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...
Dieting and budgeting have a lot in common. They are both usually high on the New Years' resolutions list, and they are both (often) abandoned soon thereafter. Even when successful, dieting can either be great for your health, or it can cause more harm than...
A rebound in prices during October was relatively widespread in investment markets around the world, which has the effect of reducing future expected returns. Though as can clearly be seen, we remain of the long term view that there is significant value available and as...
It happened in the US, Spain and Ireland, too - a bursting of the residential...
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...
I had an interesting meeting the other day with some new clients. We previously had spoken on the phone a few years back when they were considering seeking advice. I had kept a file note of this discussion which I reviewed before getting together with...