Insightful Insights
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What can cause a 10 per cent sell-off…
Ben MacNevin
April 12, 2014
Unless you attended management or business school, there may not seem to be much of a distinction between a plan and a strategic review. The two terms, however, mean completely different things, and each has significant implications for a company’s long-term value prospects when employed. continue…
by Ben MacNevin Posted in Insightful Insights.
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You know it makes sense
Russell Muldoon
April 11, 2014
Stanley Druckenmiller, one of the titans of the hedge fund industry and the man who famously made $1 billion shorting the British pound with George Soros in 1992, was recently asked about the most important lessons that he learned from Soros during his time as the lead portfolio manager for the Quantum fund. continue…
by Russell Muldoon Posted in Insightful Insights, Investing Education.
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The patience pay-off
Ben MacNevin
April 10, 2014
When one is invested in a high quality company and the share price is below the estimate of intrinsic value, the best thing to do is exercise patience. Of course, this can be easier said than done when Mr Market acts irrationally. continue…
by Ben MacNevin Posted in Insightful Insights.
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Rumours… or Fact?
Roger Montgomery
April 10, 2014
We often see the market jumping at shadows. Take the recent weakness in the share price of McMillan Shakespeare (ASX: MMS). Given the absolute and ‘in writing’ promise by both Abbott and Hockey that changes to fringe benefits tax for salary packaging were off the table, we have been miffed by the swirling rumours that there would be changes in the budget detrimental to MMS. continue…
by Roger Montgomery Posted in Insightful Insights, Market commentary.
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How much is HFT costing you?
Tim Kelley
April 9, 2014
Michael Lewis’ book Flash Boys has shed some much-needed light on the practices of high frequency traders and the use by brokers of dark pools to execute trades. continue…
by Tim Kelley Posted in Insightful Insights.
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The Aussie Peso Rides Again
Roger Montgomery
April 7, 2014
My friend and Joint Chief Executive of Philo Capital Advisers, Ashley Owen, recently penned this piece on the Aussie dollar. As you know, we have suggested since US$1.05 that Australia needs a lower currency. Well, according to Ashley, we’re going to get one. continue…
by Roger Montgomery Posted in Energy / Resources, Foreign Currency, Insightful Insights.
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Talking about: operational leverage
Ben MacNevin
April 7, 2014
Operational leverage can have a powerful effect on a company’s earnings, in both a positive and a negative sense. When considering an investment in companies with high operating leverage, you must be comfortable with the company’s ability to manage downside risk. continue…
by Ben MacNevin Posted in Insightful Insights, Value.able.
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Has the search for yield run out of steam?
Tim Kelley
April 4, 2014
One prominent feature of the Australian equity market in the last few years has been strong support for large dividend-paying stocks. The Big Four banks have been particular beneficiaries of this, and have enjoyed share price gains that seemed to go beyond what might otherwise be justified. The first chart below compares the ASX300 (in yellow) with the banks’ sub-index (in pink) for the past 24 months. Bank shareholders have done very well during this period. continue…
by Tim Kelley Posted in Insightful Insights, Investing Education, Market Valuation.
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House prices ain’t falling?
Roger Montgomery
April 3, 2014
by Roger Montgomery Posted in Insightful Insights.
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Carsales: All Shiny and New Again?
Roger Montgomery
March 31, 2014
As an owner of shares in Carsales.com Limited (CRZ: ASX) for some time, we have long thought the blackballing of the site by manufacturers would be short-lived. continue…
by Roger Montgomery Posted in Companies, Insightful Insights.
- 4 Comments
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