Argonautica

Professional investors can review published thought leadership and market updates from the Argonaut Investment Team.

13 posts found for 2012

‘Christmas Quiz 2012’

Carol singing, festive cheer, elegant knitwear, mistletoe and wine - and the odd quiz all make for a good Christmas. In lock-step with The Twelve Days of Christmas we have designed a light-hearted quiz of twelve questions (the answers can be found at the end). The team at Argonaut wish you all a merry Christmas and a happy new year. The questions… 1. Based on information for the DJ Stoxx 600 analysts’ earnings estimates at the start of this year were +8.2% for 2012 and +10.5% for 2013. Currently…

‘Reminiscences on a decade as a Euro Stock Operator’

Exactly a decade ago, I began managing a European equity fund. My core belief has always been to look for stocks with superior earnings momentum: that is to identify and invest in stocks that I thought could earn higher profits than the market was anticipating and at the same time avoid those that would be unable to deliver their forecast profitability. Although over the last ten years I made numerous mistakes, learnt lessons and refined my process, sticking to this simple strategy has allowed me…

‘Are European funds positioned where you think they are?’

We have written in a previous blog (Access to capital and the uncommon stock – the true driver of the “nifty fifty” new stock market cycle) regarding uncommon stocks and how their competitive advantage in terms of cost of capital enables them to generate earnings growth within a low-growth macro-economic environment. Some of the examples mentioned were household names such as Nestle and Volkswagen. What these companies also have in common is size. Size brings economies of scale, lifts barriers to…

‘Access to capital and the uncommon stock – the true driver of the “nifty fifty” new stock market cycle’

Despite central bank money printing and near to zero interest rates capital remains difficult to access for most companies. This is not, however, true for every company. For a small number of companies – we shall call them uncommon stocks - capital has never been cheaper or more widely available. This contrast between companies that have access to capital and those who do not is in our view perhaps the single most important theme of this new economic and stock market cycle. Investing in those companies…

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