Wry & Dry #1, FY-24: Some of it was cricket. Foster country. Headhunters.
It is a truth universally acknowledged that a batsman who is unhappy with the method of his dismissal will cry that it wasn’t “in the spirit of the game.”
And so it came to pass that in a recent cricket Test match, English batsman Bairstow was silly enough to leave his crease when the ball was still in play. He was correctly dismissed (“stumped”).
An outburst of outrage not seen at Lord’s since the Great Pimm’s Shortfall Crisis of 1926 then arose.
Going, Going, Gone – the de-equitization of the Australian Equities Market
Two of our investments, Costa Group and United Malt, received confirmation relating to takeover bids this week.
Both takeovers provided support for our investment strategy. This strategy concentrates on finding opportunities where the market fails to price either the long-run asset or the franchise-based value of a company, and instead focuses on short-term earnings fluctuations. In such cases it is often an external party, via a takeover, that unlocks the value.