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  1. 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

  2. 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

  3. Movement at the Station

    In November 2010, freight operator QR National was floated by the Queensland Government with a market cap of $6.2 billion dollars. The Queensland Government retained approximately 35% post listing. This week, QRN announced a proposal to conduct a selective buyback … Continue reading

  4. 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

  5. Marengo a Go Go

    Attendees at the “Resources Rising Stars” conference at Royal Pines, Gold Coast this week, were treated to an impressive presentation from Les Emery , MD/CEO of Marengo Mining, leading to a significant rise in volume over the last couple of … Continue reading

  6. 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

  7. 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

  8. Leighton Unplugged

    One of the more worrying aspects of the reporting season was the speed at which optimistic guidance was torn to shreds for a few companies. This was primarily due to the FMG/iron ore price fallout. The most notable offender was … Continue reading

  9. 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

  10. A Great Time to Get Set

    Fortescue has averted a debt disaster, iron ore is back over US$100 and the Fed’s unleashed an open-ended QE program. All this suggests that the world isn’t quite as scary as it was a couple of weeks ago for the … Continue reading