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  1. FXJ – Rocky 16

    Yet another near billion dollar write down of impaired assets at Fairfax has the balance sheet on the canvas once more, but like Rocky, it just keeps getting up again. The fight in Fairfax’s corner is now carried these days … Continue reading

  2. Fortescue Metals (FMG)

    The Spanish Festival of San Fermin, otherwise known as the running of the bulls, tests the athletic skills of mostly young men against 900 kg of snorting rib eye steak, in the narrow streets of Pamplona. The bulls, not surprisingly, … Continue reading

  3. Off to a solid start – Shriro Holdings

    At any given investment point we have two choices – step forward into growth or step back into safety . The Brexit vote last week meant global investors opted for the second. This creates opportunity for the braver investor. So we have been … Continue reading

  4. Put a ring on it – Sky TV to merge with Vodafone NZ

    Some are saying the proposed merger between New Zealand’s dominant pay TV company and its leading mobile company is portentous for similar moves in Australia. The merger between Sky Network Television and Vodafone NZ is, in some ways, long overdue, … Continue reading

  5. A James Bond Moment – Hillary, the Donald, Brexit and Bill/Mal

    There’s a moment in every James Bond movie where 007 is in deep trouble with seemingly no likelihood of surviving against the bad guys. Yet, somehow he finds a way to save the day (and win the girl) before calmly … Continue reading

  6. Flight Centre – The dog ate my homework

    As far as excuses go, Flight Centre’s profit warning was pretty imaginative, blaming all manner of external issues from the Federal election to airfare price wars in Australia and globally. Instead of a 4-8% lift in underlying profit before tax, … Continue reading

  7. TCL and SYD – Infrastructure Idols

    In today’s 140-word, 30-second sound bite world, it can be difficult to look beyond next week let alone 20-plus years or more. Yet that is the template for infrastructure businesses such as Sydney Airport and toll-road company Transurban. It can … Continue reading

  8. Telstra – Blind Men and the Elephant

    A $1.5 billion capital management program beginning in 1H17 is the outcome of a fantastically profitable venture into the Chinese website Autohome. This will be in addition to Telstra’s normal dividend which it still expects to fully frank and seek … Continue reading

  9. MEA 1H16 – Ooo ahh John McGrath

    Let’s face it, real estate agents aren’t the most popular people. Ignoring that somewhat irrational generalisation, the December listing of McGrath (MEA) has given the market an opportunity to look at the residential property market from a different perspective to … Continue reading

  10. BHP’s fiddly new dividend policy

    As expected, BHP has drastically cut its 1H16 dividend (to US16cps from US62cps pcp) reflecting the tougher operating environment. But in doing so, the new policy is not as simple as it first appears. The capital priorities of the company … Continue reading