Insights
The March 2009 bounce; a retrospective
September 29, 2009
Members Only Lessons from a retrospective: On Monday 2 March 2009 we wrote a memo for circulation outlining the case for a market bounce: "There is currently no hard evidence that the bottoming process is complete in market terms and there is accelerating evidence that the local and global economies are performing ever-more poorly. BUT the market bounce will lead the economic bounce."
On the bus on the road to recovery, transitioning slowly towards sustainability
September 22, 2009
Members Only Progress is not linear; progress is uneven, given to bursts, followed by retracements. As the underlying trend keeps you on the bus, stay alert and awake lest you miss your ultimate stop.
Pendulums swing, imbalances ebb and flow; and the band plays on
September 15, 2009
Members Only "Have we seen the bottom?" The answer is, most probably, "yes", but there is more than a single 'bottom' on the road to recovery.
A note for Jane
September 8, 2009
Members Only 'A note for Jane' is some practical advice for a new entrant to the world of equity investment.
Website housekeeping
September 1, 2009
Members Only At close of business today we are finalising some changes to the website to make it cleaner (less cluttered), more navigable, and hence more readable. These changes should take effect next week, or the week after.
Please read "Strategy" to see where our thoughts lie this week. We are personally maintaining cash levels around 22% of our portfolios.
A reflection: Australia and the global financial crisis
September 1, 2009
Members Only Written in February 2009, this essay is re-produced here as it appears to be more pertinent now. The cult of 'the free lunch' has returned. The imbalances that provoked the 'crash' seem omni-present.
