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Friday, 25 June 2021
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There are only three sources of returns when investing in companies. Whether an investment delivers on dividends, earnings or valuation expansion determines performance, and the contribution of each varies over time.
Wealth accumulation has four main drivers. Evaluating long-term investment risk requires shifting the focus on shorter-term losses and volatility towards failure to achieve long-term objectives.
40 years of investing is distilled into five crucial lessons. An overall theme is to embrace uncertainty to make an impact on how much you earn, how much you spend, how much you save and how much risk you take.
Even the best long-term performing fund managers have shorter-term periods of underperformance. It’s not a failure, it’s a feature of the industry. Investors need patience when backing a good track record.
Peter Thornhill shows how his personal portfolio has thrived under an 'all-in equities' strategy, but Warren Buffett's favourite valuation indicator says stock markets are priced at their most extreme ever.
Six portfolio managers look at how life may change by the end of the decade and how shifting trends are influencing their investment decisions. It's an optimistic view of the world in 2030 as a better place.
Warren Buffett's annual letter has a simple focus on long-term investing: "All that’s required is the passage of time, an inner calm, ample diversification and a minimisation of transactions and fees."
As more Australians invest overseas, currency exposure represents a new risk. 50% hedged, 50% unhedged was once a popular ‘least regret’ approach, but there's a move to currency as a return source.
Based on a long investing career, the author sets out his beliefs without attempting to justify them here. Readers can agree or disagree. It's his guide for friends and family with an actionable variation for risk appetite.
With the short-term focus on the pandemic and speculation about vaccines, it's refreshing to journey to 2030 and imagine the long-term changes coming on the investment horizon.
Value investing is a long-cycle play, but a decade (and counting) of waiting for mean reversion has tested the faith of even long-horizon investors. Some basic principles are worth assessing.
A new sponsor, Chi-X, shows how it follows long-term trends reinforced by COVID-19 to select US-listed companies accessible on local exchanges, often in sectors not served by Australian companies.
Among the share success stories is a poor personal experience as Telstra's service needs improving. Plus why the new budget announcements on downsizing and buying a home don't deserve the super hype.
Jeremy Grantham has seen it all before, with bubbles every 15 years or so. The higher you go, the longer and greater the fall. You can have a high-priced asset or a high-yielding asset, but not both at the same time.
The focus on predicting the recovery from the pandemic is the wrong emphasis. Better to identify great companies benefitting from market changes over a three- to five-year horizon with or without COVID.
Don’t look at an earnings forecast or a DCF valuation or a broker target price for a mining company. Share price forecasts are only as good as the commodity price assumptions they are based on, and they are a guess.
Blink and it happened. If announcements in this sector were made by a producer of iron ore, gas, copper or some new tech, the news would have been splashed across the front pages. Have we witnessed a major change?
A comprehensive review of dozens of LICs shows how they performed in the crucial 'peak to peak' of COVID. This 14 months tested the mettle and strategies of a sector often under fire, with many strong results.