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Payouts aren’t merely sensible, they’re desirable: by boosting subsequent earnings, they improve companies’ and thus investors’ returns. Should dividends be “the bane of your investment life”? Does Australia’s system of dividend imputation “force companies to behave … [Read more...] about Dividends aren’t a bane – they’re a boon

For some investors, long-established and low-cost active funds are likely a better option than many index funds and most ETFs. Without resorting to Google, try to guess who said this: “if everybody indexed, the only word you could use is chaos, catastrophe. The markets would … [Read more...] about Index funds’ key flaws – and how we overcome them

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

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”

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