Anthony Macdonald

1 week ago | afr.com | Anthony Macdonald

Once you get past founder problems – assuming you can, and founders do change their spots – what matters for a company’s thousands of minority investors and the day-to-day share price is succession. Who or what are they buying for the long term? A Richard White or Chris Ellison may have made great companies and made those longer-term minority shareholders 10, 20 or 30 times their money, but what’s the long-term plan? Loading... Follow the topics, people and companies that matter to you.

1 week ago | afr.com | Anthony Macdonald

Star Entertainment has lodged the ugliest set of accounts you will see from an ASX300 company this year. There were hefty losses, writedowns, revenue going backwards, debt going up, dwindling cash reserves and near-term liabilities worth more than two times current assets. There was an 850-word going concern notice listing 13 things that could still send Star broke, even after it was temporarily bailed out by Bally’s Corporation, and a warning from the auditor that it wasn’t out of the woods.

1 week ago | afr.com | Anthony Macdonald

As the United States and China’s tit-for-tat tariffs and trade war moved into joke territory, and China keeps the market waiting on stimulus, the iron ore price has barely blinked. It is still fetching about $US100 a tonne. That’s great news for Australia’s budget, iron ore miners and investors, but you have to question whether it is sustainable. It would be good for all of us if it was, but big global investors are betting it is not. Loading...

1 week ago | afr.com | Anthony Macdonald

Apr 13, 2025 – 1.25pm or Subscribe to save articleSubscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe. Subscribe nowAlready a subscriber? Healthscope’s most logical buyer is hiding in plain sight. It is a million miles from private equity, has the scale and access to capital to outbid any other strategic buyer in the world and knows more about running hospitals than any other company in Australia. Loading... Anthony Macdonald is a Chanticleer columnist.

1 week ago | afr.com | Anthony Macdonald

Much has been made of bond markets’ pressure on Donald Trump this week, but don’t forget about equity markets. There, the tariff and growth uncertainty came as shares were already expensive, leaving ample room for debate about what comes next. In an environment when the market could drop 5 per cent on any given day and throw off opportunities, investors have to go back to basics: how much should you pay for $1 of profit? Would such a day be a “buy everything” occasion like we saw on Thursday?