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Carmel Chats to Larry Williams

Sunday Star Times

Date	Topic
31/03/11	Fisher Funds Purchases Huljich KiwiSaver
19/10/10	Fisher Funds purchases retail equity funds management from First NZ Capital
05/08/2010	Fisher Funds tells Stockland to lift it's bid for Aevum
09/03/2010	Takeover for Arrow Energy
04/03/2010	Hat trick for Fisher International Funds
20/01/2010	More corporate activity for Fisher Funds
18/01/2010	Takeover offer provides boost to Fisher Funds international portfolios
11/06/2009	Fisher Funds KiwiSaver bucks the trend
01/04/2009	Hong Kong Telco boost for International Growth Fund
14/11/2008	Fisher Funds and Morrison & Co announce strategic partnership
02/09/2008	Sciele Pharmaceuticals takeover boosts International Growth Fund

Date	Topic
10/10/11	interest.co.nz interviews David McLeish about fixed interest
04/05/11	Experienced expat returns to Fisher Funds
25/02/11	interest.co.nz interviews Carmel on a range of topcis
09/12/2010	Fisher Funds wins People's Choice KiwiSaver Award
24/03/2010	Carmel on NZI Business being interviewed about the Veuve Clicquot Businesswoman of the Year Award
10/03/2010	Carmel on NZI Business discussing the impact of recent merger and acquisition activity and sharing her thoughts on the fast tracking of tighter regulation on KiwiSaver providers
09/03/2010	Energy giants bid good news for KiwiSaver Fund - Fisher Funds
18/12/2009	In the pipeline
14/12/2009	Franks Jasper on ASB Business talking about what may occur in 2010
18/11/2009	Growth Funds continue top run in KiwiSaver
18/11/2009	Ken Applegate talks to Michael Wilson on ASB Business about his latest trip to the US, Asia and Europe.
14/07/2009	Ken Applegate talks to Michael Wilson on ASB Business about the impact of infrastructure spending in China
18/06/2009	NZ stock rally lifts KiwiSaver
17/06/2009	Ken Applegate talks to Michael Wilson on ASB Business about investing in Asia
12/06/2009	Fisher adds conservative fund to KiwiSaver offerings
30/11/2008	All aboard the infrastructure bus
19/11/2008	Carmel discusses the new strategic partnership on NZI Business
15/11/2008	Fisher move sparks speculation
21/08/2008	Fisher Funds rally after market gloom
19/07/2008	Fund Manager at loss to explain market behaviour
13/06/2008	Fisher Funds snap up shares

Our investment team chats with Larry Williams on Newstalk ZB every Tuesday evening at about 6.30pm on the latest topical issues in the investment world. Tune in live or listen by clicking the links below.

