Steve Johnson

Founder and CIO at Forager Funds Management. Likes assets plays, cigar butts and anything else cheap.

[Steve Johnson @ForagerSteve]

This new trend towards companies that make profits and pay dividends is interesting. Back when I was young, they called it investing.

[Steve Johnson @ForagerSteve]

@mondyinvest @k311126 That's sort of my point about flows. You already lost everyone who disagreed with the anti-AI narrative. Now you lose everyone who backed you. Again, I have made plenty of mistakes. Just think this one is horrendous for the value of the management company

[Steve Johnson @ForagerSteve]

Its share price is already telling you so but $GQG jumping on the AI bandwagon at the last stop is looking like a disaster for investors and shareholders https://t.co/vJr97RyUDv

[Steve Johnson @ForagerSteve]

@JohnWickPencil I'm not laughing - no shortage of very public mistakes in my career. Just pointing out that the share price of the management company is right to be hammered. It's a disaster for flows

[Steve Johnson @ForagerSteve]

@k311126 The strategy has always been to make big sector moves at the right time, so investors should not have been expecting any specific style consistency. Outflows will accelerate though. Who stays now as an investor? If you backed his views on the bubble, you are very pissed

[Steve Johnson @ForagerSteve]

@rhysdiab You could now admit you were right all along, switch back and discover you were wrong all along

[Steve Johnson @ForagerSteve]

@DarrellLynch4 True but not sure that is the problem here

[Steve Johnson @ForagerSteve]

We sent this letter to the $OFX board today. Our view is that this business gets sold eventually - it is simply worth more to an acquirer than as a listed entity. We're not for selling it at any price, though, and shareholders need a viable fall back plan https://t.co/ut0gsyxIBM

[Steve Johnson @ForagerSteve]

Note to all those focussed on the $MGH buyback, they have approval to buy back up to 20% of the register, not 10%. Passed it at the recent AGM

[Steve Johnson @ForagerSteve]

Granted Firmus was a step too far but don't dismiss the ASX if you are looking to list a zero revenue shitco for billions of dollars. Why should one failure put you off? We have a long list of success stories including Audiopixels, Titomic, IperionX and many more

[Steve Johnson @ForagerSteve]

@RonShamgar Nice musing!

[Steve Johnson @ForagerSteve]

It's a pretty easy fix if those are the problems. Prove the concept on a much smaller scale and come back to the market in 12 months' time. The worry is they might only prove that it's not what they are pretending it is

[Tom Richardson. @tommyr345]

Firmus investment bankers are some of the smartest in Aussie market, so I wouldn't blame them, reality is company came too far, too fast, & wasn't ready or sufficiently scaled to pull off IPO this big

[Steve Johnson @ForagerSteve]

@puppyeh1 If it's real, which I doubt, you just prove the business model on $1bn of capital and come back in 12 months' time. If it's not real, the last thing you want to do is prove it

[Steve Johnson @ForagerSteve]

As a general rule in investing, "you can't afford to ignore this" is a very good reason to ignore something https://t.co/k0VUlCYBkT

[Steve Johnson @ForagerSteve]

@puppyeh1 I'm too old for 249Ds

[Steve Johnson @ForagerSteve]

@puppyeh1 Been pushing the argument for 18 months. Everyone agrees, no one wants to lose their job.

[Steve Johnson @ForagerSteve]

@calvinfroedge The other thing you will learn about Australian gold stocks is that the correlation between the gold price and the operating costs is close to one.

[Steve Johnson @ForagerSteve]

This was one of my favourites from 2020:

[Steve Johnson @ForagerSteve]

The old Titomic ($TTT). Roughly $100M of cumulative losses. Umpteen dozen promotional announcements promising future riches every year since the 2018 IPO.

Q2 cash receipts: $1.5m

[Steve Johnson @ForagerSteve]

@JaredSleeper What happens with SBC in the space? Most of these companies are booking expenses based off their share prices 2-3 years ago. It's a lot lower if you do shares issued x current price. Will they keep issuing the same number of shares or up the issuance to maintain dollar comp?