value investing

Whilst defining quality is no minor philosophical challenge, we are fortunate that the application of the concept of quality to investing is robust to various definitions, be they qualitative assessments of competitive position or earnings quality and sustainability, or alternatively quantitative measures such as returns on capital, margins and organic... Show More

In early May the once highly popular ASX-listed funds manager Janus Henderson (JHG) released a rather underwhelming March quarter financial performance report. Among the key performance metrics that stood out was a -21% fall in earnings per share versus a year earlier, a sizable fall in operating margin to 34.4%, net... Show More

People often ask us what investment style is Ophir Asset Management? We respond we are style agnostic, if we believe there is money to be made buying a company that is growing significantly we will invest in it. Likewise, if we believe there is an unloved company that will see... Show More

One of Warren Buffett’s lesser known quotes is: “It’s only when the tide goes out that you learn who has been swimming naked”. Like most of Warren’s sayings it’s an analogy for business. Everyone looks well equipped when we’re all standing on the sandbank at high tide (analogous to bull markets and... Show More

The biggest headwinds to value investing have been outperformance by the U.S. and extraordinary monetary policy conditions since the GFC. We've had rates go 0-negative in some countries, which hasn't happened before in monetary history. As we start seeing these conditions normalise, coupled with broader economic growth, value investing will... Show More

The market has been very concerned about the economic slowdown and geopolitical issues in Europe - obviously Brexit being the biggest, most significant one. Show More

The U.S. market has had the strongest run around the world since the GFC, especially in 2018. Supported by robust earnings growth, valuations have moved up more than they have in other markets. Show More

Conventional wisdom typically holds that actively trading positions in your portfolio destroys value. Whether it’s Warren Buffett recommending a “buy-and-hold” strategy, or your advisor recommending against active-trading to minimise brokerage and taxes, there are plenty of experts out there who contend that active trading is inadvisable. Show More

As the valuation gap between the US and the rest of the world narrows, we see value opportunities outside the US. Show More

After several years of plain sailing, investors are now having to contend with global markets that are far more risky. These market conditions have been created by an almost perfect storm of global issues. While the issues are out of our control, there are important steps we can take when... Show More