In March 2017 Ben Griffiths found himself in a deeply uncomfortable position. For the first time since inception 15 years ago his small cap portfolio was badly lagging the benchmark. Sentiment had violently swung against his stocks and Griffiths was facing a tough decision – hold the current course or... Show More
This week the "Chart of the Week" looks at the energy sector of the S&P500 and specifically how it fits in in terms of market capitalization weight and share of total earnings across the index. Simply put, energy stocks have fallen to the lowest market cap weighting since late 2003... Show More
In the context of the Sir John Templeton quote “… Bull markets are born on pessimism, grow on scepticism, mature on optimism and die of euphoria …” we are clearly still in the optimistic phase. Show More
I’m going out on a limb and calling it now: 2018 will be the year of the unloved asset. In particular, investors in the oil and the energy sector will be well placed for a reasonably strong bounce back in the first half of this year, a shift that’s already... Show More
There are countless theories about the best way for investors to beat the market. Troy Angus, Head of Large Caps at Paradice Investment Management, has been able to consistently beat the market for over a decade and believes he has identified four key criteria that consistently lead to outperformance. Show More
Electricity generation in Europe is undergoing a major transformation. Many investors think that the “new world” (i.e. renewables, batteries and smart grids) is going to wipe out the “old world” (i.e. centralised baseload generated from nuclear and fossil fuels). Whilst we do accept that there will be a transition we... Show More
Whilst we don’t see a return of Santos to a share price above $10 anytime soon, a level seen only a few years ago, we believe long term investors should be thinking of accumulating troubled situations such as this for a turnaround. Show More
Local market bounced back after Friday’s bashing. Started positive before investors took profit in the last few hours. European markets were negative while US and Asian markets were directionless. China data was stable without being special while local housing data was weak and private credit data was solid. July count... Show More
Don’t let some of the commentary from the Energy Markets 2016 conference fool you; the ‘death spiral’ remains a key risk to energy network companies. With the cost of solar with battery storage rapidly decreasing, opting out of the grid has never been more attractive. Show More
“Show me the incentive and I’ll show you the outcome” ... Charlie Munger’s quip is typically insightful and relevant to many of the ructions currently facing the domestic economy, including a number of key sectors like real estate, consumer discretionary, telecommunications and energy, all of which will be examined in... Show More
Tom Piotrowski speaks with Beach Energy (BPT) CEO, Matt Kay about the company’s first half results, how its tracking against its strategy, and it’s recently upgraded FY17 production guidance: Show More
Woodside Petroleum Limited’s (WPL) full year 2016 revenue result was in line with market expectations whilst WPL’s profit numbers missed the mark. Woodside’s turnaround program is well underway, this time last year Woodside booked US$1.1 billion of impairment charges due to lower energy prices and reduced asset values. This year... Show More
Anyone even remotely associated with the resource sector is well acquainted with the concept of patience. One interesting quote that probably sums up what’s required is as follows: “Patience is not the ability to wait, but the ability to keep a good attitude while waiting.” Nowhere is this more relevant... Show More
Despite the skeptics, OPEC is doing exactly what it said it would do – which was to dramatically rein in oil production. Global oil output plunged during January as OPEC and non-OPEC producers curbed supply to accelerate a market rebalancing, according to the International Energy Agency (IEA). Oil supplies fell... Show More
Tom Piotrowski speaks Carnarvon Petroleum (CVN) CEO & Managing Director, Adrian Cook about the progress of its Roc-2 well exploration activities and demand for gas in Western Australia Show More
CBA Mining & Energy Commodities Strategist, Vivek Dhar provides his outlook for oil prices following the recent OPEC deal to cut production For more market insights, visit https://www.commsec.com.au/market-news/the-markets.html Show More
Market bounced hard today on the back of OPEC deal. The market has been seeing a big portfolio transition over the last few days…smells like global transition portfolios are going through…they have been adding exposure to Banks and Resources. There was a lot of short covering in some of the... Show More
When we step back and look at the capital flow, liquidity and growth conditions in the world, the implications for the recent run-up in stocks like BHP, RIO and WPL become clear: Lower prices are likely ahead. In measuring global liquidity conditions, we are careful to measure both the ‘quantity’... Show More
The world never believed that crude oil priced below US$30/bbl was a longer term feature. How about US$60/bbl instead? Share prices for Woodside Petroleum, Oil Search, Santos and the likes therefore never priced in absolutely Armageddon scenarios, as opposed to mining companies. In recent weeks oil prices have surged on... Show More
Incremental Oil & Gas (ASX: IOG) represents a classic 'straw hats in winter play' within the context of what has over recent times been an out-of-favour energy sector. The baby has well and truly been thrown out with the bath water as far as the energy space is concerned, with... Show More
