Episode 9: Integrated Research, Xref and Mailbag

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 […]

There’s no area of the market where you’d say stock picking was ‘easy’, but some sectors tend to offer fewer challenges than others. For Luke Winchester (aka Wini), whom we spoke with last week (see below), the preferred hunting ground is in the B2B industrials space. One of the key reasons being that these types of companies tend to offer better […]

Tune into any results call and you’ll hear plenty of smart-sounding questions (and a lot of alpha-male signaling). What you almost never hear are the questions that risk making someone look silly — even when they’re the ones that are really worth asking.   Technical, sophisticated questions are great for showing off, but it’s the simple, ‘dumb’ ones that really crack things […]

There’s a growing sense of discontent today, and not unreasonably so for those who feel the system has let them down. And, let’s be real, it has let a great many people down. Unless you have outsized earning power, or have built up a decent portfolio of assets, life is getting increasingly difficult. And even if you do, life isn’t […]

With shares having already tripled since listing, is there further upside for Atomos?

This week we lost one of the greats. Only one month shy of his 100th birthday, legendary investor and polymath Charles Thomas Munger departed this mortal coil. He had a rich and varied life with pursuits spanning law, mathematics, architecture — and much more besides. He witnessed first hand incredible societal and technological change and, of course, amassed a giant […]

Accounting may not be the most enthralling of topics, but some basic literacy here is vital if you fancy yourself a stock picker. As Buffett put it: “You have to understand accounting and you have to understand the nuances of accounting. It’s the language of business and it’s an imperfect language, but unless you are willing to put in the […]

This week, we attended the inaugural Coffee Microcaps conference, where we had the chance to hear from a bunch of interesting Micro-cap companies, as well as rub shoulders with some heavy-hitting private & professional investors. We run through our thoughts on all the companies that presented: Volpara (VHT), BlackWall (BWF), SkyFi (SKF), Kangaroo Plantation Timber (KPT), Locality Planning (LPE), XRef […]