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19 April 2024
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Corporate governance reforms in Japan have helped spur a 45% rise in the share market over the past 12 months. Korea looks set to follow the Japanese reform playbook, and may be poised for a similar bounce.
The Chinese economic model needs an overhaul and a currency devaluation is one way for the country to restructure. If a devaluation happens, it will have significant ramifications for Australia and the world.
In recent years, large caps returns have dwarfed those of small and mid-caps, especially in the US. 2024 could be the year that reverses as earnings growth re-accelerates for higher quality smaller companies.
A turnaround in the fortunes of ASX small caps is overdue after a disappointing 2023. It's important to pick your spots though, and miners and building materials companies look the standouts heading into next year.
Trend-following strategies have been around for a long time though they're still seemingly underappreciated. These strategies can provide diversification benefits and help protect downside risks to portfolios.
In finance, few phrases are potentially as wealth destructive as 'this time it’s different'. Yet, during a period when the mere mention of AI has sent valuations soaring, many are wondering if this time it really is different.
Despite recession predictions, consumer activity and corporate earnings are holding up well. Global long-term interest rates probably peaked last October, and there are signs of corporate earnings re-acceleration.
It's ASX reporting season again and a big watch will be on the impact that a softening economy has on company results and outlooks. Here's your guide for what to expect, and potential winners and losers.
The 60/40 portfolio has performed poorly during the recent period of high inflation. With peak inflation likely behind us, here's a stock-take on the year so far and what it might imply for portfolios going forward.
There is a US$50 trillion opportunity for those companies that help countries meet their net-zero emission targets over the next 30 years. Here are three key themes and a stock that will benefit from the change.
After investors become more realistic in terms of earnings over the next three months and earnings are rebased, the outlook for the share market is expected to be positive heading into the second half of this year.
Five years ago, the move towards passive investment in the US was obvious, and warranted. But there are compelling reasons to think that the next decade will be a more productive environment for active strategies.
The RBA and interest rate markets are underestimating inflationary pressures. Combined with a government intent on increasing wages, there's a risk of entrenching higher inflation in Australia compared to elsewhere.
The biggest structural stories in healthcare will involve cell and gene therapies, and genomics. Companies that supply those developing vaccines and other therapies are where the best investment opportunities lie.
A collection of interviews with financial markets experts on investing, superannuation, retirement and other topical issues, as published by Firstlinks over 2021 and 2022.
The decline in the small cap market this year has created opportunities in sectors such as tech, consumer discretionary and building materials. Stocks benefitting from the renewable energy push are also attractive.
Most Australian investors have little exposure to emerging markets debt, but the attractions of a widely-diversified portfolio offering higher yields can be accessed through global bond portfolios available here.
Investing in Asia is challenging but with younger populations, many countries face less wage and inflation pressures than the West. Buying the index rarely pays off as it's more about finding the winning companies.
Facing multiple headwinds, analysts braced themselves for poor results in the latest reporting season, but companies are in better shape than expected. Costs were an issue but most passed them on in higher prices.
Market highs and lows always have twists and turns but it never gives a big 'all clear' sign when it reaches a bottom. Three important factors provide helpful signposts for knowing when the worst will be over.
With BBB-rated investment grade credit in solid companies offering yields above 5% - a higher yield than what is currently available in most equity markets - there is plenty of opportunities for yield in fixed income.
Companies tend to pre-position weak results ahead of 30 June, leading to earnings downgrades. The next two months will be critical for investors as a shift from ‘great expectations’ to ‘clear explanations’ gets underway.
It is a tough time to be investing in growth stocks but there may be ways investors can take advantage of lower prices and be well positioned when the market and interest rates return to normality.
Company results reported in February 2022 showed some cost increases but most enjoyed major revenue upgrades, especially in the commodity and financial sectors. Here are portfolio highlights from two fund managers.
Smaller companies might require more research than large caps but they are often worth it. All large companies were small once and there can be benefits investing in small companies and backing management early.
Climate-related companies will experience exponential growth driven by consumer demand and government action. Investors who identify the right companies will benefit from four themes which will last decades.
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.
High-yield bonds carry more risk than investment grade but they offer higher income returns. An allocation to high-yield bonds in a portfolio - alongside equities and other bonds – is worth considering.
In the wake of persistent inflation, the Fed may jams down hard on the monetary brakes, leading to upward moves in bond yields. There may be a significant correction in equity markets, but what would the RBA do?
The inflation genie is still in the bottle. While wage growth remains low and the US Fed maintains current settings, we should expect the RBA's accommodatory approach to continue.
The refusal of both sides of politics not only to adopt ‘microeconomic reform’ but in some cases reverse reforms, looms as a bigger driver of unemployment than any failure to fine-tune macro or monetary policy.
Despite the unknowns, Australia is vulnerable as a medium-sized open economy dependent on smoothly functioning international trade. It was already under stress before the onset of the crisis.
Fear of missing out in a rallying stock market pushes many investors back into shares even when the outlook is poor. Bear markets usually last longer than we have seen so far during the coronavirus.
Equity markets are forward-looking, and the speed of the rebound has surprised many. If COVID-19 is controlled quickly, earnings could bounce back. Fund managers are picking up their favourites.
A fund manager that can short sell stocks with weak investment characteristics while reinvesting the proceeds in long positions in preferred stocks has a high degree of flexibility.
The key to investment success is identifying the winners from the structural growth tailwinds, regardless of the macro-environment. Here are examples of likely winners and strugglers.
Too many investors focus on macro trends, when what really matters is catching a company in the right part of its S-curve, when its earnings and products are about to take off.
The ATO has released all the superannuation rates and thresholds that will apply from 1 July 2024. Here's what’s changing and what’s not, and some key considerations and opportunities in the lead up to 30 June and beyond.
Jim Simons has achieved breathtaking returns of 62% p.a. over 33 years, a track record like no other, yet he remains little known to the public. Here’s how he’s done it, and the lessons that can be applied to our own investing.
Life has radically shifted with my brain cancer, and I don’t know if it will ever be the same again. After decades of writing and a dozen years with Firstlinks, I still want to contribute, but exactly how and when I do that is unclear.
Australia will have 3.7 million more people in a decade's time, though the growth won't be evenly distributed. Over 85s will see the fastest growth, while the number of younger people will barely rise.
Being rich is having a high-paying job and accumulating fancy houses and cars, while being wealthy is owning assets that provide passive income, as well as freedom and flexibility. Knowing the difference can reframe your life.
Investor disgust, consolidation, de-listings, price discounts, activist investors entering - it’s what typically happens at business cycle troughs, and it’s happening to LICs now. That may present a potential opportunity.