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Tuesday, 21 September 2021
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Buying mispriced stocks is often uncomfortable when companies are outside the spotlight and markets are driven by emotions. And it's inescapable that the price paid ultimately determines the end result.
The leading global innovation companies such as Amazon, Google, Tencent and Alibaba, alongside tomorrow’s champions in Tesla, Afterpay and Xero, offer better prospects than traditional ‘old-world’ value investments.
Global equities offer higher return opportunities, portfolio diversification and exposure to specific themes. A broad index is the primary building block but there are many ways to enhance global returns.
A structural theme that will drive future earnings growth is the ‘emerging consumer’. The rising wealth in emerging economies will drive sub-sectors such as luxury goods, cosmetics, travel, global brands and alcohol.
It has been three decades, and Japanese equities are still not back up to all-time highs reached at the end of one of the greatest bull markets in global history in 1989. Can we have lost decades in Australia too?
The Australian market overall finished flat for calendar 2020, but the pandemic delivered big wins and losses. The companies, sectors and companies you invested in delivered vastly different results.
As more Australians tilt their investments to global equities, they often overlook the exchange rate risk and fees. The move from US57 cents to US73 cents in six months shows the unhedged impact.
The varying degrees of market performance are due to the mix of sectors and stocks in each index. The best plan of attack is to find quality companies in essential services at favourable prices.
Investing is a field where experience matters, but we all operate with a set of beliefs. Staying on top of market research gives useful lessons for investors and challenges common assumptions.
The market is asking how much are you willing to pay to feel safe, and the answer is: a lot. Perhaps a better question to ask is: how much are you risking in your quest to feel comfortable?
Global central banks are delivering a sugar hit that markets are relying on, but it is unsustainable. Interest rates cannot continue to be cut into negative territory forever.
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.
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.