Stocks Neat

Has AI brought Judgment Day for SaaS, or just created a new hunting ground for investors willing to be selective?  In this episode of Stocks Neat , Steve Johnson and Gareth Brown explore the sell-off across global software, the businesses most exposed to disruption, and the ones they believe remain sticky, embedded and undervalued.  With contributions from portfolio manager Alex Shevelev on the Au...

Built to Last From navigating market cycles to building a more resilient financial firm, MA Financial co-CEO Julian Biggins joins Steve Johnson for a special episode of Stocks Neat . Julian reflects on what makes businesses endure when conditions get tougher, and why long-term success comes not from chasing every opportunity, but from surviving the cycle. As he puts it: “You don’t need to win ever...

Episode 40: The Business of Booze: Can “Zero” Be Diageo's Comeback Story?  Alcohol has long been seen as a reliable, cash-generative industry. But in this episode of Stocks Neat , Steve Johnson and Gareth Brown explore why that assumption is being challenged and whether the sector can adapt. Drawing on Gareth’s recent meetings in London, including discussions with global drinks giant Diageo (...

High Performance In and Out of the Pool From Olympic gold to the ASX 200, Generation Development CEO Grant Hackett joins Steve Johnson for a special episode of Stocks Neat . They discuss Grant’s journey from elite sport to business leadership, the importance of purpose beyond success, and how lessons from swimming translate into building a $3 billion company. As Grant shares: “You’re retired to so...

In the latest Stocks Neat episode, Steve Johnson, Gareth Brown and Isabella Foley dive into Japan’s corporate transformation — from shareholder returns and buybacks to digitisation and the demographic shifts reshaping opportunities. “It’s been like a snowball that’s been pushing across a flat surface for a long period of time. It’s finally started to gather some momentum.” – Steve Johnson With Jap...

As the financial year wraps, Episode 37 of Stocks Neat takes a deep dive into the standout performance of Financial Year 25. Chief Investment Officer Steve Johnson is joined by Portfolio Managers, Gareth Brown and Alex Shevelev to discuss what drove results across Forager’s international and Australian funds — from Japanese software gems to ASX tech turnarounds and undervalued relics making quiet...

Alternative assets are going mainstream — but are investors ready? In this special episode of Stocks Neat , Steve Johnson is joined by Stephen Darke, CEO of Navigator Global Investments, to unpack the ever-expanding world of alternative assets: from hedge funds and seeding strategies to manager selection and structural risks. With decades of experience allocating capital globally, Stephen shares w...

Markets are swinging wildly, and policy tweets aren’t helping. In this quarter’s podcast, Chief Investment Officer, Steve Johnson, and Forager International Shares Fund Portfolio Manager, Harvey Migotti, dive into the renewed tariff chaos sparked by Donald Trump’s latest announcements. They explore what it could mean for US exceptionalism, inflation expectations, and global investor sentiment. Fro...

In Episode 34 of Stocks Neat, Chief Investment Officer, Steve Johnson, and Portfolio Manager, Gareth Brown, take a deep dive into the challenges facing active fund management giants Magellan and Platinum, and the lessons for investors seeking long-term outperformance. They unpack what’s gone wrong, the rise of ETFs, and why small-cap opportunities remain a crucial edge for Forager. The discussion...

As we approach Forager's 15th birthday, in Episode 33 of Stocks Neat, CIO Steve Johnson and Portfolio Manager Gareth Brown dive into the 50bps rate cut in the US and its impact on small-cap stocks. They unpack the latest market moves, spotlight companies like #Motorpoint and #Ferguson poised to benefit from lower rates, and share their strategies amidst ongoing volatility.  The discussion exp...

As we close out the 2024 financial year, in Episode 32 of Stocks Neat, CIO Steve Johnson, and Portfolio Manager Alex Shevelev, do a deep dive into the state of small-cap stocks and the latest market movements.  They discuss recent market volatility, spotlight resilient companies with strong recurring revenue, and share their stock-picking strategies. The episode also covers risk management approac...

In episode 31 of Stocks Neat, Portfolio Manager Gareth Brown and CIO Steve Johnson discuss Nvidia’s unprecedented rise, the recent Guzman y Gomez IPO, current investor sentiment and macroeconomic concerns. They examine the future competitive landscape of the AI chip space and Guzman’s plans for global expansion. Moving onto the whiskey tasting, they then test a Glenturret whiskey from the "su...

