During this part of the cycle, M&A typically accelerates
During this part of the cycle, M&A typically accelerates. We look at what is happening, and why, and ideas to position for the thematic. Why is M&A accelerating? • Debt is very cheap (unless you're an iron ore produce as Fortescue found out last week) • Company balance sheets are strong. • Companies are struggling for organic growth, so they are buying back their own shares at record pace, which sends a poor management signal in that they cannot find ways to grow.The cost cutting has already been done. Good acquisitions should be a better alternative. • Company PE's are higher than historic norms, so a good time to use the value of your equity. full note here (VIEW LINK)
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Tom is a Founder and Head of Wealth Management. For the past 10 years, he has been running the Wentworth Model Portfolios, focusing on macroeconomics and tactical equity positioning. These portfolios were initially created as a solution for "core wealth management" for Wentworth's HNW clients, and are now openly available online through the website. Everything starts with the macro, and then we work back from there in terms of asset allocation and positioning for risk. We work with leading independent research providers and have a structured approach that has worked very well over time. Outside of the core portfolios, we look for opportunities in the small to mid-cap sectors of the market, where our experience can add value.
Tom is a Founder and Head of Wealth Management. For the past 10 years, he has been running the Wentworth Model Portfolios, focusing on macroeconomics and tactical equity positioning. These portfolios were initially created as a solution for "core...
Expertise
Tom is a Founder and Head of Wealth Management. For the past 10 years, he has been running the Wentworth Model Portfolios, focusing on macroeconomics and tactical equity positioning. These portfolios were initially created as a solution for "core...
Expertise
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