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Tag: returns

Hospitals: Overlooked Reopening Trade

Posted on 17/05/202203/05/2022 by Keith McLachlan

Some sales lost during lockdown are lost forever. The money that was not spent on restaurants, hotels, holidays and haircuts during lockdowns will not result in more being spent on these items after lockdowns. On the other hand, those that needed knee replacements, back surgery or other so-called “elective” medical procedures and delayed those due…

Why Quality Matters for Small Cap Investors

Posted on 26/08/2020 by Keith McLachlan

The below is extracted from the December 2019 Alpha Prime Small & Mid Cap Fund investor letter where I briefly unpack our argument for quality in the small cap space: Quality: Above all else, we try to find good-quality, fast-growing, listed small cap businesses. Value: We invest in the cheapest of these options, constrained by our concentration &…

Lessons: Mining is (Dam) Complicated

Posted on 26/08/2020 by Keith McLachlan

OLD ARTICLE – Originally posted on February 10, 2020 I’ve been invested directly in a growing, junior coal miner for going half a decade, amongst several other mining-related investments. Likewise, I’ve followed a wide range of mining companies closely for even longer and previously was invested in a mining exploration company and poked around a…

Why Excess Cash Is A Drag

Posted on 26/08/202026/08/2020 by Keith McLachlan

OLD ARTICLE – Original posted July 8, 2011 Ever heard the term “lazy balance sheet”? Perhaps you’ve heard the term “excess cash”?  They may sound strange, but they are rooted in capital efficiency and the theory of maximizing shareholder returns. But, this is perhaps getting ahead of myself, so allow me to elaborate…\ Return on…

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