Welcome to my second annual letter. This month marks 7 years since the inception of the GCAF Program. As always, the purpose of this letter is twofold: to provide you with information on new developments at Tomas Capital and discuss the...

President Trump's latest tweets and interviews clearly indicate that he intends to go ahead with his trade wars. This is bad news for China, and even worse news for China's regional suppliers like Australia, Japan, Malaysia, Singapore,...

It's getting predictable isn't it? The Donald tweets, the rest of the world reacts and equity markets shudder. Blame the 24-hour news cycle, event driven macro traders, fake news or almost anyone with an opinion (in my...

Pengana Capital Group Limited (ASX: PCG) is pleased to announce a 15% distribution for the 6 month period to 30 June, 2018 for investors in the Pengana Emerging Companies Fund ('the Fund). The distribution will be paid on 13 July 2018.

Pengana Capital Group Limited (ASX: PCG) is pleased to announce a 15% distribution for the 6 month period to 30 June, 2018 for investors in the Pengana Emerging Companies Fund ('the Fund). The distribution will be paid on 13 July 2018.

Our Feature in this Quarterly is on Quality Investing, and why it can't be done algorithmically. We discuss the three facets that matter to us when we are making an assessment of a company's quality - the strength of a...

It was just over a year ago that Coles admitted to the Fair Work Commission that as much as 60 percent of its workforce would be better off under the award - the minimum employee wage and benefits mandated by the state. The source of...

Short selling has been in the news with US firm Glaucus hitting pay dirt in the Aussie market. There are mixed views on the efficacy of 'shorting', with some of the world's most revered investors strongly opposed. Warren Buffet no less,...

There are now over 100 LIC's (plus some Listed Investment Trusts, or LITs) on the ASX. The main difference between a LIC and a LIT is tax: LITs help to avoid the great "Labor Franking Credit Grab". We examine this,...

It is difficult to begin solving a problem until you admit that the problem exists. One of the reasons that the GFC was so severe in the US was that US regulators had spent the previous decade or two ignoring the danger signs while they...