Update No. 75 – 31/08/12

We had about half of our holdings report this week.  Unusually, given we are mostly working in the thinly traded end of the market, there was minimal reaction to the reports.  This is despite some very good results contained within, perhaps recognition will come over the next few weeks, although we will not be upset […]

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Update No. 74 – 24/08/12

Investors are deferring consumption now, for the hope of being able to consume more in the future.  In my view, the best description of what we are truly trying to achieve that I have heard comes (unsurprisingly) from Warren Buffett, who described investing as follows: "the transfer to others of purchasing power now with the […]

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Update No. 73 – 17/08/12

I mentioned last week that 2 of our 10 holdings were expected to report this week; the only holding of the fund I have mentioned by name in the blog previously is Maxitrans (MXI), a builder of truck bodies and seller of related parts we have owned since the funds inception.I mentioned the holding here […]

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Update No. 72 – 10/08/12

There are a variety of cognitive biases a successful investor must overcome.  A great many of these biases are inherent in your thinking, every person is predisposed more to some than others.  Further, I believe everyone is somewhat cognisant that biases exist (even within themselves), but have a look through this extensive Wikipedia list of […]

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Update No. 71 – 03/08/12

I deliberately try to keep my writings free from Politics, obviously Economics, Politics and the markets have intrinsic ties, but I like to think that because we live in the lucky country, we tend to prosper whichever party holds power, often, seemingly in-spite of the behaviour of our ‘leaders’.  Other countries seem to face similar […]

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Update No. 70 – 29/07/12

I spend, as I expect most investment professionals do, a lot of time reading and thinking about International Economic policy and its likely consequences.  Coming as I do from Australia, a country that has been 21 years without a year of negative growth, it would be easy for participants from our country to be lulled […]

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Update No. 69 – 22/07/12

Regular readers will know I make a habit of following the US Housing Starts as an important global economic indicator, for despite the rise of China, it is still the case that when the US hums, the globe will be in generally good economic shape (provided Europe doesn’t choke it…). The key reason for my […]

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Update No. 68 – 15/07/12

Our ambitions to grow our holdings in some companies we already hold and to build a couple of positions in new companies we like are being thwarted somewhat by the reluctance of other owners in these businesses to sell to us at prices we are willing to pay… I have said before, patience in your […]

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Update No. 67 – 08/07/12

The fund jumped out of the blocks like Usain Bolt in this the first week of Financial Year 2013.  We are already up 3.73% after a couple of stocks we own made solid starts to the year.  The figure is all the more impressive when you consider the fact that we are nearly 30% in […]

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Update No. 66 – 30/06/12

Please find attached the Shareholder Letter for the 2012 financial year.  Please note the value per share is unaudited at this stage, it will appear with the asterisk below until such time as our external auditors give us permission to declare the figure final.  We find that over the last 12 months, we have managed […]

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Update No. 65 – 22/06/12

Next weeks post will be the closing price of the indices and the fund on 30 June.  As this day is a Saturday, we will use the arithmetic average of the values from Monday – Friday 25 – 29 June as the closing value for FY2012.  I will issue it on Sunday 1 July as has […]

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Update No. 64 – 15/06/12

Last week I discussed my view that an open immigration policy would substantially ease the issues facing the Euro zone.  This week I’ll expand on the other great policy change that in my view, all nations must consider, given the continued growth in life expectancy – the retirement age. It must be first acknowledged that […]

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Update No. 63 – 08/06/12

I mentioned recently, I would expand on my views as to why the Euro as a currency has failed, and to some ideas on how it might be improved.  I offer my ideas because in my view, there is nothing worse than someone who decries a situation and yet proposes no improvements – Benjamin Franklin […]

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Update No. 62 – 01/06/12

I haven’t looked to US Housing starts for a couple of months.  April’s figures indicate 717,000 starts, up about 30% year on year, although permits declined to 715,000, indicating month on month growth will probably stabilise at around that level over the next couple of months. I said here in February that if housing starts […]

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Update No. 61 – 25/05/12

The returns for Australia’s top 15 equities fund managers are out for the period to 30 April 2012.  The median performance was a 4.7% loss.  The benchmark over the period showed a 3.6% loss, the 1.1% difference is what investors were paying to achieve the result.  The table is posted here: Over the equivalent period, […]

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