When the tide goes out
findthemoat Earlier this year we published an article on leverage hidden within the Australian listed residential aged care sector (read this first if you need a primer on the sector). Crucially,…
Beneath Silver Chef’s polish
Not all earnings growth are created equal. In itself, earnings growth can be either accretive or dilutive to value. Achieving earnings growth is actually quite simple once you have a…
Investing in Trump
I’ve always been a fan of Peter Thiel. His musings on the ideology of competition (from his book Zero to One) is in my view a must read for anyone…
Putting a value on Blue Sky assets
Blue Sky Alternative Investments (BLA) is a rising star in the Australian funds management industry. Having listed in 2012 at a market capitalisation of $33m with $200m of Assets Under…
Residential Aged Care Sector revisited
Regulating a for-profit sector funded with public money is really really hard. It requires the intricate placement of carrots and sticks within the system to drive the right behaviour. It…
Amaysim’s amazing margin expansion
When a company surprises on the downside it is important to ask why. Conversely, when a company surprises on the upside, it is important to ask how. Readers of find…
Estia’s magical ROCE equation
Over the last few posts we looked at companies that can achieve high ROICs inside their moats and companies that cannot. Here we will visit a third category – companies…
Solving the Flight Centre enigma (Part 2)
In part 1 we looked at how Flight Centre’s superior ROIC at the store unit level enabled it to rapidly expand its store network against the seemingly insurmountable secular shift…
Solving the Flight Centre enigma (Part 1)
My previous article on iSentia delves into the importance of discerning between a moat business with the ability to reinvest within its moat at high ROICs versus a moat business…
Looking inside iSentia’s moat
I was recently asked by a reader about my thoughts on iSentia, specifically the quality of its moat. So I thought I’d share my answer here (and actually write something…