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Tuesday, 21 September 2021
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The VIX as a measure of risk has a place in equity markets in interpreting market sentiment, but it is overly simplistic to think it can represent volatility in equities as a whole. Just what is it?
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.
The current level of fear in the market could be signalling a downturn or even another GFC. Investors should remember the lessons from the last crisis, and be in a position to take advantage of the next one.
Investing with previous-year top performing fund managers and acting along with the crowd puts you on the wrong side of a zero-sum game. There may be a 'fear' premium for investing in out-of-favour styles.
An investor’s fundamental investment process should be adapted to take account of the psychology and emotion involved in making such decisions, including a disciplined approach to entering and exiting positions.
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.
The RBA Governor says rising house prices are due to "the design of our taxation and social security systems". The OECD says "the prolonged boom in house prices has inflated the wealth of many pensioners without impacting their pension eligibility." What's your view?
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.