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Stop writing value’s obituary

Any value manager will tell you that the past 10 years has been a challenging period. Not only have growth shares outperformed, but the dispersion in price performance between the two styles is currently the widest it’s been over this period. Looking at the performance of the MSCI value and growth indices (see chart below), […]


WAAAX, FAANG, and the market’s bucket mentality

Behavioural finance tells us that herd behaviour is hard wired into our brains. As investors we don’t want to miss out on opportunities, especially when we see others taking advantage of them. Herd behaviour and a fear of missing out is what drives asset bubbles, which means as investors we need to be on guard […]


Budget’s fate will be determined by the economy

Last night Treasurer Frydenberg handed down his first budget a month before the regular budget season. With the possibility of a May election, this budget is as much a political statement as an economic one, with tax measures to please key voter groups, a further boost to infrastructure spending, and the much-vaunted return to surplus. […]


Which fund managers are most exposed to Brexit?

The date for Britain’s departure from the European Union is still very much TBC. Prime Minister May went to Brussels to ask for an extension beyond the 29 March deadline, and assuming a deal is finally agreed to by the House of Commons, Britain will have until 22 May to complete the withdrawal. If a […]


How reporting season shaped the market

The Australian equity market reacted positively to the February reporting season, providing a relief rally after beating the market’s pessimistic expectations. But while results were not as weak as feared, it has generally been a tough environment for earnings, with more company downgrades than upgrades. In absolute terms, earnings expectations for FY19 have been tracking […]


The rise of right-wing populism and the impact on global markets

Last year marked the ten-year anniversary since the Global Financial Crisis (GFC), and while the global economy and our financial institutions have recovered, the same cannot be said for our democratic institutions. In a post-GFC world, liberal democracies have encountered a popular revolt from disenchanted voters expressing their resentment towards the economic systems and cultures […]


Is the Australian small cap miracle an illusion?

Australia’s small cap shares have rarely failed to capture investors’ imaginations, not least for their ability to generate eye-watering returns when company narratives become reality. Since the start of 2016, sustained growth from small industrials combined with a rallying mining sector have produced remarkable performance for investors willing to move outside Australia’s biggest names. Now, […]


Australia’s property market falls at fastest rate in decades

The housing market continues to dominate the headlines in Australia. Housing prices fell 4.8% in 2018 according to CoreLogic, driven by sharp falls in the Sydney (-8.9%) and Melbourne (-7.0%) markets. Price falls are now also evident in the middle and lower segments of the market, while auction clearance rates and volumes are trending lower. […]

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