By Jeff Taitz Anyone who has sat through a property valuation course learns early that yields and interest rates are supposed to travel together. When the cost of money rises, buyers demand a higher return from bricks and mortar, prices ease and yields drift out. It...
By Darren Katz Every great capital cycle eventually produces two sets of books. One is kept by the optimists, who measure the size of the prize. The other is kept by the lenders, who measure how long it takes to get paid. For most of the cycle the two ledgers agree....
By Ron Shamgar One of the enduring truths in small cap investing is that the market is very good at pricing what a company earned last year and rather poor at pricing what it is quietly building. Aroa Biosurgery is a good example. The business has just delivered five...
By Robert Swift Energy investing has its own social hierarchy. At the top sit the fashionable: solar developers with ambitious targets, battery makers with ambitious valuations and explorers with ambitious geologists. Somewhere near the bottom, rarely asked to give...
By Ron Shamgar One of the enduring truths in small cap investing is that a good business can sit in plain sight for months simply because nobody has been paid to point at it. No broker roadshows, no index buying, no slides at the fund manager conferences. Just a...
By Sid Ruttala Large cap investing through a rate hiking cycle is rarely about the decision itself. By the time a central bank moves, the market has usually priced most of it. The harder and more useful work is reading what comes next, and understanding which parts...
By Sid Ruttala For most Australian investors, owning the big four banks has barely felt like a decision. Australian bank shares sit in almost every super fund, every income portfolio and every index product, and for good reason. For the best part of two decades,...
By Sid Ruttala Large cap investing rarely rewards the most exciting story in the market. More often it rewards a clear answer to three questions. What is already in the price? What is the market underestimating? And can the business keep compounding once the current...
By Sid Ruttala There is a particular problem with owning a company that is quietly turning into something else. The results keep arriving in the familiar format. The index still files it under the old sector. The valuation conversation carries on in the old language....
By Robert Swift Every technology mania eventually meets a loading dock. For global AI infrastructure stocks, that moment has arrived. The first phase is always the exciting one. Models, chips, demonstrations, conference keynotes delivered in a leather jacket. The...
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...
