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10 January 2025
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The renowned investor has penned his first investor letter for 2025 and it’s a ripper. He runs through what bubbles are, which ones he’s experienced, and whether today’s markets qualify as the third major bubble of this century.
The needs and wants of younger generations are transforming businesses, markets, and the broader financial industry. Without understanding them and how they’ll evolve, older investors risk being left behind.
Companies tend to pre-position weak results ahead of 30 June, leading to earnings downgrades. The next two months will be critical for investors as a shift from ‘great expectations’ to ‘clear explanations’ gets underway.
Company results in FY21 were generally good with some standout results from those thriving in tough conditions. We highlight the companies that delivered some of the best results and our future expectations.
Profits results in August 2019 were overall poor, and other factors are in play that influence share prices. It is difficult to jump aboard a profit announcement and make money in the short term.
There’s a lot of talk of the WAAAX stocks causing fund underperformance, but they’re simply not big enough compared with choosing the wrong winners and losers among the large cap stocks.
Let's face it. Prices for many listed and unlisted companies have reached insane levels. Many of Australia's most reputable and successful fund managers are bewildered by the current market, and something's got to give.
Our Interview Series continues with a small cap manager who uses unique filters, including the Toddler Index, and likens investing to going to a nightclub. And guess what time of night it is.
Frustratingly for investors in micro-caps, the larger companies which now include the WAAAX market darlings are running quickly ahead of their smaller cousins. It's a waiting game for the tide to turn.
Although some domestic cyclical companies currently offer value, the attraction of offshore growth is a key factor for investors, including strong Australian companies with global aspirations.
SMSFs are continuing to use the ASX20 as a bargain buy, but are also diversifying into mid caps and international shares via direct investments, ETFs and LICs.
About half of companies reported as expected in their latest financial results, and the rest were split between favourable and disappointing. Valuations are not cheap but some companies deserve to be expensive.
Last year, I wrote an article suggesting returns from ASX stocks would trample those from housing over the next decade. One year later, this is an update on how that forecast is going and what's changed since.
ASFA provides a key guide for how much you will need to live on in retirement. Unfortunately it has many deficiencies, and the averages don't tell the full story of the growing gender superannuation gap.
Key lessons include expensive stocks can always get more expensive, Bitcoin is our tulip mania, follow the smart money, the young are coming with pitchforks on housing, and the importance of staying invested.
Check out the most-read Firstlinks articles from 2024. From '16 ASX stocks to buy and hold forever', to 'The best strategy to build income for life', and 'Where baby boomer wealth will end up', there's something for all.
2024 was a banner year for equities, with a run-up in US tech stocks broadening into a global market rally, and the big question now is whether the good times can continue? History suggests optimism is warranted.
What is the X-factor - the largely unexpected influence that wasn’t thought about when the year began but came from left field to have powerful effects on investment returns - for 2024? It's time to select the winner.