Latest news with #DavidKirk
NZ Herald
05-08-2025
- Business
- NZ Herald
David Kirk: Hedgehog or fox? What your investment style says about you
A fragment of writing by an ancient Greek poet can signal what kind of investor a person is. Photo / Getty Images Online only Former All Black captain David Kirk, now chair of Rugby New Zealand, joins taking a philosophical look at money, finances and living well. The cofounder and chairman of Bailador Technology Investments, Kirk sits on a number of other boards including investee companies of Bailador and charitable organisations. The most exclusive and probably the oddest college in Oxford is All Souls. The college's full name is The College of All Souls of the Faithful Departed of Oxford. Who, you may ask, are the faithful departed? The college was founded in 1438, and the departed souls are those who gave their lives fighting in the Hundred Years' War (roughly 1337-1453). All Souls has no undergraduate members. The college takes in a few graduate students each year, known as 'examination fellows', from an applicant pool of about 150. The entrance tests take place over two days and consist of four three-hour examinations, two on specialist subjects and two on general subjects. A further fifth examination, for which applicants are asked to write for three hours on a single word, has recently been discontinued. In the 2024 general paper, applicants were asked to choose three questions to answer from a list of 29. They included: 'Fame or fortune?', 'How would you explain the internet to a dinosaur?', and 'Stick up for one of the deadly sins.' The 150 applicants are whittled down to a short list of five or six who are then invited to a viva voce examination lasting approximately 25 minutes and attended by some 50 fellows. Perhaps two are admitted. The late Sir Isaiah Berlin was one of the college's most famous examination fellows. Berlin was born in Riga, Lativa. His parents moved to Petrograd in Russia when he was six, just in time for the Russian Revolution. In 1922 the family fled to England, and in 1932 Berlin was admitted to All Souls College as an examination fellow. I came across Berlin in the first term of my first year studying at Oxford. My first political philosophy tutor was John Gray, now famous in philosophic circles as a rare example of a pessimistic philosopher. He doesn't believe in progress except in a narrow technological or material sense, and his books marshal a great deal of historical evidence in support of his miserable prognostications. The very first tutorial question he set for me was: 'Freedom is freedom from chains, all else is metaphor. Discuss' Undergraduate humanities students at Oxford University are taught by the tutorial system. A week before a one-on-one tutorial the student is given an essay topic. They are expected to write an essay of perhaps 2000 words, which will be read to the tutor at the start of the next tutorial. The reading takes about 10 minutes. The remaining 50 minutes are devoted to questions from the tutor and discussion of the essay question. Presented with each essay question is a list of books and articles germane to that week's topic. On the list for that first essay in my first week was an essay by Sir Isiah Berlin titled Two Concepts of Liberty. In 1953, Berlin published a different essay, inspired by a fragment of writing from the ancient Greek poet Archilochus: 'A fox knows many things, but a hedgehog knows one big thing'. Berlin used this idea to expound his theory that there are two ways people view and engage with the world. One group, the hedgehogs, 'relate everything to a central vision, one system … a single, universal, organising principle'. The other, the foxes, 'pursue many ends, often unrelated and even contradictory … related to no moral or aesthetic principle'. He went on to categorise writers and philosophers as foxes or hedgehogs. The hedgehogs include Dante, Plato, Dostoevsky and Nietzsche, and the foxes Aristotle, Montaigne, Shakespeare and Joyce. The essay is not, however, about who is a hedgehog and who is a fox, but Count Lev Nikolaevich (Leo) Tolstoy's philosophy of history as laid out in War and Peace. Berlin uses the Archilochus quote simply to allow him to describe Tolstoy as a fox who wants to be a hedgehog and show how this is exhibited in War and Peace. The hedgehog and fox divide maps comfortably on to investment management preferences. The hedgehogs have a system, an approach, an investment footprint that is circumscribed. Equity value investing is a good example. These hedgehogs invest in businesses when they are cheap relative to fundamental valuation metrics and sell when they become more than 'fairly' valued. It's a simple plan: buy low, sell higher. Also, hedgehogs are investors who invest primarily in one strategy, one sector or one set of securities. Examples might be commercial property, or government bonds or momentum investing, where the mantra is if something's going up, buy it, if it's going down, sell it. The biggest risk for hedgehogs is a lack of diversification, which in exchange for greater upside potential brings greater downside risk. The organising principle for the fox-like investor is expected long-term return wherever it comes from. This leads the fox to search for and take advantage of opportunities in all sectors and types of security, public markets, private investments, oil and gas, technology, equities, bonds, even options. The biggest risk for foxes is straying into areas in which they have no deep understanding of what they are investing in and 'averaging down' by offsetting the big winners with a group of big losers. We are what we are in the hedgehog-fox dichotomy. The best we can do is seek to understand ourselves and double down on the benefits and manage the risks of our prickly or vulpine tendencies.
