During this month’s Letter to Investors we’ll explore the theme of earnings being almost all that matters for share prices in the long term, but not necessarily in the short term. We delve into this topic using a core stock holding, Zeta, as an example of a stock where the share price is finally catching up with stellar growth in fundamentals (revenues/ cash flows).

In this month’s Investment Strategy Note we outline why we believe the current historically large discounts of listed investment vehicles can be explained by higher interest rates and how interest rate cuts are likely to be a catalyst for listed investment vehicle discounts to shrink in general and premiums to widen.

In this month’s Letter to Investors we take a step back and examine a vital principle: the importance of focusing on ‘process’ and not ‘outcomes’. We look at how this principle applies to the investment process that has successfully guided us as professional investors for around two decades each; but also explore how it applies to individual stock holdings including our recent painful example of Australian software company, Altium.