Category: Uncategorized

ADVANTAGES OF A SMALLER FUND SIZE / AND THE BOOMING LIC IPO PIPELINE.

Within the active v passive investing debate I think it sometimes focuses too heavily on active managers with large portfolios. I shall explore why active management can make sense with smaller portfolios. Continue reading “ADVANTAGES OF A SMALLER FUND SIZE / AND THE BOOMING LIC IPO PIPELINE.”

Unusual Fees in LICs?

There are now well over 100 LICs on the ASX. I must have looked reasonably closely at the fee structures of more than half of the current crop and have noticed a couple with unusual structures. I would be interested in the view from others about these features, and also if other LICs follow a similar arrangement? Continue reading “Unusual Fees in LICs?”

Is your portfolio diversified from our politicians?

When I come across articles about how Australian investors need more diversification it often does not refer to potentially changing tax laws. There is a bit of overlap with these themes but there are different issues to consider.

Continue reading “Is your portfolio diversified from our politicians?”

What do retail investors want to hear from their fund manager?

This blog post topic came to mind after I read a post from another blogger. The post I refer to discusses whether fund managers are doing a good job communicating their ideas to attract retail investor demand. Continue reading “What do retail investors want to hear from their fund manager?”

AVOID THIS LIC FLOAT IN 2018!

Warning fictional post. There is so much cheap money around I fear that if I don’t include such a warning, some will think this is real and want me to send them the prospectus! Continue reading “AVOID THIS LIC FLOAT IN 2018!”

High profile sectors are surely where I can make a killing in the stock market right?

Before I write much on the markets again, I thought I’d add something different so I don’t get bored of this blogging stuff too quickly. So firstly a warning I will stray off topic for a little bit.

I would have spent about a third of the year in Vietnam this year and am currently writing this from Dalat. Continue reading “High profile sectors are surely where I can make a killing in the stock market right?”

Is technology improving our productivity? Is that where we should invest?

Sometimes personally I feel the answer is no to both.

My digital detox I mentioned in early June had mixed success. I did get away from the smart phone and read some investment books, well via an iPad anyway, that I look forward to discussing more later. Working for myself requires plenty of discipline that I am still learning about and yet to fully master. I have done ok in this aspect but there is much improvement to be had. Continue reading “Is technology improving our productivity? Is that where we should invest?”

Digital detox.

I will likely be inactive here over the next month or two. Will be trying to focus a bit more deeply on investment ideas and some other non investment pursuits.

It will involve perhaps much less watching the ticker tape and news constantly during trading hours and checking all the various media and messaging apps. Will try more reading of annual reports and company presentations, and some more lengthier pieces on the macro environment and possibly some investment  books. Continue reading “Digital detox.”

Watching in May 2016

 

  • Stops on the DOW shorts at 18,900, AUD/USD short at 79.50, Robusta coffee long at 1274.
  • Shorting is a tough game and I need to be prepared if I am stopped out on the above. Another measure I may deploy to de-risk is more USD exposure should the USD weaken further. The USD should reassert itself as a safe haven currency down the track again. I am weighing up still about the timing and how best to implement this. For the time being already I have increased USD exposure to now a meaningful amount, however some may get at least temporarily stopped out if we go above 79.50 quickly in the short term.
  • The energy sector I believe made a major low this January and if we see dips they can be used as opportunities to buy correlated stocks or equity markets. My optimism in the commodity space does not extend beyond energy, precious metals and softs as more demand sensitive commodities remain vulnerable to global economic demand shocks.
  • I am negative on the U.S. equities markets which lack breadth and many basic fundamental measures point to overvaluation. In particular measures point to a major relative overvaluation compared to other global equities markets.
  • Whilst I advocate being very defensive and cautious with the U.S. equities markets, a portfolio does not necessarily have to have a major overweight in cash burning a hole in your pocket. I hold more cash than one normally does but make the point there are depressed assets that can provide opportunities. For instance, investing in other stock markets, just to name a few suggestions Australia, Singapore, Russia, Vietnam, China, UK, Spain, Italy you are buying at a time where the 5-year performance has been disappointing, unlike with the U.S. major indices. Likewise investing in the energy, precious metals, agriculture sectors.