The Australian
05-08-2025
- Business
- The Australian
Forsyth Barr shopped stake to rivals before Mercury Capital buyout
The Australian Business Network Forsyth Barr was understood to be quietly having discreet conversations about a possible sale to prospective buyers before it inked a deal with Sydney-based private equity firm Mercury Capital, say sources. Last month, Forsyth Barr, chaired by former Fairfax Media boss and All Black captain David Kirk, entered into an agreement with Mercury Capital, run by former Goldman Sachs New Zealand boss Clark Perkins, to buy between 25 per cent and 30 per cent of the business. It is one of New Zealand's most prominent wealth management and investment banking businesses, while Mercury Capital has more than $1bn of funds under management and has been keen to gain industry exposure for some time. DataRoom understands that a conversation was had by Forsyth Barr with investment bank Barrenjoey, the Australian-based firm with which Forsyth Barr already has a strategic partnership. They agreed in 2022 to share access to research, advisory and capital market services for clients. Barrenjoey declined to comment, and Forsyth Barr denies it has been for sale or made approaches. The suggested approach comes amid speculation as to whether Barrenjoey would consider a move into private wealth. Some are betting an exodus of advisers from well-established market players such as Crestone to be the catalyst, as it remains subject to an earnout from its owner, LGT, that comes to a head by next year. Once that performance hurdle is met, some think advisers from Crestone could leave and join an investment bank like Barrenjoey. Barrenjoey is run by former operatives at UBS, the Swiss bank where most of the Crestone advisers came from, and Crestone is the spin-off of the old UBS Wealth Management business, formed through a management buyout. Barrenjoey was founded by key UBS operatives including the former country head Matthew Grounds, but it does not currently operate in private wealth. Some think it is a natural progression for the Sydney-based investment bank that launched in 2020, as it looks to establish diversified earnings streams that provide a defensive backstop for years when there are fewer fees earned from its core operation of investment banking. Barrenjoey has denied the private wealth market is an area of interest, but that has not stopped many in the industry speculating about a future move into the area. Any moves would all be part of the flux that could play out in the coming years, with questions surrounding whether NAB will eventually offload JBWere in Australia after divesting its New Zealand operations. Australia's wealth management industry is growing, with assets under management projected to reach $US1.93 trillion this year, according to data from Statista. Assets under management are expected to grow at a compound annual growth rate of 0.07 per cent resulting in a market volume of $US1.9 trillion by 2029. Many see JB Were in Australia as the prize in terms of private wealth mergers and acquisitions activity, but it is currently not for sale. However, that is expected to change in future years. Jarden Group's FirstCape wealth management business would be in pole position to pounce on the operation should it become available. Jarden Group sold part of its wealth management business to Pacific Equity Partners while also merging it with JB Were New Zealand. The business is now 20 per cent owned by Jarden, 35 per cent owned by PEP and 45 per cent owned by NAB. Expectations are that it will broaden its reach into the Australian market. Last year, private equity firm TA Associates, which owns 34 per cent of New Zealand's Fisher Funds wealth business in New Zealand, bought Kiwi Wealth in 2022 for $NZ310m and purchased a stake in Kiwi wealth business and broker Craigs in December. Meanwhile, there's constantly attention surrounding the future of Shaw and Partners, which is owned by global banking group EFG International and run locally by Earl Evans, and also the Bruce Mathieson-backed Ord Minnett. Crestone agreed to sell the business in 2022 to the interests of the Liechtenstein royal family, known as LGT Group, in a deal that valued the business at $475m. Bridget Carter DataRoom Editor Bridget Carter has worked as a writer and editor for The Australian's DataRoom column since it was launched in 2013, focusing on capital markets, mergers and acquisitions, private equity and investment banking. She has been a journalist for more than 18 years, covering a broad range of events and topics, including high profile court cases and crimes, natural disasters, social issues and company news.
