Market Update

[caption id="attachment_3626" align="alignnone" width="1261"] The table above has been updated to reflect market moves through mid-January, rather than showing the December 31 index values as would normally be the case. We have done so to provide a more accurate reflection of the valuations subsequent to...

While valuation is not a timing signal or an effective indicator of short-term performance, over longer periods it is absolutely the most important determinant of portfolio outcomes. We will focus our initial comments below on the Australian economy, including the extent to which we are managing...

All other things being equal, lower prices lead to higher future expected returns. That is clearly reflected below in the relative movements since our last update. As the price action was generally weaker across the board we have not made any adjustments to the respective...

A result of the recent short term volatility and overall declines in major indices around the world are better valuations and hence improved forecast returns from these lower prices. Overall the shifts have been largely proportional relative to other asset classes. We are unfortunately in one...

A result of the recent short term volatility and overall declines in major indices around the world are better valuations and hence improved forecast returns from these lower prices. Overall the shifts have been largely proportional relative to other asset classes. The more things change, the...

As a result of an adoption of higher Price/Earnings (P/E) multiples across a range of asset classes: where ordinarily we would expect forecasts to be lower given the recent strength in Australian Equities, we continue to see this asset class in our Cheap valuation range...