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The market suffered a serious case of sticker shock overnight
Roger Montgomery
March 8, 2023
Stick.er’-Shock’, noun. shock or dismay experienced by the potential buyers of a particular product on discovering its high or increased price. The market suffered a serious case of sticker shock overnight after the U.S. Federal Reserve Chairman, Jerome Powell, addressed the U.S. Senate Banking Committee in the first of two hearings on Capitol Hill this week, opening the door to raising rates higher and faster than recently anticipated. Continue…
by Roger Montgomery Posted in Global markets.
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Time to get back to basics
Roger Montgomery
March 8, 2023
In this week’s video insight Roger discusses his views on what long-term investors should be focused on. Roger believes quality growth companies will ultimately return to popularity and when they do watch out. Continue…
by Roger Montgomery Posted in Editor's Pick, Video Insights.
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Cash-strapped borrowers are hammering the housing sector
Roger Montgomery
March 7, 2023
Rising interest rates are already having a major impact on the Australian housing sector. Dwelling approvals are down, an increasing number of off-the-plan buyers are trying to exit their purchases, and furniture and appliance sales are declining. If you’re looking to invest in companies exposed to housing, I’d suggest it’s a case of buyer beware. Continue…
by Roger Montgomery Posted in Market commentary, Property.
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Hardly normal conditions for Harvey Norman
Roger Montgomery
March 6, 2023
For big-ticket household items, established retailer Harvey Norman (ASX:HVN) is a bellwether company, offering insights into consumer behaviour and retail conditions, particularly in Australia. The company recently released its first-half results, and reactions were mixed. Continue…
by Roger Montgomery Posted in Companies, Consumer discretionary.
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P/E multiple movements promote equity market volatility
David Buckland
March 6, 2023
When I joined the financial services industry nearly four decades ago, many high-quality industrial businesses were on a single digit P/E multiple. Interest rates and inflation were extremely high, and an old-timer in the office used to apply a rule that the P/E multiple plus inflationary expectations should approximate 20. Continue…
by David Buckland Posted in Market commentary.
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Aura Private Credit: Letter to investors 03 March 2023
Brett Craig
March 3, 2023
This week, the ABS data has begun to paint a picture of a more subdued economic environment, where we are starting to see a slight drop in inflation, household savings and Gross Domestic Product (GDP) in the data. The RBA likely sees the shift in inflation as welcome news, with the effective monetary policy tightening to date finally starting to take effect. The market is still pricing in several hikes in the next 3 months. Continue…
by Brett Craig Posted in Aura Group.
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Why Private Debt may be superior to bonds
Roger Montgomery
March 3, 2023
Looking for a higher rate of income? Who isn’t? But are bonds best? For decades investors have been told bonds provide uncorrelated ‘ballast’ for a portfolio of shares whilst generating much-needed regular income. The idea has been that shares offer growth, with bonds also offering diversification and stability. Continue…
by Roger Montgomery Posted in Aura Group, Editor's Pick.
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A tough road ahead for consumer discretionary businesses
David Buckland
March 2, 2023
In late-2022 Australian household deposits were $175 billion above trend, and this “extra cash” was largely in the hands of the 65+ years of age cohort. After many years of financial repression, these older Australians will enjoy earning a more reasonable return on their spare cash. Continue…
by David Buckland Posted in Companies, Consumer discretionary.
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