market valuation

There are two things that matter in terms of choosing a weight to Australian stocks in your portfolio. First, are stocks expensive overall. Then, are Australian...

There’s an old joke about one person asking another how to get somewhere. The answer: “First off, I wouldn’t start from here.” That punchline works for an investor...

“De-risking” is the buzzword du jour on Wall Street, where hedge funds and their ilk are cutting positions, selling stocks and covering shorts. So-called degrossing...

Over the last few years, falling interest rates have driven absolute market valuations to all-time highs – by many metrics. Given these high starting valuations,...

One of our preferred market valuation indicators is the CAPE model derived from macroeconomic fundamentals. The basic idea is that lower levels of interest rates...

The juxtaposition between asset prices scaling new highs while much of the world remains closed for business has investors and advisers wondering where we are in the...

When reflecting on the past year, one notable takeaway for the AIM investment team is to be mindful of keeping our focus on business fundamentals rather than...

In 2007 former hedge fund manager Nassim Nicholas Taleb wrote The Black Swan: The Impact of the Highly Improbable, and the essence of that book has been inscribed into...

While absolute valuation has limited use for timing cyclical bull and bear markets, it does provide insights into market sensitivities to challenging (or indeed...

Howard Marks expressed concerns over a range of different assets and indicators in his last memo, which caused quite a media uproar. So he’s expanded and clarified...