Anton Tagliaferro: Telstra was a great ride, but we're getting off. In large-cap stocks, among the best decisions we made was continuing to buy Telstra shares all the way down to $2.50 as the Future Fund sold its shares aggressively. We ended up with more than 7 per cent of our portfolio in Telstra at that price. Although at current prices of over $5 we have been taking profits. Overall we have been pretty cautious on the sharemarket for a while now, given quite high valuations and a continued mixed macroeconomic environment. We are very cautious of domestic cyclical stocks as we believe any economic recovery here in Australia is likely to be pretty insipid. (VIEW LINK)



Comments

Please sign in to comment on this wire.