In episode 30 of Stocks Neat, Portfolio Manager Harvey Migotti and CIO Steve Johnson discuss recent portfolio performance including which surprise sectors have started contributing in 2024. They cover a wide range of topics including AI related companies, China worries, and overlooked opportunities in sectors such as European financials. The conversation then moves to portfolio management and how...

In episode 29 of Stocks Neat Co-Portfolio Manager Gareth Brown and CIO Steve Johnson discuss several investing maxims, and how these might apply to portfolio positioning in prior and current markets.   Topics covered include cleaning portfolios to include only high conviction ideas, selling when you can, maintaining cash in the portfolio, how to deploy cash in a downturn, and identifying diversity...

In episode 28 of Stocks Neat Co-Portfolio Manager Gareth Brown and CIO Steve Johnson discuss the prospect of price gouging in major Australian industries, the role future Competition Policy has to play, and the potential implications for investors.  The topic of competition problems in Australia has garnered increased publicity in recent times, driven by concerns over long-term productivity issues...

In episode 27 of Stocks Neat Co-Portfolio Manager Gareth Brown and CIO Steve Johnson discuss the recent performance of small caps and the psychology of investing.  Understanding the psychology of ourselves and others can go a long way to helping us navigate through life. Markets and investing is no different. Understanding this can enable us to avoid biases and regulate emotions to make rational a...

In episode 26 of Stocks Neat Co-Portfolio Manager Harvey Migotti, Analyst Nicholas Plessas and CIO Steve Johnson sit down to discuss the year just passed in markets, most notably a strong rally in uranium and the small cap recovery at the end of 2023. The uranium story grew throughout 2023 with the spot price increasing through the year. This was discussed in detail in Stocks Neat episode 22, wher...

For our holiday edition of Stocks Neat, Alex Shevelev, Portfolio Manager of the Forager Australian Shares Fund, is filling in for Steve and Gareth and he’s joined by a special guest, Will Lopes.  Will is the CEO and Managing Director of Catapult (ASX: CAT) which has been an investment of the Australian Shares Fund for a number of years. With origins in the Australian Institute of Sport, CAT has pi...

In the latest episode of Stocks Neat, Steve Johnson and Harvey Migotti discuss what they learned on their recent trip to the US and Japan.  Their trip started in Chicago at an industrials conference, which gave the pair a  temperature check on what is happening in the US economy. Then, Steve and Harvey visited Tokyo to meet with a few companies undergoing transformational changes in the IT space. ...

In episode 23 of Stocks Neat, Co-Portfolio Manager Gareth Brown and CIO Steve Johnson sit down to discuss the opportunities available for investors in the current interest rate environment, following our CIO Letter, " Reasons to welcome the death of TINA ”. In October, yields on US Government 10-year bonds hit 4.98%, a level not seen since the mid-2000s. With rising yields has come weakness i...

In episode 22 of Stocks Neat, Co-Portfolio Manager Harvey Migotti and CIO Steve Johnson sit down to discuss the growing interest in uranium, with the spot uranium price up almost 10% since the start of August and 27% so far in 2023. It has been a tough period for uranium investors over the last few years, with no new mine supply and rock bottom prices, investment in the sector had fallen to an all...

In the latest episode of Stocks Neat, Steve and Gareth discuss the recent news surrounding the GLP-1 inhibitor drugs taking the world - and stock markets - by storm. Originally used to treat Type-2 diabetes, clinical trials have shown GLP-1 drugs may be highly effective in causing weight loss. While the most common form of the drug requires regular injections, Steve believes that the forthcoming o...

In episode 20 of Stocks Neat, Co-Portfolio Manager Gareth Brown and CIO Steve Johnson sit down to explore the global economic outlook, its goldilocks nature, and its implications for investing. Switching from their usual whiskey, Steve and Gareth opt for a coffee as the conversation kicks off with a reflection on the past year's positive investment returns, despite being a year marked by mark...

In the latest episode of Stocks Neat, Co-Portfolio Manager Gareth Brown joins CIO Steve Johnson to shed light on the commercial property industry and the broader issue of unlisted assets, particularly focusing on Australia's super funds and their refusal to recognise the real value of some of their unlisted assets. The second topic they explore is the current bull market, dubbing it the &quot...

After some time on the sidelines, Co-Portfolio Manager Gareth Brown is back in the hot seat, joining CIO Steve Johnson for the latest episode of Stocks Neat as they delve into lessons from the recent Berkshire Hathaway meeting. They reflect on the meeting’s evolution over decades, how size has impacted investment decisions and the increasing conservatism in Berkshire Hathaway's investment str...