Stocks Neat

Markets are swinging wildly, and policy tweets aren’t helping. In this quarter’s podcast, Chief Investment Officer, Steve Johnson, and Forager International Shares Fund Portfolio Manager, Harvey Migotti, dive into the renewed tariff chaos sparked by Donald Trump’s latest announcements. They explore what it could mean for US exceptionalism, inflation expectations, and global investor sentiment.

From the bond market's sharp react...

In Episode 34 of Stocks Neat, Chief Investment Officer, Steve Johnson, and Portfolio Manager, Gareth Brown, take a deep dive into the challenges facing active fund management giants Magellan and Platinum, and the lessons for investors seeking long-term outperformance. They unpack what’s gone wrong, the rise of ETFs, and why small-cap opportunities remain a crucial edge for Forager.

The discussion explores industry trends, the impact...

As we approach Forager's 15th birthday, in Episode 33 of Stocks Neat, CIO Steve Johnson and Portfolio Manager Gareth Brown dive into the 50bps rate cut in the US and its impact on small-cap stocks. They unpack the latest market moves, spotlight companies like #Motorpoint and #Ferguson poised to benefit from lower rates, and share their strategies amidst ongoing volatility. 

The discussion explores resilient businesses...

As we close out the 2024 financial year, in Episode 32 of Stocks Neat, CIO Steve Johnson, and Portfolio Manager Alex Shevelev, do a deep dive into the state of small-cap stocks and the latest market movements. 

They discuss recent market volatility, spotlight resilient companies with strong recurring revenue, and share their stock-picking strategies. The episode also covers risk management approaches and provides insights on future ...

In episode 31 of Stocks Neat, Portfolio Manager Gareth Brown and CIO Steve Johnson discuss Nvidia’s unprecedented rise, the recent Guzman y Gomez IPO, current investor sentiment and macroeconomic concerns.

They examine the future competitive landscape of the AI chip space and Guzman’s plans for global expansion. Moving onto the whiskey tasting, they then test a Glenturret whiskey from the "supposed" oldest disti...

In episode 30 of Stocks Neat, Portfolio Manager Harvey Migotti and CIO Steve Johnson discuss recent portfolio performance including which surprise sectors have started contributing in 2024. They cover a wide range of topics including AI related companies, China worries, and overlooked opportunities in sectors such as European financials. The conversation then moves to portfolio management and how changing market perceptions of comp...

In episode 29 of Stocks Neat Co-Portfolio Manager Gareth Brown and CIO Steve Johnson discuss several investing maxims, and how these might apply to portfolio positioning in prior and current markets.  

Topics covered include cleaning portfolios to include only high conviction ideas, selling when you can, maintaining cash in the portfolio, how to deploy cash in a downturn, and identifying diversity breakdowns that result from cross-s...

In episode 28 of Stocks Neat Co-Portfolio Manager Gareth Brown and CIO Steve Johnson discuss the prospect of price gouging in major Australian industries, the role future Competition Policy has to play, and the potential implications for investors. 

The topic of competition problems in Australia has garnered increased publicity in recent times, driven by concerns over long-term productivity issues and the more immediate pr...

In episode 27 of Stocks Neat Co-Portfolio Manager Gareth Brown and CIO Steve Johnson discuss the recent performance of small caps and the psychology of investing. 

Understanding the psychology of ourselves and others can go a long way to helping us navigate through life. Markets and investing is no different. Understanding this can enable us to avoid biases and regulate emotions to make rational and effective investment de...

In episode 26 of Stocks Neat Co-Portfolio Manager Harvey Migotti, Analyst Nicholas Plessas and CIO Steve Johnson sit down to discuss the year just passed in markets, most notably a strong rally in uranium and the small cap recovery at the end of 2023.

The uranium story grew throughout 2023 with the spot price increasing through the year. This was discussed in detail in Stocks Neat episode 22, where Harvey and Steve explore...

For our holiday edition of Stocks Neat, Alex Shevelev, Portfolio Manager of the Forager Australian Shares Fund, is filling in for Steve and Gareth and he’s joined by a special guest, Will Lopes. 

Will is the CEO and Managing Director of Catapult (ASX: CAT) which has been an investment of the Australian Shares Fund for a number of years. With origins in the Australian Institute of Sport, CAT has pioneered the sports wearables space a...

In the latest episode of Stocks Neat, Steve Johnson and Harvey Migotti discuss what they learned on their recent trip to the US and Japan. 

Their trip started in Chicago at an industrials conference, which gave the pair a  temperature check on what is happening in the US economy. Then, Steve and Harvey visited Tokyo to meet with a few companies undergoing transformational changes in the IT space. 

Listen to the fu...

In episode 23 of Stocks Neat, Co-Portfolio Manager Gareth Brown and CIO Steve Johnson sit down to discuss the opportunities available for investors in the current interest rate environment, following our CIO Letter, "Reasons to welcome the death of TINA”.

In October, yields on US Government 10-year bonds hit 4.98%, a level not seen since the mid-2000s. With rising yields has come weakness in equity markets as investor...

In episode 22 of Stocks Neat, Co-Portfolio Manager Harvey Migotti and CIO Steve Johnson sit down to discuss the growing interest in uranium, with the spot uranium price up almost 10% since the start of August and 27% so far in 2023.

It has been a tough period for uranium investors over the last few years, with no new mine supply and rock bottom prices, investment in the sector had fallen to an all-time low. However, due to...

In the latest episode of Stocks Neat, Steve and Gareth discuss the recent news surrounding the GLP-1 inhibitor drugs taking the world - and stock markets - by storm. Originally used to treat Type-2 diabetes, clinical trials have shown GLP-1 drugs may be highly effective in causing weight loss. While the most common form of the drug requires regular injections, Steve believes that the forthcoming oral version could be a "game c...

In episode 20 of Stocks Neat, Co-Portfolio Manager Gareth Brown and CIO Steve Johnson sit down to explore the global economic outlook, its goldilocks nature, and its implications for investing.

Switching from their usual whiskey, Steve and Gareth opt for a coffee as the conversation kicks off with a reflection on the past year's positive investment returns, despite being a year marked by market scepticism and uncertai...

In the latest episode of Stocks Neat, Co-Portfolio Manager Gareth Brown joins CIO Steve Johnson to shed light on the commercial property industry and the broader issue of unlisted assets, particularly focusing on Australia's super funds and their refusal to recognise the real value of some of their unlisted assets.

The second topic they explore is the current bull market, dubbing it the "bull market that nobody believes in...

After some time on the sidelines, Co-Portfolio Manager Gareth Brown is back in the hot seat, joining CIO Steve Johnson for the latest episode of Stocks Neat as they delve into lessons from the recent Berkshire Hathaway meeting.

They reflect on the meeting’s evolution over decades, how size has impacted investment decisions and the increasing conservatism in Berkshire Hathaway's investment strategy.

Additional...

Co-Portfolio Manager Harvey Migotti joins CIO Steve Johnson as they delve into the world of American investing in the latest episode of Stocks Neat. Harvey shares his insights on the critical lessons learnt from investing in the US market over his career, including the high liquidity and capital allocation priorities and how competitive the investor landscape is over there.

They explore why the US economy has outperformed ...