Register For Our Mailing List

Register to receive our free weekly newsletter including editorials.

Home / 500

New eBook: the best part of my fund's investment process

The next free eBook in our series marks the 500th Edition of Firstlinks

Fund manager investment processes vary widely, from the top-down to the bottom-up, the qualitative to the quantitative, the growth to the value, even the intuition and the finger-in-the-air. Price should always matter, as Warren Buffett said, "A too-high purchase price for the stock of an excellent company can undo the effects of a subsequent decade of favourable business developments."

We asked a group of about 30 fund managers we have dealt with for many years to consider their entire investment process and drill down into what drives the most success, asking:   

“What part of your investment process has contributed most to identifying winners?”

Answers varied from the specific to the general with plenty of stock examples.

Thanks especially to the sponsors of Firstlinks who not only share their investing experience and knowledge in their articles, but enable free access to our newsletter and website for the circa 100,000 monthly active readers who make around two million pageviews a year.

Firstlinks continues to give priority to informing and educating ahead of clicks and advertorials, and thanks to all our readers for your interest.

Many thanks to Assistant Editor, Leisa Bell, for liaising with all the fund managers and producing this eBook full of different and insightful perspectives on managing money. Click on the book for a copy.

  •   15 March 2023
  • 5
  •      
  •   
5 Comments
Warren Bird
March 16, 2023

Couldn't help but notice one contribution to the e-book in particular. With the overnight collapse of Credit Suisse's shareprice and concerns about a major financial institution rearing their ugly head, Brad Dunn from Daintree used that firms recent sale of CS bonds from its portfolio as an example of how the process works. Not only is that a good call, but the illustration of credit risk assessment and portfolio risk management working together is a great reinforcement of the sort of messages I've tried to convey over the years. Even highly rated issuers of bonds can get into trouble and you need diversification and vigilance to make sure they don't blow you up. Managed funds do that far better than individuals can.

michael
March 17, 2023

A very interesting mix of attitudes, with rarely spoken ways of not following the crowd. E.g. Chad Padowitz refusing to meet management.

Jeff O
March 17, 2023

Great insights from asset mangers - i'd like to see info on their long run risk adjusted performance

john
March 20, 2023

Me too !!

Douglas Isles
March 17, 2023

Congratulations to Firstlinks on reaching the 500th edition, and it was great to be a part of the new eBook created to mark this, sharing alongside many peers, the best part of our investment processes.

Ironically that, for us, is having an “outsider” mentality, yet here we benefit from being part of an illustrious group in order to share this message!

 

Leave a Comment:

RELATED ARTICLES

The best part of my funds investment process

Is the golden era for active fund managers ending?

What Warren Buffett isn’t saying speaks volumes

banner

Most viewed in recent weeks

Making sense of record high markets as the world catches fire

The post-World War Two economic system is unravelling, leading to huge shifts in currency, bond and commodity markets, yet stocks seem oblivious to the chaos. This looks to history as a guide for what’s next.

3 ways to fix Australia’s affordability crisis

Our cost-of-living pressures go beyond the RBA: surging house prices, excessive migration, and expanding government programs, including the NDIS, are fuelling inflation, demanding bold, structural solutions.

Is there a better way to reform the CGT discount?

The capital gains tax discount is under review, but debate should go beyond its size. Its original purpose, design flaws and distortions suggest Australia could adopt a better, more targeted approach.

How cutting the CGT discount could help rebalance housing market

A more rational taxation system that supports home ownership but discourages asset speculation could provide greater financial support to first home buyers.

Welcome to Firstlinks Edition 648 with weekend update

This is my last edition as Editor of Firstlinks. I’m moving onto a new role though the newsletter will remain in good hands until my permanent replacement is found.

  • 5 February 2026

It’s economic reality, not fear-based momentum, driving gold higher

Most commentary on gold's recent record highs focus on it being the product of fear or speculative momentum. That's ignoring the deeper structural drivers at play. 

Latest Updates

Superannuation

Super is catching up, but ageing is a triple-threat

An ageing Australia is shifting the superannuation system’s focus from accumulation to the lifecycle of retirement. While these pressures have been anticipated for decades, they are now converging at scale and driving widespread industry change.

Investment strategies

Corporate earnings show resilience against volatility but risks remain

Evidence for a strong reporting season had been piling up for months and validated an upgrade cycle already underway. However, risks remain from policy uncertainity. 

Superannuation

Want your loved ones to inherit your super? You can’t afford to skip this one step

One in five Australians die before retirement and most have not set up their super properly so their loved ones can benefit from all their hard work and savings. 

SMSF strategies

Sixteen steps in a typical SMSF borrowing

Getting a mortgage is never an easy process but when an investment property is purchased in a SMSF the complexity increases significantly. Read this before taking the plunge. 

Planning

Do HNWI get better advice?

Good advisers lead to more diversification, lower turnover and less home bias. However, studies show the average adviser may not be adding much value to clients. 

Strategy

AFL Final Ten with wildcard edit 'unlevels' the field

When the new AFL season kicks off a wild-card will be added to the finals. Is this new formula fair and how does it impact the odds of winning the premiership.

Planning

Love them or hate them, it's worth understanding annuities

Investors have historically balked at exchanging a lump sum for a future steam of income. Breaking down the financial and emotional considerations of purchasing an annuity.        

Sponsors

Alliances

© 2026 Morningstar, Inc. All rights reserved.

Disclaimer
The data, research and opinions provided here are for information purposes; are not an offer to buy or sell a security; and are not warranted to be correct, complete or accurate. Morningstar, its affiliates, and third-party content providers are not responsible for any investment decisions, damages or losses resulting from, or related to, the data and analyses or their use. To the extent any content is general advice, it has been prepared for clients of Morningstar Australasia Pty Ltd (ABN: 95 090 665 544, AFSL: 240892), without reference to your financial objectives, situation or needs. For more information refer to our Financial Services Guide. You should consider the advice in light of these matters and if applicable, the relevant Product Disclosure Statement before making any decision to invest. Past performance does not necessarily indicate a financial product’s future performance. To obtain advice tailored to your situation, contact a professional financial adviser. Articles are current as at date of publication.
This website contains information and opinions provided by third parties. Inclusion of this information does not necessarily represent Morningstar’s positions, strategies or opinions and should not be considered an endorsement by Morningstar.