Eleven months ago I compared Hunter Hall Limited (HHL.AX) with Platinum Asset Management (PTM.AX) and found that HHL was a third of the relative price of PTM. Here’s my graph from then. Rechecking their statistics now, sees HHL at half the cost of the PTM, so the gap has closed, but HHL is still relatively attractive.

No-one was ever fired for buying an Intuitive Surgical robot.

Rohan asked about AWB.

The ratios for this business are lousy as the chart blow shows. Past management indiscretions, poor governance, hemorrhaging cash and the lousy business make this an easy pass for me. Maybe some AWB longs can chip in with an elevator pitch.

What’s the current discount to book? To tangible book? Aspect Huntley say peg book at $1.54 and tangible book at $1.03. What’s Landmark worth?

Excellent results highlight the growth path.

The ASW elevator pitch:

A challenger to the duopoly of Computer Share and Link Market Services, ASW, has expanded beyond it’s regional foothold in the West. Earnings have grown consistently, guided by stable management/owners. Earning ceiling is not in sight.

Speaking of falling knives how about Biota? This Melbourne based anti-viral company, or I should say small molecule biotech company since their European anti infective acquisitions, had a serious haircut after royalties from their one current marketed product, Relenza, were well below estimates. Punters and analysts alike were disappointed when Relenza royalties of $9.7M fell well short of the expected $35M this quarter.

Elders is hitting new low. As Justin said in the comments a buck now seems likely.

First up the two year chart and then zooming in the last six months. Current management are meant to be good and have a decent strategy to turn Elders around. Operating in a business with trough margins which opens up the possibility of the double play of margin and ratio expansion. Worth looking at.

Here’s a good summary of Chinese bubble and why miners are will head lower, by Roger Montgomery. It’s based around coal due to the current M&A in that area, but does extrapolate to all miners.
In summary, China property bubble bursts, Chinese Government lowers the current 55% contribution to GDP occurring through build-out of infrastructure, demand falls, miners fall.
My view is that secular cycles last longer than most predict and commodity cycles can last twenty years, so I’m sitting on the sidelines waiting for the eventual fall to start rather than wasting …

The fourth semiconductor wave has reached it’s turning point. We’re about top go vertical on the s curve. “It has been predicted that humanity is fast approaching an omega point, or singularity.”
I measure the waves in technology by annual spending on semi-conductors, which peaked at $5billion in 1976 (the MainframeWave), $26 billion in 1983 (thePC Wave) and $202 billion in2000 (the Internet Wave). Eachwave peaked 5X to 8X higher than the prior one.

While Headline Group’s past financials are of interest they aren’t much use for predicting their future. HLD are emerging from their chrysalis and may have transformed into a beautiful butterfly. In short they’ve bought 61-64% of Australia’s franchise for ELC and Mothercare and starting the Mothercare roll-out at pace.