Michael Kemp Articles

Michael Kemp has written many articles for publication on my website. They are listed below for the convenience of readers who would like to read those they may have missed previously or would like to read again.

All are in PDF files. They are listed in alphabetical order by title of the article.

Analysing a Company
Where to start in assessing companies for investment
Analysing Companies - Four Classic Mistakes
Discusses the four most common mistakes investors make when analysing companies
Annual Report
Discusses the evolution, interpretation and purpose of company annual reports
Asset Allocation
Examines the question of whether we are investing or speculating
Book Value per Share
Examines this ratio for what it tells us and how to use it in investing
Company Capital Structure
How to understand it and its importance for analysis
Compounding
Discusses what compounding is and how important it is in intelligent investing
Debt - How Much?
Discussion of what to look for when assessing the level of debt in a company
Director Dealings
Explaing what they are, where to find them and how to interpret them
Dividend Imputation
Explains the Australian franking credits system
Dividend Policy
Discusses the imprtance of dividend policy in the investment process
Dividend Reinvestment Plans
Explains their advatages and disadvantages
Earnings Guidance
Discusses what earnings guidance means and how to use it in investing
Five Lessons from the Master
Timeless wisdom about what really makes Warren Buffett a great investor
How to get the most out of an AGM
Ways to go about it
Income Statement
Discusses interpretation of the income statement
Index Funds and Index Rebalancing
Explains these terms and discusses how to take advantage of rebalancing
Interpreting Interim Reports
What to look out for when companies release their half-year results
Intrinsic Value
What it is and discussion of the difficulties in its calculation
IPO Prospectuses
Discusses the traps lurking in them
Listed Investment Companies and ETFs
Compares them and discusses the risks
Management Matters
Why it is important to assess the quality of management when making investments
Passive Investing
Discusses the pros and cons of a buy-and-hold investing style
PE Multiple
Discussion of the price earnings ratio
Reporting Season
How to make sense of the reporting season
Restricted/Escrowed Securities
Explains what they are and discusses how they may affect investment decisions
Reverse Takeovers
An investment opportunity or a trap for the unwary?
Share Liquidity
Improvement on earlier article Stock Market Liquidity
Shares Bonds or Cash
Explains the three asset calsses and discusses the risks
Shares or REITs
Explains REITs and how they are taxed compared to shares
Short Selling Australian Stocks
Explains what is involved in short selling
Stock Market Liquidity
Michael's first article - see the later improved article Share Liquidity
Superannuation Portfolio
Discusses some of th influences on the returns from superannuation portfolios
Takeovers
What they are. How they work. What should you be doing?
Tax-Loss Selling
Discusses the pros and cons of this tactic
Volatility and Risk
Explains what they are and why they are not synonomous