Illustrating Investing in the Small Cap Cycle

I have drawn this rather crude illustration of what some call the “small cap cycle”. The Y-axis of profit stands for the growing profits of the business as well as the increasing investment returns over time (as, in the long-term, … Continue reading

Exceptional Companies, Exceptional Stocks…Exceptional Returns?

Last night I gave a presentation at the JSE focussing on what “quality” in business is, how you definitively quantify it and, probably the most important, why it is important in stock picking in the markets. In summary, the key … Continue reading