Showing posts from May, 2019

Through the micro cap looking glass

We published "Through the micro cap looking glass" on last week and have received fantastic feedback from a range of industry participants. If you are going to venture into micro cap stocks, you need to be wide awake to the fact that there are two alternate universes for the one market segment. There is the conventional world where investors buy and sell interests in businesses that are striving to create value for their shareholders, some with greater success than others. Some of them are supported by institutional investors and reputable brokers, many are not. But on the other side of the looking glass is an intriguing alternate universe where everything looks familiar yet, on closer, inspection, left is right and up is down... You can read the full article here . (and you can learn more about Equitable Investors at ).

Ten Thousand Words - May 2019

Apparently , Confucius didn’t say “One Picture Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy. This weekend Australia votes to decide who will govern the nation and the two weeks following an election are typically buoyant for shares according to CommSec; staying with Australian equities we show micro cap EV/Revenue multiples in the context of revenue growth; over in the US we can see that: (a) the typical intra-year decline is 13.9% on JP Morgan's numbers; and that (b) even "God" would suffer significant draw-downs according to Apha Architect. Finally, we take a brief look courtesy of Racontuer at the chasm in capability between 5G and 4G mobile networks. What happens to Australian shares when there is a federal ele


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