By Robert Swift There is a strange quality to the current market conversation. Roughly every second equity story that crosses the desk this year is some variation on artificial intelligence, GPU demand, hyperscaler capex, or the next great compute cycle. Some of this...
By Sid Ruttala Large cap investing is, more often than not, a story about composition. Not the businesses individually, but how they sit together inside the indices that drive trillions of dollars of capital across the Australian market. Most of the time, the...
By Ron Shamgar Megaport is a company that provides the plumbing for the internet and cloud computing, but made simple and easy to use. Over the past 14 years it has built a large, software-controlled network that connects businesses to cloud services in more than...
There is a particular pleasure in finding businesses the market has decided are finished telling interesting stories. The narrative has moved on. The growth chapter is closed. The conference circuit has lost interest. And somewhere in that silence, the cash flows keep...
One of the more reliable patterns in small and mid cap investing is that the market does not always punish the part of a result that deserves to be punished. Sometimes it punishes the whole business for the misbehaviour of a small piece of it. And sometimes, in its...
By Sid Ruttala There are few things in markets more entertaining than a commodity that has gone from “the future of civilisation” to “uninvestable rubbish” in the space of eighteen months, only to then stage a twitch and invite everyone back to the party. Lithium has...
The real bottleneck in AI may not be semiconductors, but electricity. We look at five listed global infrastructure stocks exposed to the grid, transmission, switchgear, transformers, and power distribution needed to support data centres and digital infrastructure.
By Sid Ruttala When oil spikes, investors tend to reach for the same old script. Energy prices go up, energy stocks follow, cash flows surge, dividends look safer, and suddenly what felt pedestrian last month starts to look positively strategic. That instinct is...
By Ron Shamgar One of the enduring truths in small and mid cap investing is that the market does not always reward a good result. Sometimes it does the opposite. A company can deliver strong revenue growth, solid cash conversion, reaffirm guidance, expand into...
Written by Rob Swift There is a peculiar habit in markets, one that repeats itself with almost comic reliability, where investors become so transfixed by what is loudly obvious that they entirely miss what is quietly important, and today feels very much like one of...
By Ron Shamgar Markets have a curious habit of extrapolating the recent past far into the future. When a company experiences a difficult period, investors tend to assume that weakness will persist indefinitely. Yet history shows that some of the most compelling...
By Ron Shamgar In investing, there are moments when the market slowly recognises value and rewards patient shareholders. Then there are moments when value is crystallised suddenly through corporate action. The recent takeover proposal for ClearView Wealth (ASX: CVW)...
