"As a money manager, I have frequently looked at an investment decision that I felt had a high probability of success on a three-year horizon, but about which I had many doubts on a six-month time horizon. Institutional investing, as it is structured today, simply makes it more difficult to make a high-conviction, long-term decision … Continue reading weekly wrap 27/10/17 →

“You gain more by not being stupid than you do by being smart. Smart gets neutralized by other smart people. Stupid does not.” - Phil Birnbaum   book of the week Shoe Dog, Phil Knight - memoir by the founder of Nike. I found the book extremely difficult to put down, predominantly because you're always waiting … Continue reading weekly wrap 20/10/17 →

  “Risk means more things can happen than will happen.” - Elroy Dimson   stock news ITL Health Group (ASX:ITD) announced they sold their Custom Pack business for $14.4m & they will be in a net cash position of ~$10m post the transaction. This is interesting when you consider it currently has a market cap of … Continue reading weekly wrap 06/10/17 →

"Market efficiency depends on the relative proportion of market participants who are making investment decisions with their prefrontal cortexes to the ones relying on their more instinctive faculties, such as fight-or-flight" - Andrew Lo   As you may have guessed from this weeks quote, I've been reading Adaptive Markets recently and I think it's a great synthesis … Continue reading weekly wrap 15/09/17 →

"The most common mistake investors make is not thinking about everybody else. Look at the Internet stocks. Everybody thought they alone discovered the Internet. They failed to realize that lots of people had the same insight yesterday and had already bid prices up to ridiculous levels"  - Richard Thaler   book of the week Zero to … Continue reading weekly wrap 01/09/17 →

"Madness is rare in individuals - but in groups, parties, nations, and ages it is the rule" - Friedrich Nietzsche   Stock news The stock that caught my eye this week was the full year results from Redhill Education. I've mentioned this company before (and full disclosure it's my largest personal investment) & their recent set of … Continue reading weekly wrap 25/08/17 →

"Acting with the crowd ensures an acceptable mediocrity; acting independently runs the risk of unacceptable under-performance” - Seth Klarman     This week I've been reading HBR's Guide to Buying a Small Business, by Richard Ruback and Royce Yudkoff. What I enjoyed most about the book was its practicality and applicability - even if you're not … Continue reading weekly wrap 18/08/17 →

“It’s precisely when people can’t see what it is that could make things turn down that risk is highest, since they tend not to price in risks they can’t see.” - Howard Marks   The quote above is from Oaktree Capital's latest investor memo, written by the legendary Howard Marks. His memo's are mandatory reading … Continue reading weekly wrap 11/08/2017 →

 "Cutting wages does not reduce costs - it increases them. The only way to get a low-cost product is to pay a high price for a high grade of human service" - Henry Ford   This week I have been reading The Loyalty Effect, by Frederick Reichheld and I have to say it is one of the … Continue reading weekly wrap 07/07/17 →

“The most urgent decisions are rarely the most important ones.” - Dwight Eisenhower I read a great article this week around improving your efficiency through the use of the Eisenhower Matrix written by the always insightful Farnam Street Blog The idea is a simple 2x2 matrix such as the one represented above. The simplicity and logic supporting it … Continue reading weekly wrap 30/06/17 →