Stocks Neat

Hosted by Forager Funds

Business Investing

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Latest episode

Apr 2026

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About the show

Stocks Neat by Forager Funds - the podcast talking sips and stocks, with nothing watered down. Each month, join Steve Johnson and Gareth Brown for a drink as they talk share markets and taste-test some of whisky's finest. www.foragerfunds.com

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42 recent

April 1, 202656 min

Judgment Day for SaaS? A Forager's Perspective on the AI Sell-Off

Has AI brought Judgment Day for SaaS, or just created a new hunting ground for investors willing to be selective? In this episode of Stocks Neat, Steve Johnson and Gareth Brown explore the sell-off across global software, the businesses most exposed to disruption, and the ones they believe remain sticky, embedded and undervalued. With contributions from portfolio manager Alex Shevelev on the Australian market and analyst Bella Foley on Japan, the episode sets out the framework Forager is using to separate disruption from opportunity.

March 17, 2026Episode 4137 min

Special Episode | MA Financial’s Julian Biggins on Building an Enduring Business

Built to LastFrom navigating market cycles to building a more resilient financial firm, MA Financial co-CEO Julian Biggins joins Steve Johnson for a special episode of Stocks Neat.Julian reflects on what makes businesses endure when conditions get tougher, and why long-term success comes not from chasing every opportunity, but from surviving the cycle.As he puts it: “You don’t need to win everywhere. You just need to survive the cycle.”

January 7, 202629 min

The Business of Booze: Can “Zero” Be Diageo's Comeback Story?

Episode 40: The Business of Booze: Can “Zero” Be Diageo's Comeback Story? Alcohol has long been seen as a reliable, cash-generative industry. But in this episode of Stocks Neat, Steve Johnson and Gareth Brown explore why that assumption is being challenged and whether the sector can adapt.Drawing on Gareth’s recent meetings in London, including discussions with global drinks giant Diageo (LON:DGE), the conversation digs into falling consumption and generational shifts in drinking habits. Added to this is the growing impact of substitutes like cannabis. The hosts unpack why beer has been hit harder than spirits, how premiumisation once masked declining volumes, and why the economics of alcohol brands are changing fast.A key focus of the episode is the surprising rise of alcohol-free products, particularly Guinness Zero. Gareth shares observations from UK pubs where Guinness appears to be everywhere and explains why zero-alcohol beer could help brands defend both relevance and profitability in a more health-conscious world. The episode even features a blind taste test to see just how close Guinness Zero comes to the original.“You are now entering soft drink economics with alcohol prices.” - Gareth BrownTopics covered include:Global alcohol consumption trends and post-COVID demandWhy younger generations are drinking less, or not at allCannabis as a substitute and its impact on beerBeer vs wine economics and capital returnsThe rise of alcohol-free beer and Guinness ZeroWhat all this means for investors

October 23, 2025Episode 3943 min

Special Episode | GDG's Grant Hackett on Purpose, Pressure and Leadership

High Performance In and Out of the PoolFrom Olympic gold to the ASX 200, Generation Development CEO Grant Hackett joins Steve Johnson for a special episode of Stocks Neat.They discuss Grant’s journey from elite sport to business leadership, the importance of purpose beyond success, and how lessons from swimming translate into building a $3 billion company.As Grant shares: “You’re retired to something, not from something.”The conversation also dives into Generation Development’s core businesses, from investment bonds and annuities to Lonsec and the rise of managed accounts, and how the company is navigating growth, regulation, and leadership under pressure.Make sure to stick around to the end of the podcast, for a candid talk between Steve and Grant.

October 3, 2025Episode 3825 min

The Land of the Rising Return: Forager in Japan

In the latest Stocks Neat episode, Steve Johnson, Gareth Brown and Isabella Foley dive into Japan’s corporate transformation — from shareholder returns and buybacks to digitisation and the demographic shifts reshaping opportunities.“It’s been like a snowball that’s been pushing across a flat surface for a long period of time. It’s finally started to gather some momentum.” – Steve JohnsonWith Japan now a significant part of the international portfolio, the team shares where they’re finding value and why some of the most interesting ideas are hiding in plain sight.

