Category: Investing

Henry Morgan – 3 Years On

A bit over three years ago I began researching a company called Henry Morgan (ASX:HML), its sister company Benjamin Hornigold (ASX:BHD) and their investment manager, John Bridgeman (NSX:JBL).  During my research I posted on this blog, writing that “something doesn’t add up and I remain gravely concerned about the way that Henry Morgan and co …

FEAR

Note to readers today:  This post was published at the very lowest point of the Covid Crash in 2020. It is designed to be bombastic and provocative, and at that, I think it succeeds.  – Sean Can you feel it? FEAR If you do not look it in the eye, it cannot GET YOU Let …

10Foot Scuttlebutt: You’ve Been Unwise, And Four Other Fun Thoughts

Markets are tricky. I’m down 22% this quarter peak to trough, probably a little less start to finish, but who’s counting. I have marginally less money than I started with in September last year when I began this portfolio, put it that way. Some thoughts on markets Coronavirus is rotting your brain. I’ve never ever …

Investment Update – Oct 2019

After a hiatus since April I’m overdue for an update. There are a couple of things to talk about.  I’ve made a couple of mistakes, but on the plus side I have solved several problems and performance has been good – really good. Previously in my quarterly investment updates there were two recurring issues.  Position …

Argentina

I have a strong interest in emerging markets. When Turkey blew up, I looked at Turkish stocks. The Argentine stock market vomited the other day, so most recently I have been looking there (some might also remember my Despegar posts).  Argentina now holds the title of the second greatest single-day stock market meltdown in history (in …

Despegar: Too Hard

I’ve sold my 10 shares in Despegar. I wrote about the company here and here and wanted to like it but couldn’t get comfortable. There were a few key issues: High margins and commission rate relative to mature global peers Among the most aggressive revenue recognition in the industry Terrible working capital 3a) Growth likely driven …

BYND: Beyond Multiples

I have been thinking about Beyond Meat, a recent US IPO that basically tripled from its $25 IPO price to $66 in a short period of time.  It is possible that the new era business model of delaying profitability in favour of maximising growth proves me wrong, and I want to get down some thoughts …

fifty dollar cash notes

Private Markets Hide All Manner Of Sins

A number of notable companies and investors today appear largely unaware of the relationship, and potential disconnect, between growth and financial sustainability. It is all well and good to own part of a technology firm that is growing revenue and users rapidly and burning cash. It is also fine to systematically bet on small tech co’s …

Down 95%: Oliver’s Real Foods

There’s been some water (mostly radioactive) pass under the bridge since I last wrote about Oliver’s Real Foods (ASX:OLI). I’m sitting on I believe my first ever position that is down 95%. It’s worth a brief recap of how things got to this point. After my earlier presentation, I felt that the company was on the …

Getswift Comes Full Circle

Well well. In a pleasing dose of regulatory aggressiveness, The Australian Securities and Investment Commission (ASIC) has filed a Federal Court lawsuit against Bane Hunter and Joel MacDonald of the infamous Getswift (ASX: GSW) – reporting in well under their usual 3 year lead time, I might add.  And they would be silly not to, because the …