Blackwattle Portfolio Manager Joseph Koh joined Sean Roger of Perpetual Asset Management on Livewire Markets’ Buy Hold Sell, borrowing the AFL Grand Final idea of balancing attack and defence to look at the ASX.
The panel rated three growth “attackers” and three “defenders”, then each manager named a pick for the next 12 months.
It was a practical look at how different businesses play different roles in a portfolio, and at how valuation, growth and resilience can lead to different answers on the same company.
Blackwattle Portfolio Manager Elan Miller joins Juliette Saly on ausbiz to discuss reporting season, where improving margins were offset by cautious outlooks as companies cut costs amid economic uncertainty. Elan unpacks the pressure facing banks and REITs from higher-for-longer rates, why he favours Stockland and Ramsay Health, and why he’s questioning the recent valuation reratings in CBA and CSL.
Blackwattle CIO Michael Skinner examines why the industry’s data spending arms race has hit diminishing returns, and why AI is set to commoditise data further still. He argues the real edge now lies in judgement, organisational speed and trust, not data spend.
In the data arms race of investing, judgement has never been so important.
In 1980, Sanford Grossman and Joseph Stiglitz published a paper with an inconvenient conclusion for anyone selling market data: information earns a return only while it is scarce.
If share prices reflected all possible information and the efficient market hypothesis was true, nobody would be paid to do research, and alpha generation would be improbable, if not impossible. The market needs inefficiency to fund the people who make it efficient.
Almost half a century later, the funds management industry is determined to test the theorem again. Global spending on market data and analysis has set a record nearly every year for more than a decade. Over roughly the same period, the performance scorecard is somewhat underwhelming: return outcomes are dispersed, and many active funds underperform their benchmark over ten years.
Blackwattle Portfolio Manager Joseph Koh joined Sean Roger of Perpetual Asset Management on Livewire Markets’ Buy Hold Sell, borrowing the AFL Grand Final idea of balancing attack and defence to look at the ASX.
Blackwattle Portfolio Manager Elan Miller discussed reporting season, where improving margins were offset by cautious outlooks as companies cut costs amid economic uncertainty.
Blackwattle’s August 2026 Market Insights: ASX 200 +1.5% amid sharp sector dispersion as reporting season drives volatility. Three our Funds outperformed benchmark, net of fees.
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