One of the first things Steve asked me to do when I started at Forager was to identify my circle of competence. Five minutes in a room full of value investors and I realised there’s one thing they know nothing about. Fashion. And unlike Alvise, there are few things I... Show More
JD.com (JD) is often referred to as China’s Amazon. However, JD is online retail shopping with a difference. Firstly, buying behaviour and the online shopping experience in China is quite different to Australia and the United States. Online shoppers in Australia typically buy discretionary items such as books, shoes and... Show More
Every day it seems the media is reporting how Amazon will destroy Australian retailers. We are under no illusion that Amazon will take market share and reduce the profitability of Australian retailers. It would be foolish to think otherwise given that Amazon grew its North American sales by 25% to... Show More
In general, we look for cheap, ugly, obscure and otherwise ignored companies where a mis-pricing is likely to occur. AFY – a fast growing company with a consensus FY18 P/E of ~41x – appears at first glance to be the antithesis of this, so why do we own it? Show More
