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Saturday, 18 September 2021
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In reporting season, companies must deliver their results and many issue guidance for the next year. The response often send prices up or down and the market may make swift and not well-considered decisions.
Stock buybacks improve earnings per share, making it look like better company performance. In the US, if buybacks stop for any reason, both management and investors alike will have to shift earnings per share expectations downwards.
Many new 'disruptive' businesses are simply older-style businesses dressed up, and even if it's an attractive and ultimately profitable new space, competitors will join the party.
Companies ranked 51st to 100th by ASX capitalisation are in the mid-cap sector. They have better historic returns, industry diversity, insider ownership, and growth prospects than the S&P/ASX50.
When you've been around long enough to have witnessed financial disasters, you wonder at the exuberance of youth embracing the great unknown. Are you missing out or will being old and tired eventually prevail?
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.
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?
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.