NZ Herald
29-07-2025
- Business
- NZ Herald
Australian private equity investor Mercury Capital to acquire stake in NZ broker Forsyth Barr
Reminder, this is a Premium article and requires a subscription to read. Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech. Already a subscriber? Sign in here Access to Herald Premium articles require a Premium subscription. Subscribe now to listen. Australia's Mercury Capital is seeking a strategic stake in Forsyth Barr. Photo / NZME The shake-up in the New Zealand investment sector looks set to continue with investment firm Forsyth Barr announcing Australia's Mercury Capital plans to take a strategic stake in the company. Forsyth Barr said it had entered an agreement with the Sydney-based private equity firm, which is offering to acquire a 25-30% shareholding in the company for an undisclosed sum. The offer is subject to shareholder approval and other conditions, with completion expected during August, Forsyth Barr said. Founded in 2010, Mercury specialises in providing growth capital to established businesses across Australia and New Zealand, managing more than $2 billion in funds. 'Mercury Capital's investment reflects confidence in our strategy, market position and future growth,' Forsyth Barr chairman David Kirk said.
The Australian
28-07-2025
- Business
- The Australian
Tech-centric Bailador delivers strong FY25
Bailador reports strong FY25 with private portfolio companies delivering 33% IRR Six out of nine Bailador private portfolio companies achieved significant valuation uplifts Deployed $40.8m in strategic new and follow-on investments in FY25, positioning for long-term growth Special Report: Tech-centric capital fund Bailador Technology Investments recorded a standout FY25, marked by strategic capital deployment and strong growth across its private portfolio. Bailador Technology Investments (ASX:BTI) reported a 33% internal rate of return (IRR) in FY25 from its private portfolio companies with six of nine companies achieving significant valuation uplifts. With $40.8 million invested in new and follow-on deals and fully franked dividends of 7.1 cents paid to shareholders in FY25, Bailador co-founder David Kirk said it was well-positioned for continued momentum into FY26. 'The past 12 months have been defined by exceptional portfolio performance, new investments and the successful execution of our growth investment thesis,' he said. Kirk said the three key themes of strong IRR, targeted deployment of capital and dividend returns to shareholders had driven its success in FY25. Private portfolio drives performance, Updoc value increases 86% Private company investments were standout performers of FY25, he said, demonstrating the quality of its investment selection and strength of the technology sectors targeted. 'Updoc, the digital health platform we invested in in May 2024 has been a standout performer. 'Updoc has increased in value 86% ($17.2m) since we invested. 'We wrote Updoc up by 50% in December 2024 and another 24% in June 2025.' BTI reported a 59% uplift in the equity value of its investment in financial advice and investment management platform DASH. The company invested $30m in DASH in June 2024, including $25m in equity and $5m in debt. 'This uplift was in line with the latest capital raising price secured by DASH,' Kirk said. He said Dash's successful acquisition and integration of Integrated Portfolio Solutions (IPS) increased funds under administration from $4 billion to $17bn. 'The business delivered 50% revenue growth in H1 FY25. 'New partnerships with Stockspot, Pearler and an ASX 50 financial services business validate DASH's product leadership and provide scalable distribution channels.' Valuations of other investments also up The valuation of another private portfolio company Access Telehealth was increased by 20.8% ($5.5m) in June. 'The valuation increase followed robust revenue growth over the preceding 12 months and Access Telehealth delivering run rate profitability at the end of FY25,' Kirk said. BTI's investment in Hapana increased in value by 50% ($3.9m) since its investment in August 2024. The investment has accelerated the high-growth fitness studio management software's international expansion. 'Since that time Hapana has shown continued high revenue growth and strong unit economics,' Kirk said. 