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Caltex: Shrink to grow

Caltex: Shrink to grow

SAM DYSON | Investors love companies that can deploy capital at high returns over a long period of time. However, great shareholder returns can also be achieved from companies that shrink their capital base. Take Caltex for example. It operates in an industry perceived to be dying. Vehicles are ever more fuel-efficient, and cheap battery […]

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08, June 2018
Australian equities | Australian shares
The bubble in quality

The bubble in quality

JASON TEH | It is hard to spot a market bubble in the making. As they inflate, market participants often rationalise their investment decisions as to why they are paying higher prices. It’s only after they burst that that bubbles become clear. The most recent bubble bursting has been Bitcoin. Now we would contend that […]

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27, April 2018
Australian equities | Australian shares
Australia’s biggest bank names Matt Comyn as CEO

Australia’s biggest bank names Matt Comyn as CEO

BLOOMBERG | “A surprising appointment given the internal issues Commonwealth Bank has had in recent years, of which senior executives must hold some accountability,” said Daniel Mueller, a Sydney-based portfolio manager at Vertium Asset Management Pty, which owns shares in the lender. “He has to restore the external perception of the bank. That’s easier said […]

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30, January 2018
Australian equities | Australian shares
The sky is not falling, but storm clouds are brewing

The sky is not falling, but storm clouds are brewing

JASON TEH | The sky is not falling was the message in September 2017. Our message was that the overall market did not show excessive valuations, which generally is a precursor to stock market corrections. However, our market outlook dimmed due to recent ‘risk-on’ rally, where most of the year’s return was delivered in the […]

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29, January 2018
Australian equities | Australian shares
Amazon offers up its best deals after record-breaking launch

Amazon offers up its best deals after record-breaking launch

NEWS.COM.AU | Vertium Asset Management analyst Daniel Mueller described the launch as “pretty underwhelming”. “The listed retailers, JB Hi-Fi, Harvey Norman and Super Retail, all had quite a considerable bounce yesterday,” he said. Read full article on news.com.au

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06, December 2017
Australian equities | Australian shares
Weed out the false narrative

Weed out the false narrative

JASON TEH | Humans love stories and we ascribe them to everything to make sense of the world. The stock market is the perfect environment for narratives because we innately try to make sense of why stock prices change. The trouble with stories is that it can get out of hand and stock prices may […]

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06, December 2017
ASX | Australian equities | Australian shares
Big hat, no cattle

Big hat, no cattle

SAM DYSON | Mining 101: a good mining company makes money at the low end of a steep cost-curve. This is BHP’s strategy and it is working wonders in iron ore. However, in 2011 BHP forgot this simple rule. Deal hungry and with cash flow burning a hole in the pocket after two failed takeovers, […]

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16, November 2017
Australian equities | Australian shares
Santos projects in the spotlight for investors

Santos projects in the spotlight for investors

AUSTRALIAN FINANCIAL REVIEW | “These projects can be huge cash flow providers at the right oil price, but they also can create a huge contingent liability as well,” said Jason Teh, Chief Investment Officer at Vertium Asset Management. Read full article in the Australian Financial Review

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09, November 2017
Australian equities | Australian shares
Fund star Teh casts light on low-risk winners

Fund star Teh casts light on low-risk winners

THE AUSTRALIAN | It may be the most-hated bull market in history, but there are still some low-risk buying ­opportunities for income-focused ­investors, says Vertium Asset Management chief investment officer Jason Teh. “Every second week you hear a bear market prediction, and that’s a healthy sign,” he told The Australian yesterday. “I’m not seeing ridiculous earnings multiples.” […]

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25, October 2017
ASX | Australian equities