Opportunities abound for Clydesdale Bank

Justin Braitling

Clydesdale Bank (CYBG) is a British retail bank which spun-out of the National Australia Bank in 2016. Pursuant to an announcement on May 7th, the company has proposed to acquire fellow UK challenger bank Virgin Money. At the present moment, investors don’t know whether they are buying CYBG’s “old pitch”... Show More

AMP – Talking investors down off the ledge

Justin Braitling

AMP’s recent misadventures provide a business school case study in how to mismanage a number one market position in a fundamentally attractive industry. The shocking mishandling of the public relations associated with the Financial Services Royal Commission is one more in a long line of management missteps, exacerbated by festering... Show More

What are the Bond Markets Telling Us

Justin Braitling

With the RBA not giving any clear signal as to the likelihood of further rate cuts, the big story for markets is the end of the bond rally, with prices falling and bond yields on the rise. The implications for equity markets are no less clear. Watermark Funds Management Chief... Show More

Commodity markets face fresh headwinds

Justin Braitling

Tom Richardson, Analyst at Watermark Funds, says heavy-handed stimulus coming out of China was the key catalyst for resurgent commodity markets in 2016. “The Chinese economy has two very big levers, and that’s infrastructure investment and property investment. And the government pulled both those levers quite hard late last year.... Show More

Why is Apple so cheap?

Justin Braitling

Since the launch of the iPhone in 2007, Apple has grown its sales tenfold. Apple shares have also performed strongly during this period, however sentiment around the company has recently mellowed as concerns arose over whether Apple and the iPhone in particular can sustain this growth. Apple’s current share price... Show More

The case for investing in Apple

Justin Braitling

Income growth and investment in mobile infrastructure in emerging markets such as China and India, present Apple with huge new markets for the iPhone. Sales of the iPhone following its Chinese product launch in 2009 were unimpressive, a result of compatibility issues with the proprietary 3G network technology run by... Show More

What to avoid in global media

Justin Braitling

Technology is changing the global media landscape. Consumers now absorb content from numerous sources on multiple devices. This disintermediation of viewership is a challenge to advertisers seeking effective reach and targeted messaging. The massive shift to mobile by consumers over the last few years has forced business models to adapt... Show More

Blue chips won’t see further dividend growth

Justin Braitling

As interest rates have fallen forcing investors to look for yield in risk assets, income has been re-rated versus growth. We believe this re-rating of income generating assets has run its course. Low growth, mature share markets like ours are looking expensive relative to others with stronger growth prospects. You... Show More

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