The point of this category will be to over time, hopefully just the next few months, I will have maybe over 20 or so web links that can provide investors with useful ideas. Ones in particular that may have helped me in the past. So don’t expect so much links such as Bloomberg, Australian Financial Review, various broker web pages etc. I will try and keep the theme of those where investment ideas may come from rather than more news information tools. Here are a few as a start and I will edit the post in the future adding more. Simply click on this category at the side of the blog to check back later.
By no means are any links recommendations for any financial services provided, or in any way affiliates of this blog of mine. Some articles from the links may be of interest from a general nature and stimulate one’s own generation of new ideas.
Meb Faber has an excellent website and his written many good books. He often focuses on top down quantitative analysis that small investors can use to tilt the odds in their favour. His book Global Asset Allocation is an excellent simple read that captures a lot about what I am trying to achieve in my approach, i.e. limit drawdowns but still retain the long term benefits of being invested in stocks.
Geoff Wilson is well known in Australia and his funds I have mentioned here before. Very impressive performance record and often uses activist techniques to unlock value. The media tab on this link you may be lucky an uncover opportunities before he appears in the substantial shareholder notices. The monthly NTA updates will give some of the portfolio breakdowns.
Sandon Capital certainly take an activist approach to investing and have a solid track record. Sometimes research on this page under the campaigns section is quite impressive, BSL and TTS presentations have been good reads in the past to show their work.
Continuing the specialist activist theme I shall list a few more Australian ones.
Thorney has an LIC with the code TOP, and runs a concentrated portfolio that may get involved with management. They helped me discover SSM as a buy and seemed to have helped at that company.
I was really keen to get the link up for the Metage Capital Global Value Fund. This fund is very close to my style and what I am trying to achieve. Watching the quarterly videos are useful and I just finished watching the April presentation myself which was worthwhile and as always explains their style quite well.
Forager also did well out of SSM. In general they produce some very good figures and their quarterly reports are a good read. Run by Steve Johnson who impressed me a few years back when campaigning on a stock Rams Home Loans (RHG), an amazing investment opportunity at the time.
Watermark are specialists at long/short investing with solid figures, and their quarterly updates for the market neutral fund I find are a good read.
Here are two funds I am interested in that in some ways take a similar approach to GVF discussed earlier. They look at discount to asset plays and often use shareholder activism as a tool. The first is listed in London and the second in NY.
In 2018 I have been reading the reports from Harvest Lane Asset Management. As I am finding it more difficult to find longer term buying opportunities, I am more willing to consider takeover arbitrage trades. These guys seem to read most of these situations well.
Totus Capital have got some very impressive performance figures from inception which was 2012. I would normally still think of that as a short period but I have been impressed how they have done it with sometimes low “net exposure”. They use shorting strategies on stocks regularly which has brought many other managers undone in this period. I find it interesting seeing the short names they sometimes reveal and the various thematic around such strategies.
Magellan are a well known global manager run out of Australia, and I did very nicely out of their LIC, their track record is excellent.
A rival now I suppose is Platinum Asset Management who some are criticising their recent performance. I suspect from here Platinum will answer their critics and the research on their site is interesting.
Another global fund manager that is more an absolute return investor that I find interesting to read about is Antipodes Partners, who have a good track record. Their quarterly reporting is quite detailed and usually contains some top down analysis about global sector valuations, but also some interesting discussion on some individual names.
CAPE ratios and their usefulness are often debated vigorously. I find their use in looking for markets that may produce relative attractive returns over a timeframe of more than a decade. This site is quite useful in that regard.
My earlier thoughts on Mark Mobius were to wonder what the fuss was about, I hadn’t seem to be able to reconcile a clear great investment record versus a lot of the publicity. Yet now I think about the large amount of money Templeton controlled in the sector making it harder to post great performance numbers I probably have more respect. For those interested in emerging markets his blog may provide some interesting articles. At the very least there is not many investors who have regularly travelled to so many places and seen different countries develop over time such as he has.
Affluence Funds specialises in selecting other fund managers and a “fund of fund” approach. Normally I would find this is a difficult model to do well in, yet the fees Affluence charge are not so bad.
