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Interview with

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Still on the theme of "Things that don't waste your time" Steve Johnson of Forager Funds Management is one of the best performing investment managers in recent times. You could do a lot worse than mirroring his portfolio. His take on research is very interesting. He has no problems finding investment opportunities and his research which runs to 45 pages and takes 7 days, is about finding reasons why he should not invest. All great stuff! Link below https://youtu.be/IjS7v7JPyKQ
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How will Amazon affect Australian retailers

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The following article appeared in Livewire today. I have not posted the whole article, just the key point. Note all results are in 5 years time. We have HVN in our investment portfolio and as you can see the effect is very small on HVN. This all assumes that the retailers do not fight back. There is another article on Livewire today about how BestBuy in the US countered Amazon and their shareprice has risen 4 fold.
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A new take on investing "Moats" , finding expanding moats

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The following article comes from Marcus Today earlier this week The AFR (Jonathan Shapiro) runs  an interesting article today about a flip flop wearing $20bn fund manager  in Laguna Beach that has outperformed their global stock market benchmark by 5% pa since 2008 returning 12.8% pa. I have slightly edited this. They say their investment process is to focus on companies with "expanding moats" that have the culture to succeed over the long term. “Every business's competitive advantage is getting weaker or stronger. Instead of looking for wide moat businesses we are looking for ones where we can make the case that, five or 10 years out, the competitive advantage is getting bigger. We call that 'moat trajectory’ and if you get that 'moat trajectory' right, any of the discounted cashflow work is going to look ludicrously conservative. By the same token, if that moat is retreating, they're out, no matter how fantastic the company. The  five most danger...
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