Date	Topic
01/02/2012	Weldon and Fyfe moving on, two big sets of NZ corporate shoes to be filled.
27/01/2012	Buckle in as Carmel takes us on a trip around the investing world
19/01/2012	Will 2012 be 2011 all over again? Carmel looks at the key points of interest right now in the global ecomony
20/12/2011	Carmel's thoughts on 2011 and what we might expect in 2012
13/12/2011	Frank discusses Trademe's listing on the NZX and Fonterra's milk payout announcement
06/12/2011	David talks about the implications of the recent credit downgrades on our banks
29/11/2011	Murray discusses Ron Brierley's involvement with the India Equities fund and an update on the sale of GPG's assets
22/11/2011	Carmel talks about the Super Committee plan to reduce the deficit in the US and China's recession warning
15/11/2011	Ken discusses the signs of an economic slow down in China and growth in Japan
08/11/2011	Terry looks at the angst over private equity backed IPO's in Australia
01/11/2011	Frank discusses the rate cut by the Reserve Bank of Australia and Summerset lisiting on the NZX
25/10/2011	Carmel talks about the Occupy Wall Street movement
18/10/2011	Murray shares details of the new listings on the NZX and the selldown of SOE's
11/10/2011	Carmel discusses the recent extraordinary market volatility and concerns around a Chinese property bubble
04/10/2011	David McLeish looks at the recent spate of activity in the NZ bond market and investor appetite for recent issues
27/09/2011	Terry talks about the product recall from Cochlear and the impact on the company's share price and future earnings
20/09/2011	Ken discusses the US Federal Reserves Operation Twist and the Hong Kong dollar moving away from the US peg
13/09/2011	Frank discusses the world's most expensive job interview
06/09/2011	Carmel talks about the current negative market sentiment
30/08/2011	Ken Applegate discusses Ben Bernanke's Jackson Hole speech and the options available to the US Federal Reserve for growing their economy
23/08/2011	Murray Brown looks at the recent performance of the New Zealand sharemarket and the results from reporting season
16/08/2011	Carmel discusses the market rollercoaster over the last week
09/08/2011	Terry Tolich talks about the winners and losers in the Australian reporting season
02/08/2011	David McLeish shares his thoughts on the US raising their debt ceiling and the implications this may have on the US and the rest of the world
19/07/2011	Frank Jasper talks about the decline in commodity prices over the last century and the significant rises in the last seven years
12/07/2011	Ken Applegate discusses the Financial Times article on the three major problems in the world right now
05/07/2011	Carmel shares her thoughts on the promotion of the legislation governing Financial Advisors by the Financial Market Authority and the sale of Charlie's
28/06/2011	Murray Brown looks at the effect recent disasters have had on Australasian airline profitability and the annual reports released by Fisher & Paykel Healthcare and Mainfreight
21/06/2011	Discusses the two strikes rule introduced in Australia and the rules put in place by the Financial Market Authority in New Zealand
14/06/2011	Thoughts on the announcements from Fairfax and Transpacific Industries and the investment opportunities this may present for New Zealand investors
7/06/2011	A look at the Reserve Bank data on mortgages and what movements we may see in interest rates over the next couple of years.
31/05/2011	Discusses the Economist article on Australia and the strong New Zealand dollar
24/05/2011	A look at technology stocks, Rakon, Fisher & Paykel Healthcare and LinkedIn
17/05/2011	Discusses the recent announcements from GPG and the start of the result of the season in New Zealand
10/05/2011	Thoughts from Carmel's experience at the Berkshire Hathaway shareholders meeting
03/05/2011	Discusses confession season in the Australian market as companies re-evaluate full year earnings guidance
26/04/2011	A look at the RBNZ's Open Bank Resolution and how it's designed to maintain the stability of our financial systems if one of our banks fail
19/04/2011	Discusses The Warehouse chairman stepping down and the change in weighting of Apple on the NASDAQ
12/04/2011	A look at whether New Zealand is likely to experience a commodities boom similar to Australia
5/04/2011	Thoughts on the resignation of the most likely successor of Warren Buffett to lead Berkshire Hathaway
29/03/2011	A look at Smartpay's plans for capital raising
