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Tuesday, 19 October 2021
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Knowing about psychological barriers to good investment performance can help to understand and minimise mistakes. Consider how often a cognitive bias has led to a poor investment.
A fund manager's biggest challenge in the current economic environment is how to best serve the interests of investors knowing that a severe market disruption is a possibility.
Maybe this time, investing IS different, as technology approaches tipping points of exponential advancement. Developments in genomics, robotics, artificial intelligence and computing power may go in unforeseen directions.
A positive view on US growth but some concerns around possible inflation effects and the unwinding of QE. Growth may give a tailwind but it is rarely the most important factor determining market returns.
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.