There were 5 key themes that emerged from the recent earnings season

There were 5 key themes that emerged from the recent earnings season. Market estimates on the whole were marginally exceeded and most stocks beat guidance, though we should note that companies have been guiding the market to expect results slightly lower than they actually delivered. But a number of key themes for value investors emerged: 1. The market continues to reward companies delivering income and returning capital. 2. We're witnessing a wealth transfer from mining services to the miners. 3. The housing construction upturn will keep delivering. 4. Short squeezes triggered big price moves. 5. A number of stocks moved back towards value after better-than-expected results, including McMillan Shakespeare, Ausdrill and SMS Management & Technology. Read the report: (VIEW LINK)