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

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

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

Fidelity International

At the turn of the year, we ask our analysts how companies see the year ahead, and how they are positioning their businesses for what they think is coming. Our Analyst Survey is a barometer of executives’ plans and their fears; of companies’ resilience and their growth ambitions; and of... Show More

Fidelity International

This cartoon represents all of us trying to call a top in the equity market. There are of course three possible outcomes in that endeavour: too early, too late or just right. Some of us may be lucky and get it just right, but for financial planning purposes it’s best... Show More

Fidelity International

How long can the good times roll? The second-longest yet arguably most-hated bull market in post-war history just grinds on and on, while investors get more worried by the day. Valuations in some areas are certainly becoming stretched, but overall they remain some way off the peaks seen in 2000.... Show More

Fidelity International

The post-financial crisis bear market bottomed out a long time ago, in March 2009; it is only natural that investors should be asking how much longer the bull can keep running. I think there are three main reasons to be concerned. Here we dig into these, before looking at reasons... Show More

Fidelity International

In his recent investment letter, ‘There They Go Again…Again’, the legendary investor Howard Marks sounds a note of caution about the level of asset prices right across the spectrum, from equites to high yield notes and emerging market debt. He describes an environment where “pro-risk behaviour is commonplace.” Show More

Fidelity International

James Abela, Portfolio Manager of our Future Leaders Fund, explains what he looks for in Australian companies looking to grow offshore. He then provides a specific example of a company he thinks possesses all the traits he is looking for. Show More

Fidelity International

Bull markets are born on pessimism and die on euphoria. By that yardstick, the current bull market - already one of the longest on record – may have further to go. Many investors remain cautious and uncommitted; this has been one of the most miserable and loathed bull markets in... Show More

Fidelity International

Gree Electric, Zhejiang Supor Cookware, Fuyao Glass. If you know much about any of these three companies, I take my hat off to you. Gree is the market leader in air conditioning in China. Zhejiang is the country’s largest manufacturer of pressure cookers, blenders and other small kitchen appliances. Fuyao... Show More

Fidelity International

It is 20 years last Friday since the stock market flotation of Amazon. Quite rightly, this anniversary has focused attention on the remarkable story of how an online bookseller revolutionised retail. In two decades its sales have grown from $16m to $136bn. The company is now valued at nearly twice... Show More

Fidelity International

There aren’t many advantages to being the wrong side of 50. One very clear benefit for investors of a certain age, however, is the fact that, whatever the market turns up, you’ve already seen something similar. My two charts this week are a perfect visual representation of Mark Twain’s famous... 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 -