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21 November 2024
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The conventional academic view is that markets are efficient as they price in all available information effectively. Yet history shows the market can be wildly wrong on stocks, as may be the case with AI and China today.
With heightened uncertainty and the market near record highs, it's important to focus on companies that are largely insulated from unpredictable macroeconomic risks. CSL and Corporate Travel Management fit the bill.
Human beings are storytelling animals yet it’s the job of investors to separate truth from fiction. And the truth lies in numbers, the company earnings and the multiples attached to those earnings.
Rather than futile attempts to pick the bottom of the market, it's better to focus on improved valuations in quality companies and wait for the recovery in their businesses. But there are also problems to avoid.
When a value investor holds a large proportion of companies with good growth potential, does that mean a style has changed? With customer acquisition costs now expensed upfront, economic reality is understated.
Investors are convinced that Australia is going to have a recession, and that it’s going to be a humdinger. Several cyclical companies are trading at valuation levels reflecting the certainty of an uncertain recession.
It's complicated. Rising bond yields reflect optimism about economic growth and improving business conditions. But as the recovery matures, increases in bond rates prove counter-productive, kerbing economic growth.
Active managers need to know what factors are distorting asset prices. This interview with Ted Maloney, CIO of MFS, explores how much of 10 years of growth has been pulled forward and the impact of Reddit users.
The unrealistic value creation through lowering discount rates while assuming high growth shows a sensible link is critical. Interest rate assumptions need as much valuation focus as the cash flows of the business.
How does an analyst value a stock which has traded between $8 and $50 in two months? Regardless, Afterpay has delivered Australia's youngest billionaire, and thousands have enjoyed the wild ride.
Promoters of new listings can over-hype a loss-making company to achieve a desired valuation, but the market is increasingly critical of expensive IPOs. There are many ways to value the future.
The market is asking how much are you willing to pay to feel safe, and the answer is: a lot. Perhaps a better question to ask is: how much are you risking in your quest to feel comfortable?
It’s with heavy hearts that we announce Firstlinks’ co-founder and former Managing Editor, Graham Hand, has died aged 66. Graham was a legendary figure in the finance industry and here are three tributes to him.
There are well over 800,000 family trusts in Australia, controlling more than $3 trillion of assets. Here's a guide on whether a family trust may have a place in your individual investment strategy.
Investing guru Howard Marks says he had two epiphanies while visiting Australia recently: the two major asset classes aren’t what you think they are, and one key decision matters above all else when building portfolios.
Berkshire Hathaway’s third quarter earnings update reveals Buffett is selling stocks and building record cash reserves. Here’s a look at his track record in calling market tops and whether you should follow his lead and dial down risk.
How have so many wealthy families through history managed to squander their fortunes? This looks at the lessons from these families and offers several solutions to making and keeping money over the long-term.
A recent ruling from The Australian Financial Complaints Authority may herald a new era for financial scams. For the first time, a bank is being forced to reimburse a customer for the amount they were scammed.