By Sid Ruttala For most of the past twenty years, owning BHP Group Limited (ASX: BHP) meant owning iron ore. Everything else was a portfolio garnish. Investors could argue about copper, coal, oil or potash, but the cash came out of the Pilbara and everyone knew it....
By Sid Ruttala Large cap investing produces very few moments where the reported number and the share price move in opposite directions with such conviction. On 18 August, CSL Limited (ASX: CSL) reported a statutory net loss after tax of US$2.6 billion, the worst...
There is a version of the Commonwealth Bank result that reads like a victory lap. Cash profit of $10.98 billion, up 7 per cent. Return on equity back to 14.0 per cent. A final dividend of $2.70 per share, taking the full year to $5.05, fully franked. Growth at or...
Bravura Solutions (ASX: BVS) has reported a FY26 result that landed in line with its early July guidance at the Cash EBITDA level while beating expectations on underlying net profit after tax (UNPAT), aided by favourable interest and foreign exchange outcomes. The...
By Sid Ruttala Large cap investing is rarely about finding the most exciting story in the market. More often, it is about understanding what is already priced in, what is being underestimated, and whether the business can keep compounding through the noise. August is...
Large cap investing is rarely about finding the most exciting story in the market. More often it is about working out what is already priced in, what is being underestimated, and whether the business can keep compounding through the noise. Every so often the market...
By Robert Swift There is a curious sameness to the equity conversation this year. Roughly every second idea that crosses the desk is a variation on the same theme: chips, models, hyperscaler capital expenditure, the coming compute supercycle, and the breathless...
By Ron Shamgar The most valuable moment in small cap investing is rarely the quarter where a company beats a number. It is the quieter moment when a company stops being one kind of business and becomes another. A good result gets you a short-term pop. A genuine change...
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...
