Ann: Fiducian (FID) Investor Presentation H1 2022-23 Results, page-4

For mine, the key takeaway from this result is that, despite tough equity market conditions, these guys still continue to invest aggressively in the business and in staff, at the expense of sacrificing the P&L in the short term.

If they had wanted, they could have locked away the corporate chequebook (and also justified not giving staff pay rises), and this result would have looked far better than it does. (Heck, different management team, if it was so inclined, could even have engineered an increase in earnings)

That these guys don't succumb to that sort of temptations reflects a business-owner mindset; i.e., how you would manage a business for long-term value creation, without the need along the way to worry about fronting up to capital markets with 6-monthly results that sometimes don't look up to scratch.


"My major concern would be the paragraph on page seven that says FID believes the worst is over with financial markets and that the latter 'may trade sideways for a number of months'. One doesn't want to be 'Dr Doom' but analysts such as Christopher Joye of Coolabah Capital heatedly disagree and suggest we're in for tough times on the equity and property markets/sectors."

I wouldn't worry about what talking heads are saying about the outlook for the market.
Predicting market direction has long been demonstrated to be a fool's errand.

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