Cadence Article 10: The industry – A crucial piece in stock evaluation

July, 2018

Fundamental or technical analysis on a company that ignores the industry in which it operates is like doing research “in a bubble”. In this article for Morningstar, Karl Siegling discusses the importance of the industry in which a company operates in and some factors to consider.


Cadence Article 12: Market Psychology and Emotions in Action

June, 2018

We examine Macquarie Group Limited (ASX: MQG), one of our larger positions, where we have combined our fundamental approach with the process we use to scale into and out of positions to ensure that we are adding to winning positions and reducing losing positions.


Cadence Investing Series by Karl Siegling

May, 2018

In this article series by Karl Siegling, Cadence Capital Limited Managing Director and Portfolio Manager, we discuss several aspects of the investment process and how it actually works in practice. The articles cover topics like market psychology and fundamental analysis, and they aim to provide the reader with a first-hand view of how financial theory stacks […]

Articles, News

Mining services stocks ride the cycle

March, 2018

Every discussion on the mining services sector should start with the concept that commodity prices go up and down based on demand and supply, and resource company profits go up or down. So, too, do those of mining services companies. Put another way, resource company profits are a derivative and more extreme version of commodity […]

Articles, News

Macquarie Group (MQG) breaks $100

December, 2017

Back in November 2012, we told shareholders at our AGM that we had started scaling into MQG at $24 after it hit a low around $17. The audience started laughing! Last week we held our 2017 AGM and the share price was nudging $100. Today MQG finally broke through $100. Back in 2012, the share […]

Articles, News

The impact of global migration of millionaires

June, 2017

A 2017 report by market research firm New World Wealth concluded that a record 82,000 millionaires moved to a new country in 2016, up 26% from 62,000 in 2015. The estimate is that approximately 100,000 millionaires will move country each year by 2018. A millionaire in this report is defined as those having at least […]