July 14, 2025Episode 3739 min

Neat Reflection of 2025: Winners and Losers of the Passive Revolution

As the financial year wraps, Episode 37 of Stocks Neat takes a deep dive into the standout performance of Financial Year 25. Chief Investment Officer Steve Johnson is joined by Portfolio Managers, Gareth Brown and Alex Shevelev to discuss what drove results across Forager’s international and Australian funds — from Japanese software gems to ASX tech turnarounds and undervalued relics making quiet comebacks.The conversation covers how passive flows are reshaping the investing landscape, the importance of preparedness in a momentum-driven market, and why the team is finding fertile ground in small caps despite years of pessimism.“ We are generally looking for pessimism, for volatility, for extreme events…preferably not too extreme, but it’s our kind of market.” Whether you're curious about current positioning or where the next wave of opportunities may lie, this episode offers a candid look at the thinking behind the returns.

May 21, 2025Episode 3639 min

Special Episode | Inside the World of Alternative Assets with Navigator's Stephen Darke

Alternative assets are going mainstream — but are investors ready?In this special episode of Stocks Neat, Steve Johnson is joined by Stephen Darke, CEO of Navigator Global Investments, to unpack the ever-expanding world of alternative assets: from hedge funds and seeding strategies to manager selection and structural risks.With decades of experience allocating capital globally, Stephen shares what it takes to identify a repeatable edge, when to walk away, and why institutional lessons are now flowing into wealth channels.“You can't just get excess returns across all cycles without giving something up, and what are you giving up… Liquidity.”If you’ve ever wondered how alternatives can complement a core portfolio, or why liquidity isn’t always your friend, this episode delivers plenty of food for thought.

April 16, 2025Episode 3526 min

Trading the Tariff Tantrum

Markets are swinging wildly, and policy tweets aren’t helping. In this quarter’s podcast, Chief Investment Officer, Steve Johnson, and Forager International Shares Fund Portfolio Manager, Harvey Migotti, dive into the renewed tariff chaos sparked by Donald Trump’s latest announcements. They explore what it could mean for US exceptionalism, inflation expectations, and global investor sentiment.From the bond market's sharp reaction, to the larger than expected tariffs and broader questions around corporate confidence and earnings revisions, Steve and Harvey dissect the key themes shaping portfolios right now.

December 23, 2024Episode 3447 min

The Rise and Fall of Active Fund Giants: Lessons for Investors

In Episode 34 of Stocks Neat, Chief Investment Officer, Steve Johnson, and Portfolio Manager, Gareth Brown, take a deep dive into the challenges facing active fund management giants Magellan and Platinum, and the lessons for investors seeking long-term outperformance. They unpack what’s gone wrong, the rise of ETFs, and why small-cap opportunities remain a crucial edge for Forager.The discussion explores industry trends, the impact of fund size on performance, and how Forager stays nimble in an increasingly passive market. With insights on market dynamics and practical tips for identifying standout active managers, this episode is a must-listen for thoughtful investors.“Outperformance in active management is hard to find. It’s about being different and being right, which becomes increasingly difficult as funds grow larger and markets shift.”

October 2, 2024Episode 3333 min

Fifteen Years of Forager and that Fifty Basis Point US Rate Cut

As we approach Forager's 15th birthday, in Episode 33 of Stocks Neat, CIO Steve Johnson and Portfolio Manager Gareth Brown dive into the 50bps rate cut in the US and its impact on small-cap stocks. They unpack the latest market moves, spotlight companies like #Motorpoint and #Ferguson poised to benefit from lower rates, and share their strategies amidst ongoing volatility. The discussion explores resilient businesses, the correlation between rate cuts and small-cap outperformance, and how Forager has evolved over the past 15 years. Tune in as they reveal current opportunities and what the future may hold for investors navigating this changing landscape."Rate cuts, especially unexpected rate cuts, tend to benefit the more marginal businesses. Think heavily-geared businesses, cyclical industries, lower-margin businesses, companies that don't necessarily lead their markets of secondary and tertiary competitors."