Following the falls in equity markets globally across October and November, there’s been a marked increase in bearish commentary from fund manager, analysts, and various other commentators. But as the saying goes, there’s two sides to every trade, and this is no exception. To balance out the panicked shouts, there’ve... Show More
A group of factors that supported the equity bull market for almost a decade, including excess liquidity, low volatility, and low rates, are now unwinding in a synchronised fashion. Show More
In the rough and tumble of investment markets its very easy to get distracted: by talk of the next best thing that will make you rich, by the ever-present predictions of an imminent crash, by the worry list that constantly surrounds investment markets relating to growth, profits, interest rates, politics,... Show More
It is a fact not often highlighted by investors in energy and mining stocks, but financial market participants tend to treat producers of crude oil and natural gas more favourably than they do mining stocks. Show More
Recent stock market volatility has some investors now wondering what the future might hold for their investment portfolio and whether they should be making changes. Why investors should be worrying more about this now, after a period of volatility, than they were two months ago is somewhat of a mystery. Show More
Mark Landau, Joint Managing Director and Chief Investment Officer at L1 Capital, is familiar with protecting against the downside. His Long Short Fund has outperformed the ASX200 in every market sell off since it launched in September 2014. Show More
I have never liked the expression “Smart money.” It is demeaning to individual investors and used by commentators to imply they are smart and the rest of you aren’t. But a lot of supposedly smart professionals do some very dumb things, and a lot of non-professional investors, often our clients,... Show More
There are now more than 100 closed end listed investment funds on the ASX including Listed Investment Companies (“LICs”) and Listed Investment Trusts (“LITs”). For simplicity I will refer to them all as “LICs”. LICs differ from other listed funds such as ETFs and active ETFs in a range of... Show More
If you’re a know-something investor, then you’ve likely been expecting or hoping for a correction with increased volatility for a while. Corrections are normal, what’s been abnormal is the 59% increase in the S&P500 from the low of 1,810 in February 2016 without a 5% correction. Clearly this blissful period... Show More
Thematic investing takes advantage of correctly predicting future trends, and the significant capital flows they can subsequently generate. For example, if you correctly anticipated the coming growth in the electric vehicle market, you could have monetised long-term trends across the EV supply chain, including battery minerals. Show More
Reading the latest stock tips and macro calls is fun and useful for generating new ideas, but educational articles offer real long-term value. As the proverb goes: “give a man a fish and you feed him for a day; teach a man to fish and you feed him for a... Show More
Here's an updated scan across countries and regions to find the top (and bottom) PE10, and follows on from a previous version I shared back in August last year. Briefly on methodology, the PE10 is a stock market valuation metric which compares the stock index to the average earnings of... Show More
There is Fundamental analysis and there is Technical analysis. A lot of investors think it ends there. But there is another body of analysis that is essential to the process which is not so obvious, analysis that any fund manager in the small and mid-cap space must master and respect. Show More
One of the lasting impacts 9 years after the global financial crisis is ultra-low interest rates. This is great if you are a borrower, but not great if you are a saver – because if you avoid risk today, your returns will almost certainly be very low, and potentially lower... Show More
I spent a lot of time in the 2017 End of Year Special Edition looking back across the year, covering some of my best charts and calls (and some of the worst!). But this article provides a look at the most important part of that report. Show More
Recently a friend described investing over the past eight years since the GFC as investing for the journey. With the world economy currently enjoying a rare patch of synchronized growth, we’ve now arrived. That means it’s a good time to review your battle plan should markets become far less accommodative... Show More
In this week’s Rules of Investing, I sit down with Craig McDonald, co-founder and CEO of Global Founders Funds Management. After successful careers at Goldman Sachs, Craig and his co-founder were inspired to GFFM when they came across research suggesting that founder-run businesses outperformed the broader market. This seems intuitive,... Show More
Macro analysis often gets a bad rap these days. Fund managers often prefer to associate themselves with value investors like Warren Buffett, who famously deride the use of macro analysis. However, we can’t all be Warren Buffett, so macro analysis can form an important part of many investment processes. Show More
Sir John Templeton famously said; “bull markets are born on pessimism, grow on skepticism, peak on optimism and die on euphoria.” With the S&P 500 hitting new highs, and growth returning around the world, it’s natural to question how far along the path we are today. Show More
In the first edition of Livewire’s new podcast, The Rules of Investing, we take a deep dive into one of the most important concepts in investing, valuation. Our guest this week is Roger Montgomery, Founder and Chief Investment Officer of Montgomery Investment Management. Show More