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Friday, 17 September 2021
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Is it more difficult to find stocks to short in a rising market? What impact has central bank dominance had over stock selection? How do you combine income and growth in a portfolio? Where are the opportunities?
Look for a company whose prices are rising faster than inflation without customer churn, while leveraging its existing strong relationships to cross sell or up sell or some mix of both.
There’s a lot of talk of the WAAAX stocks causing fund underperformance, but they’re simply not big enough compared with choosing the wrong winners and losers among the large cap stocks.
Let's face it. Prices for many listed and unlisted companies have reached insane levels. Many of Australia's most reputable and successful fund managers are bewildered by the current market, and something's got to give.
Frustratingly for investors in micro-caps, the larger companies which now include the WAAAX market darlings are running quickly ahead of their smaller cousins. It's a waiting game for the tide to turn.
Although some domestic cyclical companies currently offer value, the attraction of offshore growth is a key factor for investors, including strong Australian companies with global aspirations.
Who knew? With some surprise results, the Government is on unexpected firm ground in asking people to draw on all their assets in retirement, although the comments show what feisty and informed readers we have.
It's a remarkable statistic. In any year since 1875, if you had invested in the Australian stock index, turned away and come back eight years later, your average return would be 120% with no negative periods.
Never stand between Australian households and an uncapped government programme with $3 billion in ‘free money’ to build or renovate their homes. But excess supply is coming with an absence of net migration.
Picking macro trends is difficult. What may seem logical and compelling one minute may completely change a few months later. There are better rewards from focussing on identifying the best companies at good prices.
Some high-quality companies have emerged even stronger since the onset of COVID and are well placed for outperformance. We call these the ‘COVID Opportunists’ as they are now dominating their specific sectors.
Critics of franking credits are missing the main point. The taxable income of shareholders/taxpayers must also include the company tax previously paid to the ATO before the dividend was distributed. It is fair.