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A recent article in an Australian newspaper declared Return on Equity (ROE) the ‘secret sauce’ for value investors. An astute client who read the piece asked for our assessment of the value of ROE. While we use it, we certainly don’t consider it to be a ‘secret sauce’. The reason is primarily because a single … Continued
The share prices of our investments have been significantly impacted by global fears over the last two quarters. Consumer technology companies have been squarely in the cross hairs of this fear with the largest impact occurring in companies exposed to ecommerce and digital advertising. The war in Ukraine and lock downs in China have further … Continued
Tencent is the sixth most valuable company in the world, with a market cap close to $800 billion. The Chinese conglomerate has a growing and diversified revenue stream, operating in social networks, online gaming, media entertainment and advertising, e-commerce, fintech and other business services. It has created an ecosystem of apps at the core of … Continued
