Yes Carlos we do have an Active ETF. My paper was not about active ETF strategies, it was as Chris tried to point out about passive market cap index investing.

On Active ETFs and Vegemite -

Hi Carlos, I was referring to the concern for property investors who will come off 5-year interest-only (IO) loans, and couldn't refinance again on IO, would potentially be forced on to unaffordable Principal & Interest loan terms in 2019 and 2020, this might cause them to sell the investment property. Hope that clears that up. All the best

On 7 questions with Roger Montgomery -

Hi Parth, I think you will find many of the fintechs will fizzle. Something or one thing will eventually break through to disrupt the majors but most will fizzle out and picking the winner and when is almost impossible.

On The Great Australian Dream Damaged? -

It is true that the best businesses are those that have a competitive advantage and the most valuable competitive advantage is the ability to charge a higher price and cause people to still cross the road to buy that product. Consumer brands are often used as examples of this and A2 milk has achieved the ability selling what is basically milk. The question has always been about the price of the stock and the barriers to entry. If you believe that the company can continue to grow in the future, as fast as it has in the past, then the price might in fact be cheap. If however you believe that normal market and competitive forces will produce more modest earnings growth than the price is implying, the stock is expensive. By definition (we don’t own the stock), we believe the latter.

On Make market corrections your ally -

Thank you for sharing your view. Different views are precisely what makes a market, and indeed, we could be wrong.  You are quite right when you point out that if your scenario transpires, the P/E would not be 40 times. Thank you again for providing the counter view.

On CSL: What the market missed -

Hi Carlo, you make a very good point. I too have been seeing flyers most weeks at a lower price. Price wars aren't great either (for the customer yes!)

On Hold the phone... How are the Telcos? -

Hi Glenn, we wrote our thoughts on our site about VTG. Even though the weighting of VTG in our funds was relatively minor, we are nevertheless enormously disappointed.

On Hold the phone... How are the Telcos? -