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Monday, 20 September 2021
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The gradual switch to electric vehicles is underway, but given the obvious shortcomings of fossil fuels, there are a surprising number of problems electric cars need to overcome. EVs have not yet won the race.
At the moment, oil is the only energy source that can satisfy global demand, but low-carbon power is increasing supply and cost effectiveness. Will the oil price hold up while the fuel is gradually replaced?
With coal, gas and oil, the more we use, the deeper we need to dig and the more expensive energy becomes. Solar and battery power are on a technology curve: the more the world produces, the cheaper it becomes.
Fossil fuel divestment can impact a company’s prospects, and push capital into renewables. Refusing to invest in companies that cause climate change denies their social licence to operate.
The consequences of renewable energy disruption will be strongly felt by the Australian sharemarket with the falling contribution from existing energy and resource companies.
US shale oil producers and the combined alliance of OPEC and Russia need one another to maintain the 'sweet spot' in oil sector dynamics and profitability into the future.
It's a dilemma for fund managers to make divestment decisions on behalf of investors based on philosophical grounds. Does it reflect the investors' beliefs and will it adversely impact returns?
John D Rockefeller turned in his grave when the news drifted in that the Rockefeller Brothers Fund was divesting from fossil fuel companies. What are the responsibilities of companies, funds, directors and trustees?
Looking at the big picture, the world will gradually move away from fossil fuels to renewable energy. Progress will be slow and timing uncertain, but investments will need to adapt to the change in energy usage.
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.