FAANGs Too Expensive? Consider the WAMITs

Much has been written about the FAANGs - Facebook, Amazon, Apple, Netflix and Google (Alphabet)1  . With a combined weighting of almost 5% in the MSCI World Index, and an average return of 43.3% over the year they have largely driven US and global indices2,  3  [...]

By | 2017-08-14T08:20:31+10:00 August 2017|Perspectives|0 Comments

We don’t break rules, we create new ones!

Retailing is hard. The evidence is incontrovertible. In Australia alone, just look back over the last couple of months we have witnessed Herringbone, Rhodes and Beckett, Marcs and David Lawrence brands all being the subject of voluntary administration. Casting our minds back just a little further, [...]

By | 2017-06-26T18:57:50+10:00 May 2017|Perspectives|0 Comments

Musings with mates: process versus outcomes, efficient markets…

Sometimes friends like to discuss the general market conditions. Recently one of my mates commented that things must be great given the prevailing booming market. I concurred, agreeing the Fund was performing well, but I also mentioned I’m not terribly excited by it all, because we tend to [...]

By | 2017-05-25T12:41:57+10:00 January 2017|Perspectives|0 Comments

Our “comfort” test: another reason why we are not “Quant”

We would like to share with you a new item on our investment checklist. We refer to it as our “comfort test” and it is a subjective overlay that provides an “escape clause” from the strict rules that otherwise would stipulate we invest in a company. It [...]

By | 2017-05-25T12:43:02+10:00 January 2017|Perspectives|0 Comments

We are not “Quant”; we apply common sense

As part of the initial investing activities the Fund established a position in Target1   (the US listed retailer). By the end of June, Urban Outfitters, which is another US listed retail business appeared more attractive (according to our internal ranking process) and holding both would have breached [...]

By | 2017-05-25T12:48:29+10:00 August 2016|Perspectives|0 Comments

Why do I appear to favour small caps?

I have a basic premise: the larger the pond in which I fish, the more fish available, so the more discerning I can be. This is why I wish to access the broadest range of investment opportunities practicable - so I can build a high quality portfolio [...]

By | 2017-05-25T12:49:26+10:00 May 2016|Perspectives|0 Comments

Distractions, Dentist, DOS, De-cluttering…

When developing the Strategy, I built a single spreadsheet which encompassed both portfolio positions and performance measurement. By late 2015 I had recognised that the combination of these functions in a single file may be detrimental to process because it encouraged short term performance monitoring. Whilst it [...]

By | 2017-05-25T12:52:45+10:00 February 2016|Perspectives|0 Comments