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Wednesday, 20 October 2021
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Family offices and institutional asset allocators select their fund managers based on different factors, and it influences the quality and outcomes of their decisions.
The reputations of credit rating agencies took a hammering during the GFC, and while there are legitimate criticisms, they have an important role to play and are followed by most major investors.
Arrium's collapse provides a case study on how Australian banks failed to properly monitor loan quality and company developments. Compensation for risk is one thing, but equally crucial is return of capital.
The increases in margins on Australian listed hybrids are prompting investors to ask whether the returns finally match the risks. Hybrids come in many forms so watch the finer details.
Second mortgages are far more common than is recognised, often in the form of expensive debt. These 'silent seconds' may sit unnoticed until market conditions deteriorate and payments cannot be met.
There are seven key factors that have had a positive influence on residential housing prices over recent years, but only one of these factors is expected to remain positive over the next five years.
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.