one of the strongest bull markets on record, eclipsed only by the 1990s bubble in technology, media and telecoms. That in itself need not necessarily be cause for alarm. Records, as they say, are there to be broken and bull markets... Show More
Here's an updated scan across countries and regions to find the top (and bottom) PE10, and follows on from a previous version I shared back in August last year. Briefly on methodology, the PE10 is a stock market valuation metric which compares the stock index to the average earnings of... Show More
The year of 2017 was the year of the structural winner, with the market led higher by the digital platform “FAAMNGS” (the acronym keeps extending as the list of perceived winners broadens) and the stylistic domination of Growth. Disruption was never more topical with nothing appearing more disruptive than crypto-currency... Show More
I spent a lot of time in the 2017 End of Year Special Edition looking back across the year, covering some of my best charts and calls (and some of the worst!). But this article provides a look at the most important part of that report. Show More
Guns N’ Roses released their first debut album titled “Appetite for Destruction” in July 1987. Three months later one of the most violent and unexpected equity market corrections in US history occurred. The Dow lost 22.6% of its value on Black Monday, and the causes behind the dramatic fall are... Show More
We were recently asked what we see in Jupiter Fund Management (LSE: JUP), a UK-based business owned in the Montgomery global portfolios. Without giving away our entire analysis, the following note seeks to lay out, in simple terms, why we believe this is a high quality global business that is... Show More
In global developed equity markets the mid/small cap universe is more than five times the size of the large cap universe. Within that global mid/small cap universe, EGI focusses on change; companies going through what we call a period of price discovery. This typically includes spin offs, fallen angels, management... Show More
We know Europe has been through a touch economic cycle over the last few years since the GFC. That's somewhat on the mend now. Once the European earnings come through, the markets will start to appreciate that and reward those stocks - both with a re-rating as well as seeing... Show More
Perpetual’s Global Equities team are “true to label” value stock pickers. They use a tried-and-tested methodology, developed at Perpetual over 50 years, to uncover companies with the greatest long-term potential. Garry Laurence, Portfolio Manager, says “As an active, value manager, with a bottom-up investment process, we do not attempt to... Show More
What are the long-term secular drivers for the Healthcare sector? Ageing populations across developed markets, rising middle class demanding better healthcare facilities in the emerging markets, and key reforms in the US all imply healthcare is a positive investment area for almost every global economy we look at. The right... Show More
VGI Partners, which was founded by Robert Luciano in 2008, has three key tenets; capital preservation, superior long-term compound growth, and concentration. Since inception in 2009, the VGI Partners Master Fund has generated a compound annual return of 14.6% p.a. to June 2017. Show More
Short-term wins make great headlines, but it's the long-term wins that make a real impact on a portfolio. Superior long-term compound growth is one of the key tenets at VGI Partners. Managing Partner, Robert Luciano, identifies lubricants manufacturer, WD-40 as an example of a superior long-term growth opportunity. Show More