I try to follow the Buffett, punch-card approach to portfolio management and, accordingly, have barely transacted in the last year. But a set-up is…
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For the first half of 2022, the Superfluous Value portfolio fell 14.7% in AUD, modestly outperforming the MSCI ACWI IMI, which fell 16.5%. The weaker…
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For calendar year 2021, the Superfluous Value portfolio gained 29.7% in AUD, comparing favourably to the MSCI ACWI IMI which gained 23.5%. The declining…
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I have been horrified watching the evil and unprovoked war unfolding in Ukraine over the last month. It is a brutal reminder for many of us how lucky we…
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I am quite wary of the shipping industry, due to an almost flawless tendency towards value destruction, but have been following Teekay Corp (NYSE:TK…
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Every value investor, having read Joel Greenblatt's masterpiece "You Can be a Stockmarket Genius", knows the feeling when they stumble across a special…
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I am a well-documented fan of GMO (legendary investment firm Grantham, Mayo, Van Otterloo & Co) and devour every public contribution from its key…
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Everyone ends up bagholding a steaming pile of turd in the markets sometimes and for me that time is apparently now (the most recent example, anyway…
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I have been fairly open about Micro Focus being one of my larger positions and I know I have introduced the idea to a few people, so I wanted to share…
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I am very rarely interested in Australian companies and currently own none. I operate with something of a reverse home-bias, which I see as a…
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Amazon is all-too-often talked about as one of the reasons why investing in perpetual winners can work out, even at bubble valuations. Buying Amazon at…
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In my last post discussing Petrobras and the Brazilian market's swan dive, I referenced a number of strong companies that I believed were being…
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