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Sunday, 17 October 2021
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An investment conference attended by thousands of leaders from industry and finance points the way to future investment trends.
The ATO distinguishes between LICs, deeming some as investors for tax purposes and some as traders for tax purposes. This distinction has implications for the way dividends are sourced and capital gains are treated.
The merit of appointing an internal or external CEO depends on the company's circumstances. Internal appointments tend to be more successful, although alignment of interests with shareholders is critical.
There is no correct answer to the maximum or minimum amount of exposure to a single company in a portfolio, but liquidity, risk and costs play into the decision.
There are now almost 100 Listed Investment Companies, but they are not created equally. There are important differentiating features that should be considered before choosing where to invest.
Purchases and sales of shares in their own company by directors and executives can be a powerful sign of the future potential within a company and should be monitored closely.
Rather than compare results against APRA's benchmark, large super funds which failed the YFYS performance test are using another measure such as a CPI+ target, with more favourable results to show their members.
RBA Governor, Philip Lowe, says that surging house prices are not as important as full employment, but a previous Governor, Glenn Stevens, had other priorities, putting the "elevated level of house prices" first.
Two prominent fund managers with strongly opposing views and techniques. Cathie Wood thinks Tesla is going to US$3,000, Rob Arnott says it's already a bubble at US$750. They debate valuing growth and disruption.
Four key materials are required for battery production as we head towards 30X the number of electric cars. It opens exciting opportunities for Australian companies as the country aims to become a regional hub.
Estimating the value of a company based on a multiple of earnings is a common investment analysis technique, but it is often useless. Multiples do a poor job of valuing the best growth businesses, like Microsoft.
The ability to adapt to change makes a company more likely to sustain today’s profitability. There are five value chains plus a focus on cashflow and asset growth that the 'transition winners' are adopting.
At the start of COVID, the Government allowed early access to super, but in a strange twist, others were permitted to leave money in tax-advantaged super for another year. It helped the wealthy and should not be repeated.