Wry & Dry #1, FY-24: Some of it was cricket. Foster country. Headhunters.
It is a truth universally acknowledged that a batsman who is unhappy with the method of his dismissal will cry that it wasn’t “in the spirit of the game.”
And so it came to pass that in a recent cricket Test match, English batsman Bairstow was silly enough to leave his crease when the ball was still in play. He was correctly dismissed (“stumped”).
An outburst of outrage not seen at Lord’s since the Great Pimm’s Shortfall Crisis of 1926 then arose.
Some interesting introductions
We’re always looking for new ideas to introduce into the investment portfolios. A spate of recent takeovers within the portfolio (think Newcrest, Origin, United Malt, Pushpay, Eildon Capital) has accelerated the need for fresh ideas to replenish building cash positions.
Banks and Budgets
A busy week in financial markets given the conclusion of the Australian Bank 1H23 profit reporting cycle and the announcement of the Federal Budget. Our discussion will focus on each in turn.
Conferencing
This week the Australian investment world was dominated by one event – the Macquarie Equites Conference in Sydney. We will provide a quick run through of major themes and highlights from companies to which our clients have exposure.
Sayonara
This week in Investment Matters, we have three sections that provide important updates on clients positions in Eildon Capital, Reliance Worldwide and Mineral Resources.
Over the course of the later part of this week and next many companies will provide updates to the market, including mining companies, smaller companies and those presenting at upcoming investor conferences. We will cover as many as possible of these updates in coming weeks.
O the economic front we discuss the impacts of the review into the RBA that goes beyond the changes mentioned in the headlines.
Battery Powered Portfolios
This week in Investment Matters, we have two news items relevant for client portfolios and a piece designed to assist with understanding how an investment in the portfolio has been restructured
Gold and price of money
This week in Investment Matters we have two items relevant for client portfolios. The first is the revised takeover conditions for Newcrest Mining and the 2nd is the pause in rate hikes announced by the Reserve Bank last week. Again, this week we have the much-needed assistance of Patrick Cooks’ cartoons.
Becoming expensive (to stay expensive)
A reserved Matt Comyn fronted the market on Tuesday as CBA released its profit result for FY-22. The numbers presented shed some more light on the challenges that lie ahead for the banking sector.