22/03/2011	Discusses Moody's rating downgrade of Air New Zealand
15/03/2011	Thoughts on the impact of the Japanese earthquake on markets
08/03/2011	Discusses the results from the New Zealand reporting season
01/03/2011	A look at the results and forecasts from the Australian reporting season
15/02/2011	Discusses Australian Trustee companies, how they have being investing, and what we can learn from them
08/02/2011	Thoughts on the the February reporting season in New Zealand and Australia
01/02/2011	A look at the implications of the instability in Egypt and the strong corporate earnings from the US
25/01/2011	Discusses the forecasts for New Zealand and Australia for 2011
18/01/2011	Thoughts on the impact of the floods on the Australian economy
21/12/2010	A look at how the markets have performed over the last year and the outlook for 2011
14/12/2010	Thoughts on Ron Brierley stepping down as GPG chairman and Resturant Brands third quarter sales figures
07/12/2010	Talks about the moves to increase the number of female directors in Australia and New Zealand
30/11/2010	Discusses the recent retail trends in the US and Australia
23/11/2010	A look at results from the AGM's of Pumpkin Patch & Ryman Healthcare
16/11/2010	Thoughts on Greg Muir's bid for relection to Pumpkin Patch board
09/11/2010	Discusses quantitative easing (part 2) in the US and concerns about Ireland's economy
02/11/2010	A look at the mid term election, job numbers and expected Federal Reserve announcement in the US this week
26/10/2010	Thoughts on the take over offer from Singapore for the Australian Stock Exchange and the offer from KKR for Perpetual
12/10/2010	Discusses the possibility of quantitative easing, part two, in the US
05/10/2010	Thoughts on Towers bid for Fidelity Life and Methven's fine for misleading advertising
28/09/2010	A look at the increase in merger & acquisition acitvity and IPO's in the US market
14/09/2010	Discusses stimulus packages announced in the US, Japan and China
07/09/2010	A look at how governments are going to play an increasingly important role in markets, an increase in merger and aquisition activity and the Australian election results
31/08/2010	Thoughts on South Canterbury Finance and Delegats profit result
24/08/2010	Discusses the prospect of a double dip and why you should sometimes wait before accepting a take over offer
17/08/2010	Australian Reporting seasons and thoughts on the upcoming election
10/08/2010	A look at the slowdown in the retail sector in New Zealand
03/08/2010	Discusses the current position for US consumers and corporates
27/07/2010	Talks about the financial advisers new code of professional conduct
20/07/2010	Discusses whether active or passive fund management works best
06/07/2010	Thoughts on an interesting few weeks in Australian politics and the markets reaction
29/06/2010	Discusses the demerger of GPG and Tony Gibbs departure
22/06/2010	A look at whether reputations can be restored once they are tarnished
15/06/2010	Thoughts on the weaknesses and strengths in the European economy
08/06/2010	Discusses some of the challenges facing New Zealand retailers
01/06/2010	A look at Fisher & Paykel Healthcare and Fisher & Paykel Appliances results from last week
25/05/2010	Discusses the possible sale of Kiwibank
18/05/2010	Thoughts on corporate America and the Chinese economy
11/05/2010	A look at the European bailout and the sharemarket volatility in the last week
04/05/2010	Discusses potential rather than profit from new companies entering the market
27/04/2010	A look at Australian retailers in the current environment
20/04/2010	Thoughts on the likelihood of New Zealand becoming a significant financial hub
13/04/2010	The impact of Chinese growth on the Australian economy
06/04/2010	A look at New Zealand retailers shareprice performance against the market
30/03/2010	Infratil's purchase of Shell New Zealand's assets
23/03/2010	Sharemarket winners and losers in the wake of the US healthcare reforms and insights from the NZ Bio tech conference
16/03/2010	Thoughts on the Lehman Brothers report and Google's challenge with China & Facebook
09/03/2010	Discusses merger and acquisition activity in the market and the KiwiSaver review
02/03/2010	Discusses how Pumpkin Patch has turned around it's results and Berkshire Hathaway's results
23/02/2010	A look at Australia's first half profit season and the BBC's recent documentary on Warren Buffett
16/02/2010	Thoughts on China slowing it's economic growth
