Dear Banker, Don't Mess with Mr Stevens

Sam Ferraro

Global Founders Funds Management

During reporting season, Evidente will provide regular updates of key themes emerging from company results, as well as communications from the government and central bank. Investors should remain overweight the richly valued defensive sectors, due to the fact that the economy continues to suffer from a shortfall in aggregate demand, with the RBA confirming in its Statement of Monetary Policy that the economy is expected to operate with a fair degree of spare capacity for some time yet. Any persistent price weakness amongst the major banks on the back of (misplaced) concerns about higher capital requirements should be seen as a buying opportunity, while investors should beware around the regulatory machinations surrounding ASX listed shadow banks. The only domestic cyclical sector I prefer is discretionary retail, while RIO’s interim result suggests that it is well placed to continue to surprise investors on cost control, CAPEX and dividends. (VIEW LINK)


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Senior Portfolio Manager
Global Founders Funds Management

Managing Director of Global Founders Funds Management, Sam has over 20 years experience in financial markets, with Merrill Lynch, JBWere and Goldman Sachs.

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