@NewbieHK , I know I may sound like a broken record, but retail and professional investing are very different. With retail investing, you get returns on your investments. With professional investing, you get returns from FUM. getting FUM means gaining confidence and trust from investors, ie being regarded as a guru. So you only talk to the media with a good story; otherwise, run for the hills, even if it means torturing the data until it confesses. never say "I was wrong' or worse "i don't know", instead say you're the Australian Warren Buffett etc (thanks Geoff). well-worn process.

The most useful thing I have for professional investors is finding those with similar styles to me and looking through any new ideas they may have. then do my own DD on these ideas.

Everything else is noise, especially opinions on macro and future market movements

An interesting article on LiveWire re Small Caps:

https://www.livewiremarkets.com/wires/power-of-small-caps-over-the-long-term

"...super funds have been pulling capital from smaller companies to avoid jeopardising their performance against the MySuper Test which uses the ASX300 as a benchmark." (Did you all know about this?)

That is an interesting chart @RogueTrader -- hopefully that bodes well for those of us that like to fish at this end of the market.

Re Fleetwood, which the author tips at the end, I just thought i'd splash a little cold water on it. Not that I've had a close look for a while, but I did hold it in the past and found it to be a lackluster performer.. not a disaster, but never quite living up to the potential.

My main takeaway was that this is a structurally difficult, capital-intensive business. A massive amount of capital is tied up in working capital and production facilities, often to chase thin margins. Their track record on project delivery has also been a major red flag for me. The Rio Tinto Ti Tree Rail Camp upgrade in FY22 was a textbook case of execution risk, resulting in significant cost overruns and a $24-odd million segment loss.

Then there is the issue of capital allocation. We’ve seen repeated "clean-up" costs, including a near $30m goodwill impairment in Building Solutions in FY22 and another $9m impairment in RV Solutions just this past year. When you add the extreme operating leverage in Community Solutions (where segment EBIT massively depends on village occupancy, and for who the counterparty has massive negotiating power) you just get very volatile earnings. Which is the case historically -- super lumpy EPS despite more consistent and growing rveenue.

The current "Build, Transform, Grow" thesis sounds reasonable, and likely will be if they pull it off, but as the saying goes, turnarounds rarely turn, so it just says you need to be wary imo. That said, there may be some green shoots in the latest full year results but in a cyclical market and with a company with a bit of historical baggage, I’m not surprised the market is assigning only a PE of 10. FWD could be a great opportunity here, but I’m a bit once bitten, twice shy, fwiw.

@RogueTrader I have come across it before - thanks to money magazine! I recall an article (from last year maybe?) that covered aspects of the MySuper tests.

A google search now, revealed a different money mag article - but covers your point - and it lists the indexes of each MySuper test AND a short history - designed by pollies in lieu of APRA (according to the writer) which means it is a test, but may not be a suitable or effective test. The previous article I recall talked to Super Funds becoming quite risk adverse as they were afraid of the MySuper test results forcing costly governance changes. I know from an investing perspective - I assume my super account 'covers' the ASX 200/300 for me, and so my 'not super' investments can be weighted more heavily to foreign shares/ETFs and companies not in the ASX-200 or 300 to avoid overlap - lots of context depending of course.

Fun Fact - if you like to read about money (particularly for those starting out) - a local library membership will usually get you a free subscription to Money Magazine! (I read mine on a tablet device via an app called Libby)

Agree Strawman in relation to Fleetwood this is a company that has long held a lot of promise, however has been an ongoing disappointer.  Bruce Nicholson was appointed CEO on the 1/7/21 and appeared to be getting the messy FWD show back on track.

Then at the end of last month FWD  announces:  “Fleetwood Limited (ASX: FWD) (Fleetwood or the Company) advises that Mr. Bruce Nicholson has departed from the role of Managing Director & Chief Executive Officer, effective immediately.”

What CEO leaves “effectively immediately” if there is not some serious filth going on. Fraud, accounting irregularities, performance disputes, sexual misconduct who knows.  

A quick follow-on from @reddogaustin, I'll throw in a nod to Money Magazine. I've been a long-term subscriber. I get the digital version via iPad app. Only about $50/yr. Usually a quick read each month, not overly intellectually challenging. But written at a level to support the layperson. I find it useful for some good refreshers and reminders, and sometimes useful to pass on to family. And I get a monthly article from Marcus Padley that I can scoff at :). I definitely get more than enough value to cover the subscription.

Following on from @RogueTrader, among the 6 index ETFs I hold, Vanguard Small Ordinaries VSO was my best performer this year, up 24%.