value

We spend a lot of time thinking about the relationship between growth and value at Bailador. Here are some high-level numbers from two well-known companies that have about the same value. Show More

2018 was another eventful year for markets around the world, but what lies in store for the next 12 months for investors? Andrew Milligan, Head of Global Strategy, outlines Aberdeen Standard Investments’ 2019 global markets outlook. Here are five key takeaways. Show More

Many global equities managers currently hold up to 70% exposure to US equities, but Peter Wilmshurst, Portfolio Manager of Templeton Global Growth Fund Ltd (ASX:TGG), says “that just doesn’t make sense. It’s a much broader world out there.” With the US market up more than 200% since 2009, while Europe,... Show More

Research shows that founder-led companies outperform. While that might not be surprising given the recent share price performance of US tech titans such as Amazon, Alphabet, Netflix and Facebook, which are led by their founders, research shows that this phenomenon isn’t limited to the technology sector (see charts below). Show More

“In the short run the market is a voting machine but in the long run it is a weighing machine.” Show More

Commercial and residential real estate developments in the United States are probably not the first thing that comes to mind when you think about Hollywood and Hawaii. Show More

Growth vs value is a well-documented discussion in stock investing. It describes two fundamental approaches or styles to investing where in a basic sense, the growth approach seeks to invest in companies that exhibit strong growth characteristics (whether this be in the sales, earnings and/or cash flow of a company),... Show More

In the first episode of the Peters MacGregor Global Investing Podcast, Head of Research, Nathan Bell, and Senior Investment Analyst, Trevor Scott discuss recent market volatility and building a portfolio of high quality companies, such as NVR and Amazon, that will deliver value over the long-term regardless of short-term market... Show More

Investing in safe companies like consumer staples or healthcare might feel good and help you sleep better, but you’re unlikely to earn outsized returns, says Nick Kirrage from Schroder Global Recovery Fund. He says these ‘stable’ sectors are the most expensive right now, and therefore likely to deliver the poorest... Show More

Currently, the market’s ‘story’ for the global banks is not a positive one. Increasing regulation, the threat of fines and lawsuits, and a general investor-apathy have conspired to make banks an unpopular investment. Nick Kirrage, Portfolio Manager at the Schroder Global Recovery Fund, says it’s this negative story that’s created... Show More

At face value, the positions in the Schroder Global Recovery Fund may look very different, but they all have a similar thread, and that’s that people are scared. Nick Kirrage, Portfolio Manager, says they exploit human psychology in order to have a process that works, regardless of the macro environment. Show More

Bill Gates once said, “We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten”. We all love a story, but how do we separate a good story from a genuinely good investment idea. In a recent... Show More

Retail stocks have been down in the dumps in recent months as the hype around Amazon’s entry into the Australian market builds. Neil Margolis, Lead Portfolio Manager at Merlon Capital Partners, has been finding retail stocks trading at 10 to 15 times cashflow, while the broader market trades around 25... Show More

After eight years of falling interest rates and quantitative easing, most investors are wondering how long before the next great fall and when it will happen, mostly so they can dump their shares and avoid the pain suffered during the GFC. Show More

It’s a well-established fact that over the very long-term, ‘value’ portfolios, as measured by price-to-book, price-to-earnings, and dividend yield, tend to outperform ‘growth’ or ‘glamour’ portfolios. However, in recent years, this trend seems to have disappeared. Is value dead, or is something else happening here? Show More

In part one we showed how being contrarian can produce huge returns, while in part two we explained how buying companies with owner-managers can also give you an edge. Show More

We invest in a world of inherent uncertainty. Information asymmetry and constant change are unavoidable features of markets. So, what do you do when you see a stock – perhaps one you own – fall more than 40% in a short space of time; Show More

In general, we look for cheap, ugly, obscure and otherwise ignored companies where a mis-pricing is likely to occur. AFY – a fast growing company with a consensus FY18 P/E of ~41x – appears at first glance to be the antithesis of this, so why do we own it? Show More

Market sentiment often focuses on the negatives, even when economic fundamentals tell a different story. Divergence in sentiment and data like this can present significant opportunities. Andrew Clifford, CIO at Platinum Asset Management, identifies two such global opportunities, commenting that “this is when money is made in markets”. Show More

The investment team takes a look into what makes US home builder NVR great. This company is the 4th largest home builder in the United States and focuses on first-time buyers on the East Coast. The success story of NVR really starts 25 years ago. Show More