Update No. 90 – 14/12/12

You can now follow me on twitter @EGPtony I will probably be an infrequent tweeter, but will try to let quality rule over quantity.  From next year, I will ‘tweet’ the EGP Fund No. 1 price per share & how we’re going against the benchmark and a link to the blog each week after I […]

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Update No. 89 – 7/12/12

In the last 2 years, with interest rates at or very near historic lows, Australian holdings of “Term Deposits” have more than doubled. This was from a story in the Australian Financial Review perhaps Wednesday this week.  From memory, it showed since 2010 Australian TD’s have gone from around $300B to about $600B currently.  Looking […]

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Update No. 88 – 30/11/12

Set out below is a letter sent out to all shareholders this week: Dear XXXX, Please read to the end, there is important information for all holders. This communication comes a little earlier than usual because once again, I will find myself traveling over the end of the current investment period (December 31st).  I (and […]

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Update No. 87 – 23/11/12

It was an interesting week; a large decline (on no news) in one of our largest holdings was mostly offset by positive movements across much of the rest of the portfolio, leaving us down about ½ of 1% on the week.  Once again, there was some excellent buying that continued the building of intrinsic value […]

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Update No. 86 – 16/11/12

I came across an article in the Sydney Morning Herald a few weeks ago by a fund manager, which discussed the alignment of shareholders with management via management holding a large stake in the business.  Specifically they looked at situations where the CEO derives more than his/her annual salaried remuneration in dividends, from the article: […]

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Update No. 85 – 9/11/12

I have said previously many times I will talk minimally about our holdings. I do this for two primary reasons. Firstly, I think if I give away too much information about what we hold and in roughly what proportions, it would be relatively easy for readers to just mimic our holdings and achieve approximately similar […]

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Update No. 84 – 2/11/12

It is widely accepted that we are in a global ‘deleveraging’ period.At least at a private level, public finances are different with many governments driving their debt to GDP ratios up.  This graph was on Paul Krugman’s blog a few weeks back and demonstrates what I am sure is happening across virtually all developed economies: […]

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Update No. 83 – 26/10/12

I have linked many times previously to Scott Sumner’s blog; he is my favourite economics blogger, an enviable thinker.  His new paper on NGDP targeting (pdf) is a breath of fresh air, particularly how it envisions dealing with bail-outs & moral hazard.He also had a post a month ago about inflation and market perceptions.  As […]

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Update No. 82 – 19/10/12

Our holdings spiked up nearly 2.5% this week to a record high of $1.20803 per share.  This outpaced the not unimpressive weekly rise in our benchmark.  I don’t have too much more to say, except blame AGM season; a few of our holdings have presented well at AGM and consequently improved their recognised value at […]

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Update No. 81 – 12/10/12

I am an unashamed value investor.  Value dictates virtually everything I do (economically), I consider myself the textbook definition of ‘rational expectations’ with a personal skew away from value other market participants might place on intangibles like brands and others perceptions of them.  Utility for me derives almost exclusively from function.  I always purchase second-hand […]

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Update No. 80 – 05/10/12

Our opponent (the S&P ASX200TR index) soundly beat us this week, up nearly 2.5%.  Our holdings also advanced soundly, up 1.34% on the week, dividends have started rolling in, meaning we are growing our cash holding, as always with an eye to any opportunities that should arise. The benchmark is now within a hairs breadth […]

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Update No. 79 – 28/09/12

The weeks moves in underlying market prices for our holdings saw about a 1/3 of 1% rise in EGP, which was better than the nearly ½ of 1% drop experienced by our benchmark.  As I touched on last week, a full 18 months of operation has passed for EGP Fund No. 1 Pty Ltd, and […]

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Update No. 77 – 14/09/12

Reporting season is basically done & dusted.There were not too many massive surprises for me – the companies I follow closely (there are about 50 I maintain an intimate familiarity with) were as a group probably reporting a slightly better result than I expected, but not meaningfully better.  As usual, the best of the companies […]

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Update No. 76 – 07/09/12

Our holdings moved approximately in line with the markets movements this week, (up a little), it was a pretty volatile week for many stocks, including a couple of ours.  The most interesting movements have been in iron ore producers as the market struggles (seemingly in vain) to decide what the medium term market for both […]

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