CV Capital – 31 October 2018

To my fellow shareholders, October has not been a kind month for stocks, the ASX 200 fell 5.5% in October. This drop was not triggered by domestic issues but rather events in the US market which spread around the globe. The phrase “When America sneezes, the world catches a cold” is especially true in theRead More

CV Capital – 30 September 18

To my fellow shareholders, September has been a relatively quiet month as I have been travelling. However, we did make our biggest exit to date. We sold our entire position in SVWPA (my original thesis here). SVWPA was a perpetual preference share issued by Seven Group Holdings (SGH) that was trading at $82 (below parRead More

CV Capital – 31 August 2018

To my fellow shareholders, The month of August is a bit like d-day for stocks. It is reporting season for most ASX listed stocks and as an investor, August can be a make or break month for your stock thesis. We were fortunate at CV Capital that the reporting season has resulted in a monthlyRead More

CV Capital – 31 July 2018

To my fellow shareholders, We raised new capital in July and as a result issued 163,125 new shares. I took the opportunity to transfer more of my personal shares into CV Capital. As a result, most of my personal portfolio now resides in CV Capital. The way I account for these transfers is to adoptRead More

CV Capital – 30 June 18 update

To my fellow shareholders, Six months have gone pretty quickly and here we are at our first half year milestone. Overall, I’m pretty excited about the portfolio.  For most of our positions, the stock price has not changed materially since we purchased them and if my thesis plays out then I think the gains areRead More

CV Capital – 31 May 18 update

To my fellow shareholders, Firstly, I would like to share this long but excellent article on investing by Peter Guy. At CV Capital, we share 95% of the investing philosophy expressed by Peter and as I couldn’t have written it better than Peter, I highly recommend taking the time to read this article. Secondly, CVRead More

CV Capital – 30 April 2018 update

To my fellow shareholders, April has been a good month for the overall market. The market losses in March were pretty much all recouped in April. In relation to our portfolio, a combination of a big position falling by 2.7%, two smaller positions increasing by 15.9% and 3.3% in April meant that increases in ourRead More

Steamships Trading

As opposed to my usual assortment of cheap low quality companies, Steamships (ticker: SST) is a high quality business currently trading below the market value of net assets with incoming strong tailwinds. Steamships has a long history operating in PNG, this year marks its 100th anniversary. Its controlling shareholder, Swire group (72% interest) of theRead More

CV Capital – 31 March 18 update

To my fellow shareholders, Hope your Easter break was good. Moving forward, I’ll post the shareholder updates on a monthly basis as there may be limited activity to report on a more frequent basis. In many ways, investing is like a game and with a game there are certain rules. However, as these rules areRead More