Going Home

As prior readers of this blog will know I have been running a small private investment company, Brazier Equity, in Australia for the past couple of years. However,  our family is moving back to the UK this year because my wife has accepted a job at Oxford University. The prestige of the job combined with the opportunity to be closer to extended family made it too good an opportunity to pass up. Consequently, I have taken the difficult decision to wind up Brazier Equity due to the time difference, personal tax implications and our desire to realise a significant portion of our investment to buy a house.

Brazier Equity delivered an annualised return of just under 34% after fees whilst I was actively managing the company portfolio. This is remarkably similar to the performance of my personal account prior to starting Brazier Equity (34% annualised)  except the latter does not include fees. 

We don't move back to the UK for a few months and so I am running an ASX portfolio with a small amount of money for the remainder of this tax year. I am also running a UK portfolio on behalf of family members which I will replicate with our own money after we move. I intend to update this blog with research notes and portfolio changes going forward.

Although I am running an Australian portfolio, my focus is now researching UK stocks and once we leave I don't expect there will be any further Australian content. Given the short holding time for the Australian portfolio I have tried to ensure that it is well diversified across industries and that is contains primarily cheap stocks with favourable outlooks. Meanwhile, the UK portfolio is more concentrated with a focus on quality reflecting the longer time horizon.

A word on disclosure

Please be aware that if you buy stocks that I hold this benefits me because prices are not perfectly elastic. The twin rise of internet influencers and index investing goes a long way to explaining the increasing power of momentum in markets for the same reason.

My motivation for restarting this blog is not to try to benefit from others following me into trades. It is because I find that writing things down helps me think, especially when publishing. I also found that the feedback I received through comments last time around was helpful and that the blog enabled me to grow my investor network which I now hope to replicate in the UK. Finally, I learned how to invest in large part by figuring out who the savvy investors were on Australian stock forum HotCopper and following them. The reason this worked is because I was thinking independently about the decisions and opinions of those with more skill and experience than me rather blindly following them. Although I may not be more skilled and experienced than you we all see things differently and I hope that you can at least get value from the unique perspective contained in this blog.



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