'We are pleased to report Hapana is successfully winning major global customers. Hapana secured major partnerships including powering Fitstop's ambitious US expansion strategy. BTI increased the value of its investment in Mosh by 33% ($2.5m) in December 2024 following a strong year of revenue growth by the business. Mosh is a digital healthcare service focused on men's health across hair loss, weight management, sexual and mental health. 'The management team has executed well in the competitive digital healthcare space,' Kirk said. The company also increased the value of Rosterfy by 14% ($1.7m) in October 2024 at the same time it completed a follow-on investment. Rosterfy provides volunteer and workforce management software to not-for-profit organisations, government volunteering bodies and mass-scale sporting and other events. 'We were pleased to see OIF also invest at the same valuation in December 2024,' Kirk said. Strategic realisations and minimal exposure cushion market challenges He noted that in June, BTI wrote its investment in Nosto down by 63% ($2.7m) following softer trading performance. 'Nosto is a small portion of our portfolio and after this write down, represents less than 1% of the portfolio.'. Nosto is a software company specialising in AI-powered personalisation for e-commerce. The performance of its two public positions was also somewhat muted in the financial year. The share price in hotel bookings platform SiteMinder (ASX:SDR) fell 13% YoY. However, Kirk said its $20m realisation in November 2024 at a price 31% above the June 2024 price crystallised some H1 FY25 gains and limited decline YoY to 5% ($4.4m). The share price in language tech company Straker (ASX:STG) declined 19% ($800,000) in FY25. Strategic capital deployment creates future value Kirk said BTI's disciplined approach to capital allocation had positioned the portfolio for continued strong performance. 'We remain confident in our ability to identify and partner with high-quality growth companies at attractive valuations.' BTI invested $12.5m in an AI-enabled property investment platform PropHero in February 2025 using predictive AI models to aggregate data and tailor investment property recommendations. 'PropHero is delivering very strong revenue growth and we are pleased with progress since our investment,' Kirk said. Its follow-on investments in established portfolio companies, he said, demonstrated its commitment to supporting high-performing businesses through their growth phases. Source: BTI Committed to shareholder returns Bailador distributed 7.1 cents to shareholders in fully franked dividends during FY25. 'Our total shareholder return for FY25 from dividend payments (grossed up for franking credits) and capital appreciation was 8.4%,' Kirk said. 'This return is after tax and all fees. 'We expect continued strong growth from our private portfolio in FY26 and further progress and growth from our large position in publicly listed SiteMinder.' This article was developed in collaboration with Bailador Technology Investments, a Stockhead advertiser at the time of publishing. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Globe and Mail
14-07-2025
- Business
- Globe and Mail
Great Basin Metals Inc. Announces Name Change and Results of Annual General Meeting of Shareholders
Vancouver, British Columbia--(Newsfile Corp. - July 14, 2025) - Great Basin Metals Inc. (the " Company" or " Great Basin") is pleased to announce that it has changed its name from "Regal Resources Inc." to "Great Basin Metals Inc.") effective July 10, 2025. In connection with the name change, the Company has a new CUSIP and new ISIN number: 390130102 and CA3901301026. Results of AGM The Company is pleased to announce that it held its annual general meeting of shareholders (AGM) on June 20, 2025. A total of 30,258,653 shares representing 45.49% of the total issued and outstanding shares of the Company at the record date of the AGM were voted. Shareholders passed the resolutions set out in the management information circular of the Company dated May 16, 2025, including setting the number of directors at four and electing four directors. The directors elected include three incumbents, Drew Brass, Tony Louie, and Greg Thomas, as well as a new director, David Kirk. The percent of votes in favor of the various motions ranged from 75.23% to 100%. About the Company Great Basin Metals Inc. is a junior mineral exploration and development company based in Vancouver, British Columbia whose sole mineral project is its interest in the Sunnyside Project near Nogales, Arizona. Great Basin Metals Inc. is a reporting issuer in the provinces of British Columbian, Alberta, and Ontario. ON BEHALF OF THE BOARD Greg Thomas Chief Executive Officer
