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25 April 2024
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If high levels of intangibles are not written down by the auditors – even after years of generating mediocre returns – the market will often do the writing down for them. Either way, shareholders receive lousy returns.
If you are not happy to own the entire business for a decade, you should not be comfortable owners of even one share for just a few minutes. Time is the friend of the extraordinary business but the enemy of the poor business.
Price is what you pay for something, but value is what you will receive and the value will ultimately determine your return. Your job as an investor then, is to own shares that are worth more than you paid for them.
If a company is growing, with increasing equity and profits, how does an investor know that management and the board are dudding shareholders?
As equity holders we love to see companies reporting profit growth. In fact, we become wary if they don't. Find out how the wrong sort of growth can quickly and permanently destroy wealth.
Unwittingly, you are probably a speculator rather than an investor and this series of articles will encourage you to turn your back on speculating forever.
How useful are the retirement savings and spending targets put out by various groups such as ASFA? Not very, and it's reducing the ability of ordinary retirees to fully understand their retirement income options.
The US market has pummelled Australia's over the past 16 years and for good reason: it has some incredible businesses. Australia does too, but if you want to enjoy US-type returns, you need to know where to look.
As long as the banks have no desire to pay up for term deposit funding - which looks likely for a while yet - investors will continue to pay a premium for the higher yielding, but riskier hybrid instrument.
The rise of the Magnificent Seven and their large weighting in US indices has led to debate about concentration risk in markets. Whatever your view, the crowding into these stocks poses several challenges for global investors.
Money can bolster our joy in real ways. However, if we relentlessly chase wealth at the expense of other facets of well-being, history and science both teach us that it will lead to a hollowing out of life.
The copper market is barrelling towards a significant deficit and price surge over the next few decades that investors should not discount when looking at the potential for artificial intelligence and renewable energy.
Global REITs have been out of favour for some time. While office remains a concern, the rest of the sector is in good shape and offers compelling value, with many REITs trading below underlying asset replacement costs.