Wealth Requires High‑Conviction, Concentrated Bets, Not Diversification
The other point is - and it’s one I really agree with - that despite the facetious framing it’s really an affirmation of massive concentration. Forget the 10 baggers, you need to make massively concentrated bets to build wealth, if you are starting small. Diversification does nothing for you if you don’t have your chip stack at the beginning. That is - max conviction; high concentration; oh and you have to be right. Upside/downside skew is the real big differentiator in my personal worldview vs Wasteland (I’m guessing) but that’s a separate discussion
Wealth Built by Repeating Leveraged Multi‑Baggers Over Decades
Thinking more about this. This is almost exactly how the Chandlers (secretive Kiwi multi billionaires) made all their money. No 5 ten baggers in a row per se but 5 multi baggers, in a row, rolling the entire stack forward...
Australia's Debt Rose to 32%
15 years ago Australia had almost no net government debt (5-6% to GDP). Since then, despite ongoing economic growth of 2-3% avg, and essentially full employment, the govt has run increasing deficits such that net debt/GDP is now ~32%. Almost...
Looking for Australian Mid‑Market IB for F&B Deal
who is the best mid/small-market investment bank (in Australia), that would be best placed to advise/deliver on a transaction where: - the underlying sector is F&B/quick-serve restaurants - EBITDA is $5-7mm AUD a year - dual-track process where seller is both franchisor of...
Credit Corp Stock Cheap, EPS Growth, Potential Short Squeeze
$CCP.AX Credit Corp group...investor update steady as she goes...buying at $10-10.5 was easy $$, but still more to play for: https://t.co/vueRwNEVQb - guidance reconfirmed - seq improv in US debt buying - consumer biz steady growth, no change - no comment on incl losses etc -...
EUR.AX Poised for Upside if Merger Stalls
This is a bit more speculative than I normally play but I have a med sized position in $EUR.AX (pending merger w/ $CRML). I think there's a pretty decent likelihood the original deal gets bumped (or you see a third party)...
Humm Group Denies Takeovers Panel Warning, Calls Article Misleading
@ejohnno extremely disappointing and misleading article re $HUM.AX Humm Group in the Australian today. Surprised you published without even seeking my comment or seeking to check 'facts' as your article contains numerous errors. I believe fact-checking or offering subjects the...
Foreign Investors Beware: Philippines Expropriation Risks Highlighted
Further to this theme - anyone who is even sniffing an investment opportunity (as a foreigner) in the Philippines should look at what is going on with Celsius $CLA.AX right now. Same playbook as boatload of other FDI into the...
Mega Office Projects Struggle Amid Stagnant Demand and Rising Rates
Serious question - how do the economics of these mega developments actually work? Structural demand for office space in Japan is stagnant at best (at best). This was before WFH etc. and now yen rates are pushing 2.5% so money...
Profit Taken on MCE.AX as Deal Finalizes
Taking profits on $MCE.AX at 39c, now the deal has gone binding, spread mostly closed and most all the juice has been squeezed…was a good’un, on to the next ✊✊
Masa: Overrated Investor, Underrated Operator, Relentless Comeback
Just finished the Masa Son biography, Gambling Man, by Lionel Barber. Worth the read for some of the details: the sections on Wework and the vision fund, in particular, are absolutely insane. Hard to know what to make of Masa...
Swings and Roundabouts: Yallingup’s Surprisingly Kid‑Friendly Winery
Swings and Roundabouts winery in Yallingup…this might be the most kid friendly place on the entire planet…holy moly ❤️❤️ https://t.co/b587zwv36d
CGF Pays Premium to Acquire Larger BOQ Asset Finance Book
$HUM.AX little discussed is this Challenger/BOQ Asset finance transaction from the other day (major comp to Humm Commercial) https://t.co/dmXiOrA3Qb $CGF.AX basically paid a premo to NTA (more or less) to take it off BOQ. Loan book is a little bigger ($3.7bn vs...
Consistent Small Wins Beat Chasing the Next Amazon
The biggest misconception I see re investing is this idea that you need to find “the next Amazon” or “the next Nvidia” or whatever. Frankly this is one progenitor of exceptional returns but just one. It seems far easier to...
Qantas Mismanagement Exposes Australia’s Capital Market Flaws
Just finished Chairman’s Lounge, the Aston book on the Qantas/Alan Joyce blowup. Riveting stuff. Highly recommended for anyone involved in Aussie capital markets. Incredible how terrible the mismanagement of the business, and the brand, was, in the last few years....