They understand well that you can find managers that can stack up if the incentives are in the right place, focus outside of the top 50 stocks, they are not handicapped by too much in AUMs and they have some skin in the game.
I also respect the views Affluence have on LICs. They have a specialist LIC fund that has done a solid job, and I find it interesting to see what LICs at discounts they may find attractive at certain times.
Next time I update the links here I will look to also include some perhaps more lesser known pages or other private blogs that I find of interest.
A blog by an Australian private investor, and some of the stocks are sometimes similar to what I look for. I came across this and it would get me thinking about stock ideas, it also made me think a bit more about maybe starting this blog myself also.
Harness Asset Management – Nigel Littlewood has a lot of experience in the industry and has recently set up his own fund which I suspect will produce very good figures. UOS is a holding I have wrote about on my blog that it keeps a low profile so I think it was some research from Harness that started my interest in it.
Marc Faber is an investor that I met here in Chiang Mai and is probably better known. I wouldn’t follow his 5 minute CNBC interviews and where he likes to be provocative and entertaining, given his career involves the public speaking circuit. I ignore the pessimistic calls that get publicity and pay attention to asset classes he finds relatively attractive, after all if a permabear is positive about something perhaps it should carry extra weight in our thinking! I would point people to his record coming up with documented investment tips at the annual Barron’s roundtable for a long time. He charges for the newsletter but the funds go to a charity in Chiang Mai that I have seen being run excellently first hand.
The Barron’s roundtable itself I find very interesting to read come January each year. I wouldn’t say I often implement ideas they suggest, but it is an interesting quick snapshot of many of the investment themes on global investor’s minds. What I found interesting was the group pundit tracker did a ten year analysis to 2012 of how the selections fared. It showed quite a clear edge on the S&P500 back then. Unfortunately I haven’t seen the refreshed analysis, I suspect the index would have bounced back in the five years since. Here is the link from five years ago.
Eternal Growth Partners – good to see a private investor here doing a great job on their own and with a fresh initiative in the way he charges management fees for those placing funds with him. That is there are no fees! Well only a performance fee that seems extremely modest and fair.
Samuel Terry Asset Management
This blog is updated very infrequently but they have achieved very good performance of late and since inception. A few years ago I noticed them on the share register of many companies I was buying and now their presence gives me great comfort I am on the right track. They were focusing a lot on discount to NTA plays when I was doing the same around 2010.
Andrew Brown at East72 investments
I enjoy reading Andrew’s quarterly updates and have occasionally found some of the stocks I have shown a liking to have appeared in his long holdings. He has a unique product that is aggressive with gearing and shorting at various times. I also like how he has kept his costs low with a listing on the National Stock Exchange (NSX). Readers may find it also worth their time checking out some other investment companies on the NSX and what they are up to. I am a shareholder in Asset Resolution Limited (ASS). I don’t as yet own Hamilton Securities Limited on the NSX but that may be interesting to watch as it gets some fresh capital. It will be managed by Mitch Dawney with the Brierley connection behind the scenes. As I write though it may be changing its name soon I think.
This blog is not ASX related but had some great posts to get you thinking about long term value investing, more focused on the U.S. market. This exercise of writing down web links has reminded me I need to visit this one to check the material over the last year that may have been added.
Some videos on investors/authors I have mentioned on the blog before. Passive investing is all the rage in early 2017, these videos give hope that (although not easy), this can give us great opportunities in the long run as active investors. Especially for those not controlling huge sums of money.
Podcasts seem to be quite popular so I thought I would share a couple of more recent ones that have just began in 2017 that look promising.
Maybe there is a bubble in podcasts now as I am coming across more. I shall have to start my own, if only some well known investors were willing to talk to me!
Most Australian investors would probably subscribe to the Livewire markets emails, and I expect their podcasts to be good.
Barry Ritholtz has some interesting guests here
Peter Pham is based in Vietnam and I have spoken to briefly before. He has a very good knowledge of economic history as it impacts Asia and Asian investment markets. He has just began a dedicated research blog and podcast to the topic.
