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Saturday, 18 September 2021
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How do you separate skill from luck in the performance of a fund manager? Investing is a mix of art and science in a highly-competitive industry full of smart people. Here are tips on what to look for.
Small cap investors face less mature companies with zero profit that need significant capital for growth. Without years of financial data to rely on, investors must employ creative ways to value companies.
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.
Citi research delves into how high net worth investors are feeling in the current market, and how they are investing during the drama of the pandemic. There is plenty of optimism and a willingness to stay invested.
It’s not only products and business models that create wealth. Management teams make decisions on how to deploy capital and such actions drive vastly different outcomes over time.
Bear markets caused by recession fears follow a pattern, but we have never seen anything like coronavirus. If financial stimulus and medicine prove ineffective, all bets are off.
The impact of COVID-19 on investments shows there's no place for complacency in a world of VUCA (volatility, uncertainty, complexity, ambiguity). How often do you stress-test your portfolio?
The COVID-19 bear market hit severely, making it the quickest collapse in history with the S&P500 down 34% in a month. But compared with other bears, there are reasons this could be shorter.
For a decade of accommodative central bank monetary policy, investors have been more macro-oriented, following liquidity and rate patterns. It’s time to focus on companies and be more micro-oriented.
Howard Marks distills a lifetime of investing into his new book, and perhaps as a sign that he has really mastered the market cycle, he has just sold a majority stake in Oaktree to Brookfield.
In some markets, the sheer volume of money flows into both good and bad companies, but when tougher conditions inevitably come, it's the quality earnings that sustain.
As he prepares for retirement, a Chief Investment Strategist from a major global fund manager summarises what he has learned working through five full business cycles. He says it's time to take risk off the table.
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.