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Edition 29

31 August 2013

Welcome from Chris Cuffe

Imagine you own 20% of a company, representing a high proportion of your net worth. You like the business, but obviously you want to understand where it is going and at times, offer your views when you think management is taking a wrong path. That is your right as an owner. In the institutional investing world, these discussions usually occur behind closed doors, and the AGM has become more of an administrative obligation.

Roger Montgomery follows this theme of institutional investors needing to watch companies closely by exploring balance sheet goodwill, tangible and intangible assets. A high level of tangible assets producing low returns may suggest the assets are overvalued, or high intangibles including goodwill combined with low returns may signal a write down is coming.

It's likely that most of the one million trustees of SMSFs are unaware of their obligations under the trust deed that they signed, and Andrew Bloore provides a timely reminder that the ATO is increasing its SMSF surveillance, and gives examples of the problems the regulator will look for.

Paul Umbrazanus has worked in both the wagering and financial services industries, and is struck by the parallels between the two, and continuing the analogy of backing the right horse at the right odds, Peter Elston argues that there are skilled managers who know the best time to pounce on a stock when others are fearful. It's worth more thought at a time when ETFs and index investing are gaining market share.

Chris

Latest posts from Cuffelinks, 30 Aug 2013, Edition 29

How institutional investors influence listed companies Chris Cuffe
Wipeout – the problem with goodwill Roger Montgomery
ATO to increase surveillance of SMSFs in 2013/2014 Andrew Bloore
That’s racing: financial markets and wagering parallels Paul Umbrazunas
Skilled managers do exist Peter Elston

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31 August 2013

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