That calls full time on 2022. A year that undid the sexy ‘promise’ businesses, the (obvious) frauds and those investors who strayed from their process.
This quarter’s insights sheds light on Alvia’s not so ‘Secret Sauce’ and how it saw our balanced portfolio deliver -2.1% for 2022 and 11.5% p.a. since inception. We discuss the cute reporting aided by a smoothness mirage and why MOATs aren’t so easy to spot.
Josh Derrington, CIO, discusses the houses and holes issue in Australia – questioning if the Future Fund is doing what it is meant to. Perhaps we should look at a country who executed it perfectly in the 1960’s
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