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Wednesday, 27 October 2021
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Once you have formed a view on the intrinsic value of a company, you can cut through the noise of fashion and sentiment to strengthen your portfolio, buying shares when undervalued and perhaps selling when overpriced.
Ben Graham’s brilliant investment insights have served investors well since the 1940s, including Buffett. But many companies are different today and it makes sense to update and move on.
When building an investment portfolio it's a good idea to buy quality companies at a discount to intrinsic value. But what is that, and how does it fit into portfolio construction?
Whether it’s too difficult or produces too much volatility, few investors simply purchase a portfolio of 15 to 20 excellent businesses at attractive prices, and give them time to deliver the returns. Why settle for less?
The promise of diversification, low costs and access to overseas markets are boosting the popularity of all types of index funds, but broadly diversified cap-weighted equity index funds can only promise ‘average’ returns.
Fundamentals might not be making a lot of sense right now, but sooner or later mean reversion will kick in. Nobody knows the timing but you should be standing near the exit doors to take advantage of it.
The way home ownership relates to retirement income is rated a 'D', as in Distortion, Decumulation and Denial. For many, their home is their largest asset but it's least likely to be used for retirement income.
Housing market sentiment has eased from record highs and confidence has ticked down as house price rises slow. Construction costs overtook lack of development sites as the biggest impediment for new housing.
What is APRA worried about? The ‘average’ mortgagee can easily absorb increases in interest rates without posing a systemic threat to the banking system. Housing lending is a relatively risk-free activity for banks.
Understanding your own biases and behviours is even more important than learning about markets. Overcome four major cognitive biases that may be sabotaging your investing and recognise them in others.
Cash flow statements differ from income statements and balance sheets, and every company must balance payments to investors versus investing into the business. Cash flows drive the value of the business.
As Sydney and Melbourne emerge from lockdown, there are some reopening trades in the Australian credit market which 'sophisticated' investors should consider as part of their fixed income portfolios.
Demand for air travel, China’s growing middle-class population, Brazil’s digital payments take-up, Indian IPOs, and increased urbanisation are just some of the trends being seen in emerging economies.