Stephen Bennie

When investors buy shares in a company, they have purchased the right to a portion of that company’s future earnings. Past earnings are largely irrelevant in determining whether investors have a good or bad experience. The most important driver of returns is future earnings. Clearly the future is highly uncertain,... Show More

Tom Stevenson

Were we really so credulous? Did we really know so little about foreign food? 62 years ago today, Panorama aired one of the great April Fool’s jokes. The report showed farmers apparently picking spaghetti from trees, and laying it out to dry. It allegedly fooled even the BBC’s director general... Show More

Tom Stevenson

Donald Rumsfeld famously called them ‘known-unknowns’ - things we sense are important but don’t fully understand and cannot predict. Bob Dylan put it well, too, when he sneered ‘there’s something going on here, but you don’t know what it is, do you, Mr Jones’. Both point to the investor’s greatest... Show More

Pengana Capital

The assumption that Amazon would sweep away all retailers that stand before it resulted in many US retailers being sold down. This hysteria created some interesting opportunities in the retail segment, one of which is Dollar General. Show More