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Episode 8: Macro outlook, Microcap investing & Scorecard review

Andrew Page

Andrew reviews his public scorecard, Matt surveys the macro landscape and Claude talks about the perils (and opportunities) of investing in micro-caps.

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Cash Flow Conundrums

Negative cash flows usually set off alarm bells for investors, and for good reason. At the end of the day cash is the lifeblood of a business. Still, a closer look at things may just reveal a company that is sensibly investing in its future growth. If you can go beyond the surface-level numbers, and build some confidence in the capital allocation decisions of […]

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The Best Asset Class, The Hardest Journey

According to Vanguard, here’s what the various asset class returns look like since 1991: Kind of what you’d probably expect; the further you move up the ‘risk spectrum’ the better the average returns. Sure, the differences don’t appear huge, but they add up over time. But you know this. It’s no doubt part of the reason you’re here. So this […]

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Are you swimming naked?

Last year was good to investors. The last decade even more so. And with markets at record highs there’s plenty of shareholders feeling pretty good about themselves — especially those that had any exposure to tech. But as we roll into a new solar orbit, it’s worth remembering the difference between process and outcome. The market demands a good deal […]

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Cheaper, Better or New

Most analysis starts with the financials. Earnings, margins, returns, and all that jazz. They’re important, sure, but they come after the fact. They’re downstream of what really matters. Before the numbers, before the model, you need to start with the business itself and the value it’s trying to create for its customers. If it can’t deliver real value, any financial […]