09/02/2010	Discusses John Key's speech on Government policy programme and the Dow Jones recent drop
02/02/2010	Thoughts on the January effect, the US Government intervention with banks and China managing their Growth
26/01/2010	A look back at 2009 and what lies ahead in 2010
15/12/2009	Discusses reflecting on your portfolio and positioning it for the year ahead
08/12/2009	Thoughts on the recently announced NZX dividend policy and share split
01/12/2009	Thoughts on the market reaction to Dubai World and Brash's 2025 Report
24/11/2009	A look at recent results of FPH, PPL, RYM and MFT. Can sensitivity analysis help Mum and Dad investors?
17/11/2009	2009 has been a record year for capital raisings in NZ so we assess investor appetite and look at the role of private equity in bringing them to market
10/11/2009	Thoughts on the recent Consumer "mystery shop" survey of financial advisers
03/11/2009	Thoughts on whether the Myer float will be a death knell for other IPO's
27/10/2009	Thoughts on the breakup of ING, the sale of Express Logistics to Toll Holdings, Jan Cameron taking on Kathmandu and China's latest quarterly GDP growth figure
20/10/2009	Kathmandu IPO - the good, the bad, the ugly
13/10/2009	An overview of 2009's annual Fisher Funds roadshow - lessons for investors and what investors are wanting to know at present
06/10/2009	What investors should look for with the upcoming Kathmandu and Myer IPO's and analysis of NZX's latest acquisition
29/09/2009	Pro's and con's of Abano Healthcare's proposed sale of Bay Audiology and Pumpkin Patch refocuses on the Australian market.
22/09/2009	What will be the impact on Sky TV with the launch of TIVO by Telecom and what's behind Rakon opening up a manufacturing plant in China>?
15/09/2009	NZ retail sales down - what does this mean? A look at the upcoming Myer IPPO in Aus and some thoughts on investing in NZ v. Aus
08/09/2009	The Aussie economy continues to go from strength to strength - what's behind this? and some thoughts on the Kiwi dollar
01/09/2009	Winners and losers in the recent reporting season, the outlook for markets in September and a few thoughts on the Chinese share market
25/08/2009	What continues to drive enrolments into KiwiSaver? How have members fared since joining?
18/08/2009	Common trends emerging from NZ reporting season
11/08/2009	A look at the float on the ASX of carsales.com.au and other auto industry trends
04/08/2009	Background to Provenco receivership and the smart money index
28/07/2009	US reporting season better than expected but what information should you really be looking for?
21/07/2009	Why bringing your Aussie Super back to NZ is about more than just tax and a look at the US reporting season to date
14/07/2009	What might the economic recovery look like and what sectors might lead the way out?
07/07/2009	A look at the healthcare challenge facing most government's worldwide
30/06/2009	A look at some recent smart moves by Pumpkin Patch and selling and buying activity of company executives
23/06/2009	Key outakes from recent investing surveys including one by the Retirement Commision of NZ
16/06/2009	Poor US manufacturing data solely to blame for recent market pull back? A look at the contrasts between US and Chinese economic data and update on NZ wine industry
09/06/2009	Investing strategies for sideways markets
02/06/2009	NZ Super Fund and KiwiSaver
26/05/2009	A look at recent profit results from the healthcare sector & a preview of upcoming cyclical profit results
19/05/2009	Balancing disclosure requirements and the Morningstar report on NZ fund manager's
12/05/2009	What's behind the recent strong bounce in the Australian share market and the flood of capital raisings and a preview of the Australian Budget
05/05/2009	Small cap v. large cap stocks, stock picking matters and is the bad news priced in?
28/04/2009	The potential impact of swine flu on the share market
21/04/2009	US reporting season and picking winners in volatile markets
14/04/2009	Lessons from the Australian wine export sector over the last decade
07/04/2009	Freightways capital raising, bull market & bear market? and NZIER survey
31/03/2009	Changes to KiwiSaver
24/03/2009	The US government bad bank bailout plan
17/03/2009	Light at the end of the tunnel? The bear's are talking
10/03/2009	Boring companies now in vogue, return expectations & talk of a depression might just bring one!
03/03/2009	Warren Buffet's annual shareholder letter, NZ & Aus reporting season & capital raisings

