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...
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...
