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This new trend towards companies that make profits and pay dividends is interesting. Back when I was young, they called it investing.
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Steve Johnson
6K posts
Steve Johnson
@ForagerSteve
Founder and CIO at Forager Funds Management. Likes assets plays, cigar butts and anything else cheap.
Sydney, Australia Katılım Mart 2011
454 Takip Edilen8.3K Takipçiler
@calvinfroedge The other thing you will learn about Australian gold stocks is that the correlation between the gold price and the operating costs is close to one.
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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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@JaredSleeper What happens with SBC in the space? Most of these companies are booking expenses based off their share prices 2-3 years ago. It's a lot lower if you do shares issued x current price. Will they keep issuing the same number of shares or up the issuance to maintain dollar comp?
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At Avenir, we’ve followed the emerging bear cases on SaaS closely.
This 46-page deck contains our reflections and research on the path ahead.
We see opportunity and risk as SaaS companies vie with AI natives to be "systems of context."
Link in replies, excited to discuss!
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@forager_gareth One of my mates trained for the Sydney marathon by only going to sauna. Didn't work.
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It could be the physiological effects of sauna heat. It could be the regular short breaks from the kids. Who's to say. Get on it.
FoundMyFitness Clips@fmfclips
Regular sauna use (4–7x weekly) is associated with a 50% lower cardiovascular-related mortality and a 40% lower all-cause mortality These benefits occur because heat exposure from sauna use closely mimics the physiological effects of moderate-intensity aerobic exercise Similar to a workout, sauna sessions raise your heart rate, boost core body temperature, increase blood flow, and induce sweating When combined with regular moderate exercise, sauna bathing provides additive benefits by further enhancing cardiorespiratory fitness, cholesterol levels, and blood pressure beyond exercise alone
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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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@ForagerSteve they shouldnt be allowed to vote...they are clearly a conflicted party. you should appeal that to ASIC/the ASX (but good luck getting a fair outcome).
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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?
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@puppyeh1 Any previous experience with insider participation and voting? I am surprised they are allowed to vote given the offer is different for them than it is for the rest of us.
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@CMicrocaps Yeah, I was just asking whether it's those pre-revenue names that are doing the heavy lifting for the index. Still feels like a profitable microcap like $RKN is struggling to catch a bid, whereas $TTT and $IPX trade at stratospheric levels
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@ForagerSteve Don’t have that Steve. I guess you could equally say what would be the return of the ASX200 minus CBA for example. There just will be pre revenue names in microcaps compared to the 200 by the nature of lifecycle stage of the companies in both index’s over 10 years it washes out.
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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
Alex Joiner 🇦🇺@IFM_Economist
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
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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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@ForagerSteve Yeah fair and their history is underwhelming (although that is the opp).
One up your alley might be $EHL? Had a chat to mgmt, positive re 20% fy26 ROC target (170m ebit vs 590 EV, 390cap), sneaky decent business imo
Also heard $JLG is going well vs guidance + PE interest
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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.
🤷♂️
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@kordna24 Haven't had a good look at that one. Liquidity a big issue for us. They'll need to get their skates on to hit $60m ARR in two years given recent run rates?
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@ForagerSteve Steve unrelated but have you looked at Beamtree $BMT (maybe too small for you)
90m cap, 60m ARR target by 2026 end (30m now), CF inflecting, modest insider buying, apparently material contracts to drop soon..
Haven’t spoken to mgmt yet but wondered if you have any thoughts
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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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