Author: Andrew Page

Most people think of capitalism as a system about markets, competition, or even greed. But at its core, capitalism is about capital — specifically, the accumulation of tools that help us make more things, better things, and new things. Money is capital, but capital isn’t just money. The terms are often used interchangeably, but money is capital in the sense […]

This year’s federal budget landed with all the usual fanfare, with tax cuts and other ‘cost-of-living’ relief front and centre. Judging by how it was pitched by politicians and covered by the media, you’d assume the national budget was just a glorified lolly scramble — with the only real question being: what’s in it for me? And with an election […]

There’s a UK small-cap fund manager, now retired, called Harry Nimmo. In a recent talk for The Library of Mistakes, he gave a masterclass in small-cap investing. He knows what he’s talking about too. The fund he ran, the Aberdeen UK Smaller Companies Fund, delivered a 1,979% return over 25 years and was recognised as the second-best performing UK fund […]

There are few inventions in human history that can match the transformative impact of the internet. Fire, the wheel, language, the printing press, the Magna Carta—each fundamentally reshaped society. The internet belongs in this pantheon. It has revolutionized not just communication but commerce, finance, culture, and governance. It is difficult to overstate its significance. At its core, the internet is […]

We recently caught up with Dalrymple Bay Infrastructure (ASX:DBI) CEO Michael Riches. The conversation reminded me of a neat little rule of thumb for valuing dividend stocks. If you’re someone who likes your dividends, it’s a handy addition to your investing tool kit. It’s called the Gordon Growth Model, and the simple version tells us that a stock’s total expected return is […]

During the week, Strawman member tomsmithidg kicked off a great discussion on “red flags”—those factors that can sometimes (but not always) urge caution for investors. A bunch of other members jumped in, fleshing out the conversation with an absolute goldmine of insights. This is exactly the kind of no-nonsense, experience-driven discussion that makes our community so valuable. These aren’t just […]

I was in a spirited debate with a mate recently — the kind where neither side expects to win, but both enjoy the verbal sparring. It kicked off when he casually declared that, sure, investing might be lucrative, but investors themselves add no real value to society. In fact, they just skim off the hard work of others, leeching wealth […]

This week, the Reserve Bank of Australia cut interest rates by 0.25%. A quarter of a percent. One part in four hundred. And judging by the media’s reaction, you’d think we’d just discovered cold fusion. The headlines were breathless. The analysis was feverish. Pundits on TV, eyes bulging, declared that relief had arrived! Struggling homeowners could breathe again. Businesses would now, […]

As investors, we tend to spend a lot of time thinking about value. Or, at least, we should. The simple reality is that even if we buy shares in the world’s greatest business, we can still lose our shirt if we pay a stupidly high price. But what makes a price stupid? How can we possibly know what is reasonable […]