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...
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...
