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Education

The One Thing Investors Can't Ignore In 2020

2019. What a year it’s been. Headlines were dominated by trade wars, franking credits, astronomical multiples for tech stocks, failed IPO’s, the long-awaited crash...
Livewire Exclusive
Livewire Markets
Macro

The market is partying like it is 1999!

Currently we are seeing a repeat of the late 1990s, with the US equity market powering on, while profits, as measured by the National Income and Product Accounts...
Simon Stevenson
Simon Stevenson
Schroders
Equities

With small caps, focus on the balance sheet

Sometimes the most basic principles can be the ones that are most easily overlooked. When investing in small caps, balance sheet strength is not only important for...
BGA
NUF
+1
NAOS Asset Management
NAOS Asset Management
NAOS
Investment Theme

2020 Vision: Let the Smog Clear

It’s hard to ignore the chants of thousands of young people outside your office window on a seemingly weekly basis demanding action on Climate Change. We see this and...
Nick Griffin
Munro Partners
Equities

Own well-managed, ESG-focused, high-quality compounders

We like to say that there are two ways to lose money in equities, falling earnings and falling multiples. Two years ago, we were worried about the market’s multiple....
Bruno Paulson
Morgan Stanley IM
Investment Theme

Greta. Get used to more of her

There’s a pre-Greta world and a post-Greta world. In the post-Greta world, 11-year-old trick-or-treaters now knock on my door with plaited hair for Halloween. Whilst a...
Chad Slater
Chad Slater
Ellerston Capital
Equities

Double package of things to think about

As we step into the new decade, there are plenty of topics consuming investors’ thoughts including trade wars, Brexit, the Trump impeachment hearings, US presidential...
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Matthew Kidman
Centennial Asset Management
Macro

Prepare for even lower rates

One thing that investors cannot ignore in 2020 is the risk of recession and a potential fall in interest rates. We consider that interest rates are a sound proxy for...
Emanuel Datt
Datt Capital
Equities

The “gold rush” in China A shares

There is a growing buzz around accessibility of Chinese onshore (A) equity to a wider investor base (due to the further inclusion in widely used market indices)....
Rishi Patel
Rishi Patel
BMO
Education

Be laser-focused on valuations in 2020

The second half of the post-GFC period has been an extraordinary one for global markets. Government action and unprecedented monetary policy from Central Banks around...
Toby Warburton
State Street Investment Management
Fixed Income

The future of the (non) banking sector

Investors, of all types, can no longer ignore that they need to refine their income investments. With the major banks under continued regulatory pressure, the...
Andrew Lockhart
Metrics Credit Partners
Equities

Chinese and Indian middle classes flying high

While not a 2020-only issue the emergence of the Chinese middle class is one of the world’s great success stories of pulling almost a billion people out of poverty...
Curtis Cifuentes
Curtis Cifuentes
Avenir Capital
Equities

Where’s the euphoria to herald a market top?

Market forecasting is perilous at the best of times. We don’t know anyone in 2007 that predicted there would be $17tn of negative yielding bonds in 2019; or the large...
Bob Desmond
Claremont Global
Fixed Income

Don’t trip on a fat tail

In our baseline forecast for 2020, the low-growth period of vulnerability from 2019 gives way to a moderate recovery in global growth. However, our conviction in this...
Adam Bowe
PIMCO
Fixed Income

Growing liquidity risk in fixed income portfolios

Liquidity, like the plumbing in your house, gets little attention until something goes wrong. Across the fixed income asset class, core government bonds sit at the...
Gopi Karunakaran
Ardea Investment Management
Equities

Cash Earners over Cash Burners

At Totus, we like to invest in quality cash earners and with the ability to short and offset these with cash burners. With 2019 coming to a close, one thing we believe...
Ben McGarry
Totus Capital
Equities

Reality bites - the importance of long-term sustainability

The one thing I think investors won’t be able to ignore in 2020 is genuine sustainability. And by that, I mean a company’s ability to create and maintain sustainable...
James Abela
Fidelity International
Equities

Beware the Chinese slowdown

I am a long-term, business-focused investor who does not spend too much time on macroeconomics. Still, as a Sydney-based global manager, I would be remiss to not...
Joe Magyer
Joe Magyer
Lakehouse Capital
Asset Allocation

Guard against complacency

Towards the end of the market cycle there is little reward for risk. Whilst this is true today, the current cycle is somewhat different to most. Government bond yields...
Michael O'Dea
Perpetual Asset Management (Australia)
Education

The power of serial compounders

In the 13th century, the writer Ibn Khallikan records the story King Shirham, so enamoured of the game of chess he sought to reward its inventor, Grand Vizier Sissa...
Tim Humphreys
Ausbil
Macro

Interest rates are low for a reason

Many equity market investors seem to be falling into the trap of thinking that interest rates are low purely for their benefit. Ironically, if you were to ask the...
Warryn Robertson
Lazard Asset Management
Investment Theme

Get ready to invest in Chinese unicorns

China has recently galloped ahead of the US in terms of the number of unicorns. According to the Hurun Global Unicorn List 2019, there are currently 206 unicorns in...
Mary Manning
Alphinity Investment Management
Macro

Government action (or inaction)

We believe that 2020 will be the year that really separates the winners from the losers in the monetary policy ‘experiment’ of the past few years. Livewire readers...
Jay Sivapalan
Janus Henderson
Investment Theme

Be on the right side of innovation in 2020

I founded ARK Invest to focus solely on disruptive innovation, primarily in the public equity markets because I believe that innovative public companies with...
Catherine Wood
ARK Invest
Equities

Business quality matters more than ever

2019 has seen share markets reach fresh highs after the Fed’s about-turn in monetary policy stance in January. This shift in market expectations from rate increases...
Magellan Investment Partners
Magellan
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