Jason Teh

The sky is not falling was the message in September 2017. Our message was that the overall market did not show excessive valuations, which generally is a precursor to stock market corrections. However, our market outlook dimmed due to recent ‘risk-on’ rally, where most of the year’s return was delivered... Show More

Sam Dyson

Mining 101: a good mining company makes money at the low end of a steep cost-curve. This is BHP’s strategy and it is working wonders in iron ore. However, in 2011 BHP forgot this simple rule. Deal hungry and with cash flow burning a hole in the pocket after two... Show More

Mathan Somasundaram

Aussie market started very negative with global sentiment before bouncing back to recover half the day’s loss and then sliding slightly further negative as the optimism waned. History tells us that in recent terror threat have not delivered a prolonged negative sentiment. We expect the current event to follow the... Show More

Marcus Bogdan, CIO Asia Pacific

A common investment theme running through each of our model portfolios has been a deliberate underweight position in the Australian major banks. This has supported our significant performance against the ASX 200 benchmark over the last twelve months, yet challenging headwinds continue to warrant a cautionary stance. A recent paper... Show More

Roger Montgomery

There were few surprises in the BHP result last night. BHP’s revenue declined 21.4% and normalized NPAT from continuing operations declined 70.5%. Basic earnings per share declined from $2.50 to $1.20, putting the shares of this cyclical business on a price to earnings multiple of close to 20x. We have... Show More

John Robertson

The battle for iron ore market share is likely to play out in the same way as similar fights in other industries. Squabbles over market share which create excess capacity and depress prices are not unusual. The airlines industry and soft drink and beer markets have had similar experiences. The... Show More