In our never ending search to identify great businesses to invest in from time to time we come across some outstanding pieces of research or analysis about all manner of things. Some of these can be quite heavy going but we thought some of our investors might be keen to read some of these articles for themselves. Feel free to comment by dropping us an email.

Date	Topic
28/07/2011	From Oaktree Capital Management "Down to the Wire" This is an interesting piece on the current US debt ceiling faceoff by Howard Marks of Oaktree Capital Management. It is a good background on what is happening the US. Mr Marks concludes that a deal to avert the short term crisis will be done but longer term the US, like all governments, needs to bring its budget into balance. It is a longish piece but for those interested well worth a read.
03/11/2010	From The Wall Street Journal "The Overseas profits elephant in the room" A great piece offering an alternative view regarding both the U.S. economy and currency
04/03/2010	From Vanity Fair "Betting on the Blind Side" A great piece by Michael Lewis, reknowned commentator, about how one man bet against the US sub prime housing market, stuck to his contrarian convinctions and profited handsomely.
24/01/2010	From the New York times "Taxing Wall Street Down to Size" Great op-ed piece from the New York Times, intelligently written, that argues for President Obama’s moves to repair the banking system. Anything that reallocates capital to more productive uses gets a thumbs up from us. Well worth a read.
18/01/2010	From the New Zealand Herald "No benefit to NZX merging with ASX" This piece reflects well on the strength of leadership at NZX and the importance of capital markets to the NZ economy.
02/09/2009	From the New York Times "How Did Economists Get it so Wrong?" This one is for those (there must be some) who are interested in economic theory and the response from academics to the crisis we have just lived through. The article written by liberal economist and Nobel award winner Paul Krugman is a good summary of the core arguments in macroeconomics at present. I think it also presents a more general conclusion – that is to never forget to include a healthy dose of common sense in your thinking and to not fall in love with pseudo science in economics and finance.
18/08/2009	From the New York Times "The Greenback Effect" We always pay attention to the uttering’s of Warren Buffet who, over the years, has proven to be a very astute investor and observer of markets. In this recent piece he is commenting on the build up of debt by the US Government. We share Mr Buffet’s concerns.
10/08/2009	From Vanity Fair "The Man Who Crashed the World". This is a good read on the goings on at AIG. The article was written by Michael Lewis, an ex trader from Salomon Bros and author of Liar’s Poker (well worth a read). The article is long (12 pages) and gets a little technical but for the curious on how AIG tumbled it’s a good study and well written.
01/06/2009	From the New Yorker "The Cost Conundrum". What a Texas town can teach us about healthcare.

