shares

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

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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

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Clime Asset Management

We believe that bond yields have finally bottomed. As they begin to increase gradually, investors can expect a higher ‘risk-free’ return from longer term government bonds. This, in turn, should see a jump in the required returns from other riskier asset classes such as equities, placing pressure on current valuations.... Show More

Schroders Australia

As a fan of dystopian classics such as Huxley’s ‘Brave New World’ and Orwell’s ‘1984’, Martin Conlon, Schroders’ Head of Australian equites, finds their insights into the perils of searching for a manipulated utopia alarmingly relevant to today’s financial world. As a rationalist, he suggests the benefits of manipulating asset... Show More

Schroders Australia

The surprise 'Brexit' vote result towards quarter end served as a stark reminder of increasingly tenuous linkage between the financial economy and the real economy. Politicians and those connected to the financial economy were almost universally in favour of remaining part of the EU. Warnings of the consequences of exiting... Show More

Schroders Australia

Bubbles, by definition, exaggerate the span of multiples paid for cashflow streams in equity markets, as in squeezing up the favoured they tend to emaciate the orphans. In early to mid-2000, Computershare was the most favoured poster child for technology stocks listed in Australia. In current terms, its share price... Show More

James Marlay

A great chart from CommSec looking at different asset class returns over the long run. Interesting to note the recent break higher from property investment... "Total returns on Australian shares are currently up 0.6 per cent over 2015/16. Returns on dwellings are up 13.9 per cent while returns on government... Show More

Schroders Australia

We believe expectations of ongoing deflationary conditions (which are spurious in any case, as they depend on the particular prices on which one chooses to focus) are, like the prevailing investment methodologies, anchored in extrapolation rather than logic. Added to bond portfolios which have rarely been larger or more ludicrously... Show More

Schroders Australia

Nothing propels the highs, higher, nor the lows, lower. Consider the oil sensitives - Qantas as a winner and Origin Energy as a loser. Woodside has of course underperformed because it shares a reliance upon the oil price for its economics, but its underperformance has been half of Origin’s. Part... Show More

Schroders Australia

At last, some diversity. The March quarter for the ASX saw a myriad of stocks and sectors lead and lag in performance. A motley lot – South32, Medibank Private, Newcrest, Vicinity, Santos and Transurban – were the best performers, whereas Macquarie, Incitec, the major banks, Computershare, Woolworths and Caltex were... Show More