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30 April 2024
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The rapid change in long-term bond yields, particularly over the past 12 months, has been the primary cause of the decline in the market value of our portfolios, and has represented the worst macro environment for long-duration assets, in a very long time.Despite recent declines in our portfolios, the underlying fundamentals have not deteriorated, with our companies' competitive positions and long-term earnings growth profiles remaining strong. Short-term fears about recession, temporary increases in bond yields and inflation are 'noise' and should not be our focus. Instead, focus should be on long-term valuations representing 'signal'.
A cyclical recession over the next year is unlikely to impact our portfolios' long-term forecast EPS and valuations due to our high levels of innovation and low penetration rates. In a world where growth will again become scarce, businesses that grow by taking market share will be in a strong position to produce attractive returns over the long term. The current selloff is providing an opportunity for long-term investors to get exposure to some of the best businesses in the world at attractive prices.Short-term factors are mere 'noise' rather than fundamental long-term 'signals'.You can find further thought pieces from Hyperion on our website here.
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The ATO has released all the superannuation rates and thresholds that will apply from 1 July 2024. Here's what’s changing and what’s not, and some key considerations and opportunities in the lead up to 30 June and beyond.
Life has radically shifted with my brain cancer, and I don’t know if it will ever be the same again. After decades of writing and a dozen years with Firstlinks, I still want to contribute, but exactly how and when I do that is unclear.
How useful are the retirement savings and spending targets put out by various groups such as ASFA? Not very, and it's reducing the ability of ordinary retirees to fully understand their retirement income options.
Australia will have 3.7 million more people in a decade's time, though the growth won't be evenly distributed. Over 85s will see the fastest growth, while the number of younger people will barely rise.
Being rich is having a high-paying job and accumulating fancy houses and cars, while being wealthy is owning assets that provide passive income, as well as freedom and flexibility. Knowing the difference can reframe your life.
Investor disgust, consolidation, de-listings, price discounts, activist investors entering - it’s what typically happens at business cycle troughs, and it’s happening to LICs now. That may present a potential opportunity.
The US market has pummelled Australia's over the past 16 years and for good reason: it has some incredible businesses. Australia does too, but if you want to enjoy US-type returns, you need to know where to look.
As long as the banks have no desire to pay up for term deposit funding - which looks likely for a while yet - investors will continue to pay a premium for the higher yielding, but riskier hybrid instrument.
The rise of the Magnificent Seven and their large weighting in US indices has led to debate about concentration risk in markets. Whatever your view, the crowding into these stocks poses several challenges for global investors.
Money can bolster our joy in real ways. However, if we relentlessly chase wealth at the expense of other facets of well-being, history and science both teach us that it will lead to a hollowing out of life.
The copper market is barrelling towards a significant deficit and price surge over the next few decades that investors should not discount when looking at the potential for artificial intelligence and renewable energy.
Global REITs have been out of favour for some time. While office remains a concern, the rest of the sector is in good shape and offers compelling value, with many REITs trading below underlying asset replacement costs.