Wednesday, July 3rd, 2019
On 14 June we added to our newly initiated Macquarie Group position in the Clime Direct Model Portfolio. In our last report, we explained the investment quality we see in MQG. Today we summarise our thesis below. In summary, the...Click to view
Friday, June 28th, 2019
Afterpay has captured a large number of headlines in recent weeks, first with a strong business update, followed by a capital raising to support the global expansion, then with an audit notice received from AUSTRAC, news of a Visa initiative...Click to view
Thursday, June 20th, 2019
In 2019 there are clear signs that global economic growth is moderating. Germany is leading weakness in Europe as industrial production and factory orders show declining activity, along with survey data that indicates a continued slowdown. The US economy is...Click to view
Thursday, June 20th, 2019
After extensive work in recent weeks to validate the group’s investment quality, understand the reasons for the recent lower guidance and be confident enough the growth and returns upcycle will resume in FY20, we initiated a position in Macquarie Group...Click to view
Thursday, June 6th, 2019
We recently revisited our Afterpay valuation to take account of the most recent data from web analytics. Web-derived data is incredibly useful for tracking up to date performance of online heavy businesses. The two charts below illustrate the number of...Click to view
