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Fidelity International

Do you understand the difference between a managed fund, an actively managed ETF and a passive ETF? Want to know more? You can learn everything you want to know about the benefits of investing in Active ETFs, the differences between the different investment structures and how they work in our... Show More

Investment Theme

Catherine Yeung, Investment Director at Fidelity International, comments that clients often ask her what’s happening on the ground in China and whether the journey is actually intact? She answers this question in this presentation, concluding to say that: “It’s very hard to imagine not having a suitable allocation to the... Show More

Fidelity International

The start of 2018 has been anything but ‘business as usual’. Markets were buffeted first by inflation concerns and then trade protectionism. Equities fell and bond yields rose significantly as a result. So is it the beginning of the end for this long bull market cycle or is it the... Show More

Expert Insights

Software companies often attract a very high valuation, at least at face value. Drilling down deeper into the economics of these business reveals the real value of owning a business with a sustainable ‘moat’ that can reinvest at high rates of return, says Kate Howitt, Portfolio Manager at Fidelity International.... Show More

Expert Insights

With the ‘whites in the eyes’ of inflation clearly visible, investment logic could be “turned on its head”. Kate Howitt, Portfolio Manager at Fidelity International, says it’s important not be underweight commodities stocks, as their “prices could really run ahead” in an inflationary environment. Key points: Inflation has been benign or falling... Show More

Expert Insights

The most important ingredient of a great investment is having an outstanding ‘horse and jockey’; a business that’s operating in an attractive industry, and a highly capable management team. Kate Howitt, Portfolio Manager at Fidelity International, explains the attributes they look for, and why Wisetech Global ticks all the boxes. ... Show More

Fidelity International

In a world of uncertainty in which our brains are often subconsciously working against us, it’s a good practice to regularly challenge our investment views. “Am I being overconfident in my beliefs about the future?” “Am I being overly optimistic about the prospects of certain assets based on recent experience?”... Show More

Joshua - many thanks for your comment. I would agree with you that Peter did focus a lot on earnings growth and as you accurately highlight Facebook is growing faster than Apple. However Peter was also very disciplined around the price paid VS value received and used to talk to us a lot about trying to find value where others were not looking - Chrysler's turnaround which he has also covered in his books, used to be one of his favourite examples. As regards fast growers Peter believed in looking for those which had the potential to 10 bag on him (to compensate for the risk that a number of them do flame out). Facebook is a fast grower (and as you would note we have been loyal investors since IPO and from the lows it is up nearly 7x). however for it to even 3x from here would make it one of the first trillion$ market cap stocks out there (and incidentally approximating to Australia's 2016 GDP of $1.27 trillion). The market share, revenues, earnings and cash flow all that would imply seem a bit far fetched based on what we know today espeically in light of a more unfavourable regulatory regime which I foresee. On Apple, as an aside, I find it interesting that recently a great value investor like Warren Buffet has also disclosed it as one of his top holdings. I hope the above helps in giving some context of my thoughts

On What Peter Lynch taught me about Facebook -