Shorting the institutional imperative

The last couple of months have seen a number of spectacular share price collapses on the ASX involving recently listed companies. Prior to this, almost all of these companies (and their private equity sponsors) were credited with tremendous “value creation” stories over typically…

Chinese Billionaires and Rags-to-Riches Stories

This was a really good article about Chinese billionaires and their rags-to-riches stories: Living the Chinese dream The article concludes with: But one thing seems certain. Like many of history’s wealthiest titans, they are very much people of their time…

Charlie Munger on identifying moats

At the Daily Journal Corporation shareholder meeting, Charlie Munger was asked this question – “What is the least talked about or most misunderstood moat?” Charlie’s response was: “You basically want me to explain you a difficult subject of identifying moats….

Following the new money

I was going through the BRW Young Rich List from 2014.  It’s very useful as a rough proxy as to how new money is made these days versus old money that had been inherited and compounded (highly relevant given I certainly am not in…

I’ve been doing a LOT of reading over the past 18 months and I have to say, binge consuming business biographies really gets you to thinking about them critically (here’s a great article on how to read). So here’s a category of…

Imagine a product where it’s completely unstandardised with quality that varies dramatically even within the same shipment, where its value decays rapidly, and is subject to frequent supply gluts and shortages (it’s either one or the other).  Yet your customer pays a premium…