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A contrarian assessment of Macquarie Group

Chris · September 26, 2023 · Leave a Comment

The crowd lauds its strengths but ignores its structural weaknesses and ethical shortcomings. I assess both and consider their implications. During the long stretches outside crises, bear markets, panics, recessions, etc., Leithner & Company constantly seeks suitable … [Read more...] about A contrarian assessment of Macquarie Group

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Why value investors should doubt “climate science”

Chris · September 5, 2023 · 6 Comments

By nature they’re sceptics, and at key junctures become contrarians. I show why they should disbelieve the orthodoxy – and why it matters. The drumbeat has long been incessant, and lately it’s become deafening. For years, “the consensus” has decreed that “the science is … [Read more...] about Why value investors should doubt “climate science”

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How we prepare for – and profit from – recessions

Chris · August 18, 2023 · 1 Comment

We’ve outperformed over the long term by being conservatively contrarian during booms and aggressively contrarian during busts. Investors must never forget: the economic cycle includes contraction as well as expansion. Downturns usually don’t last nearly as long as upswings, … [Read more...] about How we prepare for – and profit from – recessions

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Are Australia and the US heading for severe recessions?

Chris · July 28, 2023 ·

Their money supply’s shrinking and yield curves have inverted. This confluence of events always precedes slumps; can this time be different? In “Dude, Where’s My Recession?” (The New York Times, 14 July) Paul Krugman noted: “almost a year has passed since the U.S. Bureau of … [Read more...] about Are Australia and the US heading for severe recessions?

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The Myth of Small-Cap Outperformance

Chris · July 14, 2023 ·

“Investing” in Aussie small-caps is like gambling: the longer you play and the bigger your bet, the more you’ll underperform the house. “Small-cap stocks tend to outperform big-caps,” asserts Investopedia (“Understanding Small-Cap and Big-Cap Stocks,” 4 August 2022), “ ... … [Read more...] about The Myth of Small-Cap Outperformance

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About this website

About this website

This site hosts newsletters, books, etc., written initially for shareholders of Leithner & Company Pty Ltd and subsequently for anybody who wants to read them. … [Read More] about About this website

Recent Posts

  • A contrarian assessment of Macquarie Group September 26, 2023
  • Why value investors should doubt “climate science” September 5, 2023
  • How we prepare for – and profit from – recessions August 18, 2023
  • Are Australia and the US heading for severe recessions? July 28, 2023
  • The Myth of Small-Cap Outperformance July 14, 2023

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