News: FDV Frontier Digital Ventures Posts 1H Revenue On Fdv Ownership Basis Of A$9.8M, page-36

TII are now washed up value investors. They used to follow the classic Ben Graham “net nets” strategy under Steve Johnson the former reseach director. He took this to Forager and have a look how well it’s done for his funds :/

They have adjusted their ways somewhat under Nathan Bell Mk II however I think the issue with TII is that the original analysts were all conservative value investors that had a “holier than thou” approach to investing as in ‘if it’s not (dirt) cheap on our metrics - we will never buy’. Meanwhile the world changes around them. Technology changes, economic policy changes, markets change and become more competitive, the population grows, and interest rates stay historically low for a long time, etc. Long term macro structural shifts. But you still stick to the same strategy? Come on...

Tune in every 2nd Monday to The Call on ****** to hear from Gaurav one of their analysts. Watching him on Sky from years ago he was a permabear. Now he’s halfway toward being an eternal optimist.