Quarterly Commentaries

The investment team spend a lot of their time thinking about individual stocks, markets and all sorts of other related (or often unrelated) topics. These get filtered through the quarter with the (hopefully) more interesting ones making it into our quarterly commentaries. These can be found below - we hope you find them interesting reading.

  • October 2017

    This investment commentary contains four articles: Quarter in review Don’t bank on those dividends Equities versus bonds? Super cheap Boom We first summarise the previous quarter. We then question why a company might raise capital when it can just stop paying a...
  • August 2017

    We first summarise the previous quarter. Then, in “Get real” we look at inflation and why investors are faced with three choices when it comes to maximising returns.  We then use Tourism Holdings as a case study for the capital cycle and finally we look at the performance of this year’s IPOs...
  • May 2017

    We first summarise the previous quarter. Then, in “The view from the other side of the world” we discuss the attractiveness of the New Zealand equity market to foreign investors, and the risks that that entails. Finally, in “Finding gems amongst lemons - private equity backed IPOs” we revisit our...
  • January 2017

    In this investment commentary we review the quarter before discussing our exit from Slater and Gordon in more detail. With the thick end of this decade now passed we look at where equity markets have got to and consider where they might end the decade. Then we have a closer look at the often...
  • October 2016

    We start by discussing our activity over the quarter.  In “Why investing for the long-term works” we reconcile two seemingly contradictory investment approaches recommended by Warren Buffet.  We worry about traditional balanced investment strategies in “Traditional balanced funds - return...

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