Founder and CIO at Forager Funds Management. Likes assets plays, cigar butts and anything else cheap.
Sydney, Australia
Joined March 2011
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As a general rule in investing, "you can't afford to ignore this" is a very good reason to ignore something afr.com/chanticleer/love-it-…
Its share price is already telling you so but $GQG jumping on the AI bandwagon at the last stop is looking like a disaster for investors and shareholders afr.com/markets/equity-marke…
We sent this letter to the $OFX board today. Our view is that this business gets sold eventually - it is simply worth more to an acquirer than as a listed entity. We're not for selling it at any price, though, and shareholders need a viable fall back plan foragerfunds.com/news/letter…
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Note to all those focussed on the $MGH buyback, they have approval to buy back up to 20% of the register, not 10%. Passed it at the recent AGM
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Granted Firmus was a step too far but don't dismiss the ASX if you are looking to list a zero revenue shitco for billions of dollars. Why should one failure put you off? We have a long list of success stories including Audiopixels, Titomic, IperionX and many more
It's a pretty easy fix if those are the problems. Prove the concept on a much smaller scale and come back to the market in 12 months' time. The worry is they might only prove that it's not what they are pretending it is
The old Titomic ($TTT). Roughly $100M of cumulative losses. Umpteen dozen promotional announcements promising future riches every year since the 2018 IPO.
Q2 cash receipts: $1.5m
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Something I learned today:
There is a -0.95 correlation between the number times someone says "thank you for your feedback" and how much they actually value your feedback
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We are too small to move the dial, but this $JLG takeover at $4 feels like we are giving it away too cheap. Clearly sandbagging guidance, some nice underlying organic growth and the founders get to roll their shares into the bidding vehicle. At least give us the same option?
I had a steak lunch with a couple of American executives in Sydney last week. They were chuckling about eating American steak this time next year. Their heavily subsidised ag sector won't compete with Aussie farmers. And that's before you incorporate the cost of shipping
One of the lesser known productivity narratives is the extraordinary gains made by the agriculture sector. While other sectors have higher output per hour worked the ag sector has clearly been able to produce what it does with more efficiency improvements.
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Hard to know what to say other than wow. In the middle of a regulatory review, ASX erroneously tags TPG Telco as TPG the private equity company that is taking over Infomedia (IFM)! Oops
Surely $JLG.ax have to announce the terms of the indicative offer before it can start trading? With insiders getting scrip in the takeover vehicle, got a bad feeling that this isn't going to be friendly to minority holders
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There is an account impersonating me again. I've tried to report it but it's too complicated - please be careful.
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Bizarre sequence of events at $OFX.
1. Share price +18% Monday morning
2. Please explain from the ASX
3. Trading halt, OFX says results about to be released "may have a material impact on the price"
4. Releases results this morning. Weak. Withdraws guidance.
🤷♂️