Chris Leithner

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

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?

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

In Five crucial facts the mainstream has ignored (23 April), I demonstrated that “Australian equities have entered an earnings depression – and the market has mispriced it … egregiously.” Earnings finance dividends; so what, in the midst of Australia's bogus boom (19 May), are … [Read more...] about Australia’s dividend recession

The "recovery" of Australia’s economy from last year’s plunge into recession is much more apparent than real. Before the pandemic, deep-rooted and growing impediments hobbled its growth. Some have existed for decades, others result from the poor policy during and since the GFC. … [Read more...] about Australia’s bogus boom