valuations

We have seen several highly-regarded equity commentators recently justify stretched equity market valuations based on depressed government bond yields. Magellan, a...

Nearly 20 years after the last technology bubble, we’re in funny season again, and you don’t need to be an economics PhD to see it. Crazy valuations are being...

Understanding how the cycle is progressing has been especially difficult in the post-GFC years. The apparent impotence of monetary policy via its traditional credit...

Fund managers and CEOs around the world have been adjusting their estimates and guidance in the wake of the recent volatility. As defensive stocks have come back to...

The message for 2019 that we should take away from the volatility of 2018 is that it is going to be a year of divided outcomes. In most years, there are always enough...

There are only two times in history that the market has been more expensive than today; March of 2000, and in 1929. Students of financial history would recognise these...

10 years into the recovery, and with valuations close to or at historical highs, there’s little denying that we’re getting late in the cycle. However, Amit Lodha,...

All major value equity indices show that the last five years, and in particular the last 12 months, have been a challenge for value as a style. If we look at any...

The US stock market is on its longest bull-run in history. It began on 9 March 2009 and, so far, has lasted nine years, five months and 13 days. As of today, it beats...

A question I am being asked a lot at the moment is: Where are we in this most atypical of economic cycles? I tend to think we are in the late cycle of the economic...

Disruption continues to be the word of the moment. The media sector highlights how new business models can decimate the value of old platforms. Investors are...

The markets continue to look like Louis Vuitton – where the glamorous and sparkly are eye-wateringly priced compared to the ordinary. Wealth inequality means an...

Finding the next a2 Milk is no easy task; there’s no sure-fire way of identifying which stock will go up 500%+. However, each year there are a number of small caps...

This week it's the PE10 and the impact of the financial crisis. Specifically what we're looking at is how the PE10 or CAPE (Cyclically Adjusted Price to Earnings)...

The rhythm of life is no different to the rhythm of economic and corporate cycles. The optimism of birth, the excitement of growing up, the cynicism arising from the...

Little on the face of it, but from an investment perspective quite a lot. They are both second-order beneficiaries of someone else’s investment boom. The jeans...

A2 Milk has posted great results with an almost 50% increase in revenue, but it strengthens the perspective that many valuations of businesses remain disconnected from...

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...