This one is quite popular. There is a series about Bitcoin that I have heard many think is a good listen to get their head around the current craze!
Acquirers multiple podcast is by the Australian guy who wrote the book “Deep Value” which was on my recommended reading list.
Activist Insight research I have read regularly, naturally on the subject of shareholder activism, now they have a podcast.
Guru focus is a site tracking many of the world’s well known top value investors.
A COUPLE OF PROMISING AUSTRALIAN INVESTOR SERIES PODCASTS IN 2018
These two have featured some good interviews with successful Australian investors and I hope the podcasts can continue their great early form.
Just one more, I was bit late to notice this, many guests on this podcast Australian investors will know but also some interesting ones from an international perspective.
RECENT LESS WELL KNOWN INVESTING BLOGS
I have only recently specifically explored the net to see if there are many other Australian investing blogs out there. I have seen a few beginning over the last couple of years about when I started, and perhaps we will see more. I get the impression there are not as many out there as I expected, but it may be that I just haven’t found them! There seems to be an endless supply of US bloggers, maybe because their market is going so well. One relatively new one I came across I shall put below, being “littlehedge”. Slowly I will hopefully get around to adding plenty more that may just be relatively new or not that well known.
If you have a blog and would like me to place the link here then let me know.
To kick it off here is the link for the above one I just stumbled across.
Here is one that has quite an active discussion forum going, with plenty of information on various opportunities in the small cap space.
This one has probably been an oversight from me for not checking back on it, so I recently just subscribed. The blogger is operating their own fund so money is on the line, and you can see that this can come through in the quality of the articles. The blog came to my mind again recently as it has some well deserved praise for some warnings regarding the sock iSentia, which has had a tough time of late.
Dean Morel is an experienced investor that has put together a heap of blog articles going back to 2008. Plenty of fascinating reads covering a range of topics especially some behavioural finance stuff that shows he is a deep thinker. He invests on the ASX but also globally.
This is a blogger keeping up an investment journal with a bias to smaller less researched stocks, I have came across quite a few good reads here.
Some quality postings here that also covers smaller stocks less likely to be researched by the sell side broking community.
This one is relatively new as I write now, but looks to have good potential, and once again with a bias to micro caps.
This blogger takes more of an interest in LIC investing, and shares a bit of a bias like I do to occasionally track down LICs at discounts to NTA.
The below two ones listed take an active interest in LICs, although the main themes of the blogs are more general than mine and focus a lot on financial independence. I can personally relate well to many of the articles I came across on both.
With the second one here I thought I would also specifically direct readers to a post on more active interest in LICs. It is a quite detailed article, and there were aspects that I could relate back to my approach in some cases. Worth a read for LIC enthusiasts that are a bit more active than buy and hold.
I have enjoyed reading this blog as has it’s own unique take on things. Always interesting to see an investor via a journal type approach share a few stock picks and therefore prepared to put themselves out there, sometimes that can be lacking. There is also plenty of research from the blogger on an interesting LIC in HML. It will be fascinating how this plays out, as I write the stock has been suspended for months so stay tuned. Once again keeping with the theme it tends to focus on small stocks not typically covered from the broking community too well. I like the writing style here which has given me a few laughs on occasions but also still is thought provoking in a more serious way generally.
This blog is exactly what the title would indicate. Well worth a read looking for areas of hidden value often in microcaps. Some ASX and some offshore stocks written about.
This blogger often looks at the type of “special situations” I do, so I regularly like to check it out.
A blog that has been around a while and I have enjoyed. I didn’t add here earlier because of an oversight, it is this one from Claude Walker. It has a focus on ethical equities as the name may suggest!
This blog looks like it will be one of my favourites, it took me a long time before I stumbled across it. It covers a broad range of investing topics. The author scans across a wide spectrum of global markets with their investing.
Here is another blog I enjoy that covers a broad range of global topics. I also like their investing approach which seems to have a value tilt and a bias to search for smaller companies.
I have enjoyed reading some of Matt Brazier’s articles in the ethical equities website mentioned earlier above. I therefore look forward to following his commitment to writing an investment diary.