Episode 9: Integrated Research, Xref and Mailbag

If you’re not growing, you’re dying. Businesses need at least a modicum of growth to push back against the relentlessness of cost inflation. And then there are cost of capital and opportunity cost hurdles one must consider.  Furthermore, if you’re standing still, there’s a chance your competitors aren’t —  which means you’re bleeding market share and relevance. Stagnation is also a […]

A recent article in the AFR proclaimed “Small caps are ripe for a comeback“, citing the relative underperformance of this space in recent years, and the potential for easier credit conditions later in 2024. It’d certainly be welcomed by those of us that play in this space. As discussed below, the Strawman Index has kept pace with the broader market […]

Are shares good value?

Investing is hard*. Success as a stock-picker requires, among other things, a decent understanding of business, accounting, economics, finance & psychology. It requires discipline, objectivity and emotional fortitude. Most important of all, successful investing requires time. A lot of it. Time to educate yourself. Time to do research. Time to manage your portfolio. And, perhaps hardest of all, time to […]

When I first started to attend company briefings, I usually came away feeling more than a little stupid. It always felt like I was accidently sat at the adults table; nodding along like an idiot and desperately hoping no one expected me to speak. While others asked probing questions on all manner of esoteric accounting adjustments and industry specifics, I […]

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 […]

Why is it that, despite all the benefits of technology, we’re still working as much as ever to secure a decent life? I don’t have have any groundbreaking insights, but it’s fun to ponder. Plus, it’s somewhat relevant for anyone managing their own capital, particularly if you’re looking to account for any long-term, technology driven structural shifts. Here’s my take. […]

Two of the best books I’ve read in recent years are Sapiens, by Yuval Noah Harari, and The Beginning of Infinity, by David Deutsch. Neither is related to investing, but they’ve been incredibly valuable in shaping how I think about it. Specifically in regard to the importance of narrative and the nature of knowledge. Harari argues that much of human interaction — […]