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  1. AMP – No Longer the Indians

    The front page photo of AMP’s chief executive wearing a full Indian warrior head dress, is indelibly printed in the minds of long suffering AMP shareholders. The photo shoot was the epitome of all that was wrong with the company. … Continue reading

  2. A Rose in Every Cheek

    Vegemite on the chinese breakfast table in the morning , and in the afternoon a cold VB beer in the hand of every drinking age chinese,  was the dream of many an Australian entrepreneur. Salty spent brewer’s yeast with colouring … Continue reading

  3. Buru, NSE and the Shale revolution

    A quiet economic revolution is occurring the other side of Australia’s back stump. Potentially this revolution has, in years to come, the ability to rival revenues generated from traditional mining. An example of the potential wealth of oil shale and … Continue reading

  4. Banks – Time to Rotate

    Markets like life revolve around timing. Sometimes the unreachable becomes reachable, the unattainable, attainable and the unavailable, available. Yes you can have patience and wait it out. But it is all about pulling the trigger. Our clarion call two weeks, … Continue reading

  5. Telstra reinvented

    Often in the market, events are a matter of interpretation. Glass half full or Glass half empty, type of stuff. After Telstra’s  AGM yesterday shareholders  could be forgiven for thinking beyond 2013, there is no certainty to what has been … Continue reading

  6. Not too Thorny

    The capitulation in resources has for some time, been self evident. RO-RO ( risk on risk off)  has seen many quality names sacrificed on panicked investor selling, driven by Chinese data.  The flight to “expensive defensives” means it will take … Continue reading

  7. Opportunity Knocks

    Opportunity presents itself in bizarre situations sometimes. With Australian resource capital expenditure peaking in 2013, every second chicken little is either calling the sky is falling or the world is ending. Neither is true. The opportunity is a small Perth … Continue reading

  8. Expensive Defensives

    The wake of falling official cash rates, poses a dilemma for the banks. To have a true investment, there must be a true margin of safety. And according to Ben Graham (favourite source material) a true margin of safety is … Continue reading

  9. Witch Bank?

    A most difficult thing to do is sell a good performing portfolio stock. A multitude of reasons can be advanced to continue to hold – excellent fully franked dividend yield, good management etc.  But as a portfolio manager you have … Continue reading

  10. FMG – Subtle as a sledgehammer

    For the believers the response was unequivocal. The shorters had copped it right where it hurt most. And by Fortescue standards it was overkill – using a sledgehammer to crush an ant. The $4.5 billion debt refinancing this week eliminates … Continue reading