Twitter Wrap: 1st August 2012
China’s CNOOC makes a US$15bn bid for Canadian oiler Nexen Energy. With 2.3bn boe, its a giant deal. [GS] http://t.co/W0hJKiKG # Australand HY results. First look – seems pretty reasonable. NTA flat....
View ArticleTwitter Wrap: 8th August 2012
Latest research: WHK Group: WHK Group Limited (WHG). There has been little official news from WH… http://t.co/sRYuhDmv #valueinvesting # A very useful list of Excel keyboard shortcuts. [JP]...
View ArticleTwitter Wrap: 15th August 2012
An interesting speech from Yale’s famous endowment manager, David Swensen [GB]: http://t.co/FK8vJQFR # Plenty of reporting season coverage on Intelligent Investor: COH, LEI, CPU, SGP. More to come...
View ArticleTwitter Wrap: 22nd August 2012
Wow – “@WSJ: Carlyle Group and Getty Images management form a partnership to acquire Getty Images for $3.3 billion. http://t.co/U5h08ipt” # Latest research: ARB Corp: Result 2012: ARB Corporation...
View ArticleTwitter Wrap: 29th August 2012
Interesting interview [video] with CSL chief Brian McNamee via @businessspec [JP] http://t.co/CzXH81hy # In case you missed it. Watch II’s Steve Johnson (@IntInvFunds) on ABC’s 7:30 talk China with...
View ArticleThe seven immutable laws of investing
James Montier—who works alongside Jeremy Grantham at GMO—is my favourite investing author. He writes with a verve and clarity that’s missing from most in the industry. In simple, easy to understand...
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‘15,568 days to the end of oil’
‘Oh my goodness,’ exclaimed my wife, ‘there are only 15,568 days left till the end of oil.’ We had just entered the ‘ecologic’ section at Sydney’s Powerhouse Museum and in front of us was a crumpled up...
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CBA, Telstra, JB Hi-Fi get reporting season underway
Get ready folks for the greatest show on earth. Twice a year, around the second full moon following the solstice, they start to appear early in the morning, first in ones and twos, but eventually...
View ArticleMagellan backs Microsoft
Microsoft, once the doyen of the tech sector, has had a rough old time since the sector blew up a dozen or so years ago. After its share price peaked at around $57 (adjusted) in December 1999, it...
View ArticleInvest in airports not airlines
If you want to make a small fortune farming, the saying goes, you need to start with a large one. Racehorses and football clubs can achieve the same result with ruthless efficiency, as Nathan Tinkler...
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Big banks brought to book
Probably the simplest valuation tool in the investor’s toolkit is the price-to-book ratio. You get it by dividing the total value of a company’s shares on the market (its market capitalisation) by the...
View ArticleSpotless misses the mark
Someone somewhere must be happy to buy shares in Spotless Group – or at least its bankers think they will be – but it isn’t us and we have no idea why they would. Spotless was taken private by Pacific...
View ArticleIT Services in the dock
So I’ve just got back from the Downing Centre Court, after being excused of jury duty on account of having to care for my six-year-old daughter (who, incidentally, was very relieved to hear I was...
View ArticleHow to win the ASX Sharemarket game
Over the next few weeks, teachers across the country will be registering high school students to take part in the ASX Sharemarket Game, which lets players ‘experience what it is like to invest in the...
View ArticleDon’t sweat missing out – Buffett doesn’t
There are two kinds of mistakes you can make in investing: you miss out on a stock that goes up or you buy into a stock that goes down. I’ve had plenty of experience of both and I know which I prefer....
View ArticleWhen the Facts Change, Change Your Mind
Value investors spend most of their lives trying to capitalise on the irrational behaviour of others. Be it short-termism, fear of missing out or greed driving the market, they are all emotions the...
View ArticleLike Apple, investors must evolve or die
It was business as usual for Apple this week, with a launch spectacular that would have made PT Barnum proud – new iPhones, a new mobile operating system and, ‘one last thing’, the new Apple Watch....
View ArticleThe hard part of investing is mastering your emotions
If you survived the GFC by owning high dividend-paying stocks give yourself a pat on the back. Owning Aussie banks, for example, has produced extraordinary returns. The combination of large capital...
View ArticleMr Market looks alarmed
Over the Northern hemisphere summer, US markets broke with recent history by exhibiting uncharacteristic stability. The patient had kept to the Fed’s medication plan. But after the S&P 500 closed...
View ArticleEven Buffett makes mistakes
In 1998, as the Internet boom raged, Bloomberg asked Warren Buffett whether he would ever join the party. ‘The answer is no’, he replied, because he didn’t ‘know what that world will look like in 10...
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