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Wilbur Li

10 quick lessons from Buffett’s 2019 Meeting

Warren Buffett and Charlie Munger always deliver useful lessons in how to think about investing, including an honesty in talking about their own mistakes and misses.

Building better portfolios by forecasting markets

The longer the holding period, the lesser the variation of actual returns from expected ones. Using this principle should allow construction of actively-managed portfolios that outperform passive portfolios.

8 ways long-term investing is rewarded

It's intuitively appealing that long-term investing by active managers should be rewarded, but a new report quantifies many ways a patient investor can extract extra returns.

Ambachtsheer on fostering ‘long-termism’

Given the allure of short-term beauty contest investing, how can we accelerate the shift towards a longer-term, pragmatic and sustainable approach to investing?

Bitcoin and lessons from speculative bubbles

It's human nature to want to join the fun when prices rise rapidly, especially with stories of a few dollars turned into millions, but these are the times to treat with the utmost caution.

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Superannuation

The 'Contrast Principle' used by super fund test failures

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.

Property

RBA switched rate priority on house prices versus jobs

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.

Investment strategies

Disruptive innovation and the Tesla valuation debate

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.

Shares

4 key materials for batteries and 9 companies that will benefit

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.

Shares

Why valuation multiples fail in an exponential world

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.

Shares

Five value chains driving the ‘transition winners’

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.

Superannuation

Halving super drawdowns helps wealthy retirees most

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.

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