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  1. Fairfax and the Ford Falcon

    The transition road from print to digital is a long hard slog if the experience of Fairfax Media is anything to go by. Worse, it is a painfully bad financial experience. Not unlike Ford’s iconic family wagon, which has struggled … Continue reading

  2. Aussie dollar on the nose

    Broadly speaking, two things have been responsible for the change in fortune of the Australian dollar. China’s new leadership team has decided that 7.5% is a more sustainable rate of economic growth which has slowed demand for Australia’s iron ore … Continue reading

  3. ‘new News’ is good news

    (All numbers in US$ unless stated otherwise) As the split of News Corporation approaches on June 28 this year, more insight is being given on the component companies. The publishing company, tentatively known as ‘new News’, made a presentation to … Continue reading

  4. Crown – Spending big when it matters

    The NSW Government is yet to decide which casino proposal it will back, but Crown’s posturing is either a brave bluff or a supremely confident hand. We think Crown is worth $16.00 per share based on robust earnings growth in … Continue reading

  5. Lower A$? Check. BHP? Check.

    For every 1 cent change in the A$ against the US dollar, BHP Billiton’s net profit changes by US$115 million. So, if the average exchange rate drops towards the now consensus 90 cent level, BHP could enjoy a currency bonanza … Continue reading

  6. BHP – turning coal into cash

    Both main forms of coal remain an important pillar of BHP Billiton’s new strategy but the focus has turned to optimising existing assets to maximise cash flow, rather than further expansion. That’s more good news for shareholders. China’s economic growth … Continue reading

  7. Winter of discontent

    The world has changed in a week. A sustained period of hero-worship of yield stocks finally turned and has rapidly shifted to watching the A$ decline against the US$ as the beginning of the end of ‘quantitative easing’ in the … Continue reading

  8. Retail Sector – Stock pile

    Target’s earnings warning issued by Wesfarmers last week was a timely reminder that retailers are permanently playing a game of getting their inventory levels just right. The late arrival of winter was cited by Target for the excess winter inventory … Continue reading

  9. Jumping the Fed gun

    The Fed will at some point pull back on its bond purchases signalling the beginning of the end of its quantitative easing, or so goes the theory. But it is already sparking the moribund US dollar back to life, pulling … Continue reading

  10. Quality cyclicals you should own

    Got your fill of yield stocks? Need some quality non-resource stocks with a bit of growth? Here’s our short-list of candidates for the next phase of the market when everyone stampedes for the high-quality industrial companies with embedded earnings growth. … Continue reading