News & Insights

Twenty large dark circles in four rows on the left, against a loose field of a hundred and eighty much smaller pale dots filling the rest of the frame.

Twenty companies, two-thirds of the index

Twenty companies are 64% of the ASX 200 — and only three of them trade below their own five-year median multiple, against 99 of the 162 outside the top twenty. The gap survives every cut we tried.

Two waves. A pale line rises and falls evenly; a heavy dark line follows it almost exactly through the rises but cuts each fall to less than half, with the protected gap marked at each trough.

Upside and downside capture: read them together

A low downside capture number can be bought with cash, and it costs upside in the same motion. Why the spread between the two is the figure that matters, and how to check a fund.

Four dark envelopes along a timeline with three paler replies returning below it, and at the end one outlined envelope that never reaches the line.

Aurizon: what we asked the board for, and what happened

We wrote to Aurizon's directors three days after a $2.35bn acquisition, and kept writing for four years. The chairman answered, then disputed our account of him — and our own Advisory Board talked us out of the third letter.

An abstract line that falls sharply and settles, beside a position built in two steps with a pause between them

Judo Bank: how a position gets built

How a 40% one-day fall in a bank we had looked at for a year became a position in our portfolio: the research, the pause at half weight for our Advisory Board, and why liquidity rather than conviction set the final size.

An engraving of a smiling man holding a sign reading 'There must be grass down there' as a line of sheep walks towards a cliff edge

The investor's blind spots: five biases your clients will recognise

Seventeen biases, one field guide. Kirit Hira on the five that come up most in client conversations, from selling winners too early to anchoring on the price paid, and the one question that cuts through all of them.

A crowded stream of dots running up and to the right, with a few alone in the space it leaves behind

What's left when the machines take the easy trade?

Super funds are telling stock pickers to adapt or die. Joey Mui argues the opposite: systematic money has taken the easy trade, and what it leaves behind is the more rewarding one for patient investors.

Definition of success

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worth the trust. A business built to outlast us.”

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