We have created a new section for our investors where we simply share our thoughts on topical investment issues of the day, respond to frequently asked questions and so on. We hope you find this section useful and feel free to email us if you have any questions or comments.

Date	Topic
14/03/2011	Scott Brown's first hand account of the Tokyo earthquake
17/01/2011	The Impact of the Queensland Floods on our Australian Portfolio by Frank Jasper
24/09/2010	Our Thoughts - Investing through a recession
15/06/2010	Analysis from PwC on on the impact of benefits to PIE's folllowing Budget 2010
24/03/2010	Scott Brown, Senior Investment Analyst - International Equities shares our thoughts on the implications of US healthcare reforms
08/03/2010	Will the real fund manager please stand up?
12/02/2010	Independent report on Pipe Networks takeover misses the growth
26/01/2010	Proposed Tax Working Group recommendations positive for share market investors; not so for good for property investors
04/08/2009	Ken Applegate in China
18/06/2009	The package or the contents?
10/06/2009	Is now time time to invest?

Each week Carmel writes a column on investment basics in the Sunday Star Times. Each of these are available to read by clicking the links below. If you have any topics you would like Carmel to write about feel free to email us.

Date	Topic
05/02/12	Your 2012 investing toolkit
22/01/12	The clouds are parting, in finance at least
18/12/11	It's never too late to innovate
11/12/11	Cerebos takeover bid for Comvita a saucy move
04/12/11	Asset-sales debate mired in slogans and dogma
27/11/11	Your chance to have a say
20/11/11	Greed is good - bold Buffett proves it
13/11/11	Perceptions of value in eye of beholder
06/11/11	Spooky halloween effect as witches bring riches
30/10/11	Investing v. speculating
23/10/11	Sometimes we just need to be told
16//10/11	The next superpower
09/10/11	World watches in frustration as Europeans argue
02/10/11	The x factor
18/09/11	Leap of faith or misstep?
11/09/11	The future of advice
04/09/11	Steve Jobs - i for inspire
28/08/11	We can save ourselves
21/08/11	Like childbirth, crashes should be remembered and learnt from
14/08/11	Jimmy Carter's 1979 rallying call as relevant as ever
07/08/11	Time to let go
24/07/11	Rich are smarter - about how they live their lives
17/07/11	Intangible assets often vital when investing
10/07/11	Reinhart's swift rise fertile ground for tall poppies
03/07/11	A real life Greek Tragedy
26/06/11	Herd instinct can destroy the urge to be positive
19/06/11	F & P's profitability doesn't come out in the wash
29/05/11	High tech rollercoaster is risky but life-changing
22/05/11	Why you can rely on performance tables
15/05/11	Sensible budgeting
08/05/11	Scaring oursevles into saving
01/05/11	The role of ratings agencies
24/04/11	Size helping BP to get on with life a year after the Gulf disaster
17/04/11	Take emotion out of property
10/04/11	Beware of growth potential and stick to firms turning real profits
03/04/11	Simon says
27/03/11	Currency conundrum
20/03/11	Keep tabs on fast speculators
13/03/11	Wealth is a state of mind - not a target to chase
27/02/11	Booksellers should read between the lines
20/02/11	Roses are red money is green
13/02/11	Reporting season - a chance to look under the hood
06/02/11	Making sense of dollars a priority
30/01/11	Zebras can get fat in lion country
23/01/11	Act in haste and repent in leisure
16/01/11	More than a feeling - predictions are just best guesses
12/12/10	Bloke monopoly in board games
05/12/10	Compulsory savings
28/11/10	Is borrowing bad for you?
21/11/10	Retail therapy cures the blues
14/11/10	Long and short of it - patience pays
07/11/10	Look beyond the obvious numbers
31/10/10	Super exchange's huge opportunity
17/10/10	Can anybody win the currency game?
10/10/10	There's yield, then there's yield
03/10/10	Don't take 1% more simply at face value
29/08/10	Circle of competence
23/08/10	Lots of LUV
15/08/2010	Should investors start at the bottom or the top?
08/08/2010	Tis the season to hear and be heard
02/08/2010	Nothing half pie here
25/07/2010	Familiarity Bias
18/07/2010	Sale prices light up investors' eyes
11/07/2010	Knowing when to sell a crucial point
27/06/2010	Be prepared to win some and to lose some
20/06/2010	All that glitters is gold
13/06/2010	Better a buyer than a seller be
06/06/2010	Advice or DIY?
30/05/2010	Risk not changed, just our perception
23/05/2010	Government regulation
16/05/2010	Bring back old fashioned trading
09/05/2010	Pessimism can be profitable but the bets are high risk
02/05/2010	Diversification or diworsification?
25/04/2010	Bust them before they do damage
18/04/2010	Are investment fees ever worth it?
04/04/10	All power to the little people
28/03/10	What makes an ideal Board of Directors?
21/03/10	Mother nature and investing
14/03/10	Is it safe to come back into the water?
08/11/09	BRIC or Brick - Investing in emerging markets
01/11/09	Mechanical investing
25/10/09	The art of forecasting
18/10/09	How to read a prospectus
11/10/09	How important are dividends
04/10/09	Why do shares beat bonds?
27/09/09	Alphabet soup - the DCF
20/09/09	Goodwill hunting
13/09/09	Price to earnings ratio - PE ratio
06/09/09	Is timing everything?
30/08/09	The statement of cashflows
23/08/09	The balance sheet
02/08/09	Are you an investor or a speculator?
26/07/09	Time for the corporate report card
19/07/09	Small stocks can give small investors an advantage
12/07/09	Ethical investing - can you do well and do good?
05/07/09	Commodities - much talked about, but what are they?
28/06/09	Untis or shares - which are better?
21/06/09	How important is a share price?
14/06/09	Easy information makes for easy investing
07/06/09	Wide moats - keeping out the enemy
31/05/09	Green shoots - are they sprouting?
31/05/09	Blue chip stocks - have they lived up to their name?
24/05/09	Swap rates made simple
17/05/09	Trusting executives
10/05/09	Large or small? Does size really matter?
03/05/09	Risk and reward
26/04/09	Price and yield - just how does a bond work?
19/04/09	So many eggs, so many baskets
12/04/09	Know when to hold 'em, know when to fold 'em
05/04/09	The sharemarket odds are in your favour

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