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Posted on 18 Jan 2018 by Alex Shevelev

MMA Rides the Offshore Oil Recovery

MMA Rides the Offshore Oil Recovery


The September 2017 quarterly report spelled out a renewed bullish message from the International Fund team: the oil price is headed higher. The Australian Fund has not had as many oil exposed stocks to choose from, but we have recently added to the Fund’s oil exposure. It’s an asset heavy business in a difficult environment with an uncertain future. In many ways, a classic Forager investment. Continue reading “MMA Rides the Offshore Oil Recovery”

Posted on 10 Jan 2018 by Alex Shevelev

Chiming in on Crypto Madness

Chiming in on Crypto Madness


“Bitcoin has become one of the world’s hottest investments, a bubble inflated by social media, [and] loose capital in search of the newest new thing”

You could be forgiven for thinking that this was written last week. In fact, it appeared in The Economist in April 2013. Bitcoin started that year at US$15 and by April had reached a dizzying US$179. Now, it fetches about US$15,000. The rise of Bitcoin has created more than a few billionaires, given the Winklevoss twins (‘If you guys were the inventors of Facebook, you would have invented Facebook’) another 15 minutes of fame and provided plenty of fodder for comedians (see below).

The crypto-mania hasn’t stopped there. Continue reading “Chiming in on Crypto Madness”

Posted on 09 Jan 2018 by Steve Johnson

Stockmarket Mania Taking Hold

Stockmarket Mania Taking Hold


“Nothing so undermines your financial judgement as the sight of your neighbour getting rich.” – John Pierpont Morgan

Although it has been more than a century since Morgan’s words, little has changed about human nature. The main difference being that, in our digitally connected world, we have a lot more neighbours.

I’m seeing more of my “neighbours” apparently making fortunes. And increasing signs of impaired financial judgement as a result.

Granted, this is a bull market that is now more than eight years old. For most of that period, however, it has been a reluctant and nervous bull market.

The arguments between bulls and bears have been grounded in logic. The bears have argued that company earnings are unsustainably high and that multiples are well above long-term averages. The bulls countered that interest rates were lower than historical averages, likely to stay that way and that equities were relatively cheap as a result.

Both of those arguments have merit and you could have a well-considered reason for being on either side of the fence (or, in my case, sitting on top of it).

Continue reading “Stockmarket Mania Taking Hold”

Posted on 20 Dec 2017 by Kevin Rose

Philo a Death Knell for Cable TV

Philo a Death Knell for Cable TV

Marc Andreessen, founder of famed venture capital firm Andreessen Horowitz and co-author of the world’s first widely used web browser, believes there are “only two ways to make money in business: One is to bundle; the other is unbundle.”

The US cable industry excelled at bundling, delivering incredible monopoly profits to shareholders. Now it’s being unbundled by – you guessed it – new kinds of bundles.

For investors, the collapse of old business models and the establishment of new ones is an opportunity and a threat. But most of all it offers a real-life insight into capitalism’s chrysalis and butterfly effect, illustrating how old businesses fail and new ones emerge. Continue reading “Philo a Death Knell for Cable TV”

Posted on 14 Dec 2017 by Gareth Brown

Forager’s 2017 Reading List

Forager's 2017 Reading List


Are you in need of a last minute gift idea? Or perhaps something to while away the hours on an upcoming vacation to Bonnie Doon or Bali? We’ve got you covered. These books were our favourite reads of 2017. There should be something for everybody on this reading list. For more ideas, refer back to Forager’s 2016 book list or my solo book list from 2015. Merry Christmas and enjoy your summer break. Continue reading “Forager’s 2017 Reading List”