M2 Telecommunications (MTU.AX) delivered strong results across their businesses in 2009-2010. With underlying EPS up 72% to 16.7cents on the back of the People Telecom acquisition and organic growth. 2011 forecasts were strong with underlying EPS targeted in the 20.7-22c range.
With the current price of $1.80 you’re buying earnings growth of 28% for a P/E multiple of 8.4, which is an appropriate multiple for a no-growth company. In others words, current buyers are getting all M2’s growth for free. Alternatively the market believes M2 is not going to grow in the future …

The greatest outperformance can be achieved by buying growth stocks using a value framework.

The following article was generously contributed by a regular reader and commenter. I hope you enjoy reading West Wind’s journey as much as I did. He raises some interesting questions those considering retirement should consider.
Before starting, let me make it clear that I am not an Accountant or a Financial Adviser. This is just a tale of how one individual managed the transition from everyday share punter to contented self-funded retiree. For more intricate detail, seek professional advice.
Having started investing in shares during my student days, my early experience was …

Taking 3% bets on your best ideas gets you no where. Concentrate to accumulate.

Why should Australian’s bother investing in the USA.
- Diversity of companies. If you want to invest in tech, biotech, alternative energy or international companies then the US is the place to do so. If you want to invest in Chinese companies, then you’ll find their ADRs listed in America.
- Size. The Australian market is 2%, IIRC, of global markets. Size matters if you want exposure to the global economy.
- Because right now the Australian dollar is near to it’s all time highs and investing in the US actually decreases currency exposure rather than increases it as many people assume.

What have David Rosenberg and Seth Klarman got in common? Diddly squat as far as I know, except they wrote the best two things I’ve read in the last few days.

This excellent article exemplifies a style of fusion investing, the fusion of business momentum and value.

While my US tool belt is full, I’m still working on my Australian belt. These sites just made it through the preliminary round. Give it up for Earnings Calendars!
First up M* Corporate Calendar. It’s easy to use. Select your event and other criteria along the top. For example if you want 2010 Interim earnings reports for February , then select those criteria from the drop down lists.
Egoli present their earnings calendar via Google calendar. It’s attractive, but as only three companies are shown on one day it makes searching for a particular …

It’s that time of the year again. How did you investments perform in 2009?