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Patrick Poke

While speculating on the future direction of interest rates, currencies, and monetary policy can generate great headlines, it often raises the question; ‘what does this mean for investors?’ Understanding the implications of the macro environment drives asset allocation decisions, which according to research by Robert Ibbotson and Paul Kaplan, accounts... Show More

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WiseTech, Appen, Afterpay, Altium and Xero (WAAAX) are up just over five-fold over the last two years, pushing the aggregate market cap to over $28 billion. Some of the valuation metrics are now laughable. However... the same thing was also true two years ago before this rally commenced. So where... Show More

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Patrick Poke

For more than a year now, fears of a housing-led recession have been building in Australia. First, auction clearances fell in a hole, then house price declines, falling credit growth and building approvals, and finally, unemployment began to rise. A month ago, further falls seemed inevitable. Then Australian woke up... Show More

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Patrick Poke

Investing in “blue chips” – large, highly profitable, and mature companies – has long been a popular strategy for investors. But contrary to its popularity, research has shown (i) that the largest stocks consistently underperform over the long-term. Perhaps investors have fallen victim to survivorship bias? Rather than looking at... Show More

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Patrick Poke

What will the world look like in five years’ time? A difficult question to answer, but one that long-term equity investors must ask themselves every day. In 2014, Amazon remained outside the world’s top 10 companies, Telstra’s share price peaked at over $6.60 per share, and Afterpay was nothing more... Show More

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Short-term reactionary behaviour is to be expected within every earnings season, and February 2019 was no exception. But opportunities that went misinterpreted or unappreciated by the herd await patient investors willing to block out the noise and really take a look at a company’s fundamentals and growth prospects. Here, we... Show More

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Growth stocks like Afterpay, Appen and Nearmap that are making waves offshore have been dominating the leader board. Meanwhile, domestic cyclicals have been struggling as deteriorating economic conditions weigh them down. How are investors supposed to invest in this dichotomy, in which growth stocks with overseas success look ever more... Show More