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Three risks you can discount – and one you can’t

Chris · December 3, 2021 ·

This article summarises Leithner & Co.’s assessment of three key commonly-cited macro-economic risks: (1) increasing inflation, (2) stagnant or declining economic growth and (3) rising interest rates. By analysing a long series of data compiled mostly by Robert Shiller, I … [Read more...] about Three risks you can discount – and one you can’t

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The myth of the small cap premium

Chris · November 5, 2021 ·

“There are lots of reasons why investors get excited about small stocks, particularly in Australia,” a global asset manager stated in a report published in 2017. These reasons include “the higher growth rates that smaller companies can achieve” and “the myriad of successful … [Read more...] about The myth of the small cap premium

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Our approach to selling – and why we sold BHP

Chris · October 7, 2021 ·

In 2015, Leithner and Company Ltd purchased shares of BHP. In June of this year, we sold them. Over these years, this investment generated an unexpected but gratifying compound rate of total return of almost 30% per year. Using it as an example, this article summarises our … [Read more...] about Our approach to selling – and why we sold BHP

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Does CBA deserve its premium?

Chris · September 9, 2021 ·

Why, particularly since the GFC, have Commonwealth Bank of Australia’s returns outpaced ANZ’s, NAB’s and Westpac’s? For decades, macro-economic conditions have affected each of the Big Four in much the same way; and since 2017-2018, in the wake of the findings of the Royal … [Read more...] about Does CBA deserve its premium?

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Keynes as investor-speculator

Chris · July 20, 2021 ·

John Maynard Keynes (the First Baron Keynes of Tilton, 1883-1946) is usually remembered as the author of The General Theory of Employment, Interest and Money (1936) and father of “Keynesian economics.” He was probably the most famous and influential economist of the past century, … [Read more...] about Keynes as investor-speculator

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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

  • Decarbonisation: A doubter’s guide for conservative investors May 16, 2022
  • America’s permanent recession: Is it coming to Australia? April 19, 2022
  • The janitor who amassed a fortune: How character underpins investment success March 16, 2022
  • Why you’re probably overconfident – and what you can do about it February 14, 2022
  • Will climate change soon make Australia “uninsurable”? January 17, 2022

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