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14 August 2022
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The close relationship between the Japanese share market, Japanese yen and the Australian share market shows that Japanese economic policy and a further boost from 'Abe-nomics' may have implications here.
Understanding how credit spreads relate to share prices and what they can reveal about where we are in the stock market cycle can be useful information for the long-term investor.
The fiduciary duty of banks, while not legislated, is implied by their central role in the economy. Bank deposits are accepted as 'money', and public confidence in banks is fundamental to a functioning economy.
Listed property trusts have outperformed shares for four of the last five years but after property price increases driven by foreign buyers, what might the future bring?
With the broad Australian stock index down 8% since the start of 2015, it looks like a poor period for equity markets. But if investors managed to avoid banks and miners, there's every chance their portfolio performed well.
Talk of the current market being volatile is overstated. Markets have been relatively calm for the last four years, and what we are seeing now should be considered normal.
Now we're captivated by inflation and higher rates but only a year ago, investors were certain of the supremacy of US companies, the benign nature of inflation and the remoteness of tighter monetary policy.
Companies have been slow to update guidance and we have yet to see the impact of inflation expectations in earnings and outlooks. Companies need to insulate costs from inflation while enjoying an uptick in revenue.
Weaker share prices may have already discounted some bad news, but cost inflation is creating wide divergences inside and across sectors. Early results show some companies are strong enough to resist sector falls.
In 2002, the share price of the company that became Sydney Airport (SYD) hit 80 cents from the $2 IPO price. After 20 years of astute investment driving revenue increases, it sold to private hands for $8.75 in 2022.
There are significant differences in the sector weightings of an ethical fund versus an index, and while this has caused some short-term headwinds recently, the tailwinds are expected to blow over the long term.
Many new investors make common mistakes while learning about markets. Losses are inevitable. Newbies should read more and develop a long-term focus while avoiding big mistakes and not aiming to be brilliant.
Lenders use Residential Mortgage-Backed Securities to finance mortgages and RMBS are available to retail investors through fund structures. They come with many layers of protection beyond movements in house prices.