Tag: investing

Wry & Dry #19 FY-24: Albo: What. Me worry? UK: sinking ship. Israel: maths.

Political opinion polls published on Monday screamed gloom for Albo. His preferred PM rating had fallen to 40% from 47%.

In response, Albo gave the Alfred E Neuman comment. Well, he actually didn’t say it. He didn’t need to: the same poll showed the Coalition’s primary support falling to 30%. Albo will be soundly sleeping; albeit in the pointy end of a Qantas A380.

WRY & DRY #15 FY-24: Voice over. Sleepy Joe’s great speech. Never mess with a nun.

The Voice debacle gave rise to claims and counter claims that would make a lawyer richer than Croesus. The most risible was from journalists, newspaper-letter-writers and deniers who blamed the loss on Opposition Leader Peter Dutton.

Really? Dutton would be pleased to claim he single-handedly defeated a campaign backed by the full forces of the government, the ACTU, an overwhelming casket of cash, the major churches, large companies, universities, the major sporting codes, major industry superannuation funds and… Alan Joyce. SuperDutton? Yeah. Nuh.

Wry & Dry #13 FY-24: Disaster: Chairman Dan’s DCM. Trumpster the fraudster. PwC.

In a DCM-move that surprised many, Chairman Dan gave himself the DCM on Tuesday. This is a disaster of great magnitude.

Cartoonists all over Australia have lost a subject that yielded the Everest of political satire and ridicule. They feasted on the opportunity provided by arguably the most hated politician since Julius Caesar, whose DCM, unlike Chairman Dan’s, was not self-inflicted and caused by 27 knife wounds from six grumpy conspirators.

Emboldened by his own outstanding oratory and aided by an Opposition as weak as the Wallabies and as divided as post-war Germany, a fawning media and an upper house cross bench that were easily bought, he bestrode the political world like a colossus.

Wry & Dry #7 FY-24. “No child will live in poverty.” Trumpster the mobster. VinFast what?

When the Indians are circling your wagon, the lessons of Politics 101 are clear. Divert attention away from the Indians until the cavalry arrives. What better diversion than a big, ‘nation building’ policy.

Former PM Bob Hawke was a master at this. Readers will remember either of “no Australian child will live in poverty” and/or “we will plant one billion trees.”

Wry & Dry #5 FY-24. Trumpster smashes own record. Phoenix Team. US credit downgrade.

What proud citizen of the USA would not want a president who admitted to a business relationship with a porn start? Really, it’s about free speech. And free trade.

Or one whose high intellect and sense of history meant that building a personal library of really historic documents was really understandable.

And now, conspiracy. Really? What’s the fuss? Who in politics hasn’t conspired before, during or after office?

Wry & Dry #41: Russian rebellion. Irony. Upsetting the treasurer 101.

Today, there isn’t a person in the world who is not familiar with Russia’s highway M4. And that it starts on Rostov-on-Don (more-or-less) and finishes in Moscow, some 1,100 kilometres away to the north.

It was along this stretch of mostly wide and smooth asphalt that Yevgeny Prigozhin’s private army (Wagner Group) commenced its threat to Tsar Vlad’s restful night’s sleep. It left the difficult terrain and unfriendly people of Ukraine for the ease of a paved road and reasonable cafes.

Wry & Dry #36: Ceiling restored. “I’d like to thank…”. Five more years.

Make no mistake, some individuals at PwC should end up either in the slammer or fiscally eviscerated. For either or both the original crime and then the cover up. Those bean-counters clearly didn’t spend their formative years studying history. How could they not have known that former US president Richard Nixon was shredded for the Watergate cover-up, not the crime?

Wry & Dry #34: Sleepy Joe’s real reason for not coming. How to paint a debt ceiling. Cane toads?

Sleepy Joe has decided to cancel his trip to have gumnut tea and a lamington with Albo. His acolytes speak of the need to negotiate the raising of America’s ‘debt ceiling’. Nuh.

The real reason is the worry that Sleepy Joe might fall victim of the food on the Jetstar flight to Sydney.  And return to the US in a more horizontal position than is usually found on Jetstar. Then Armageddon: Kamala Harris would get the gig in the White House, at which she has already been measuring up curtains. 

Wry & Dry #23. Bumper Christmas Issue.

Impersonator of the Year: He lacked the beard, his biceps were flabbier, his girth was greater and his footwear sturdier. But otherwise, Morrison saw himself as a modern Moses. To lead Australia into the new world.

Steadfast in its approach

The Markets This week: ASX v Wall Street FYTD: ASX v Wall Street Steadfast Group Limited is an Australian insurance broking network that provides insurance broking services to businesses and individuals across Australia and New Zealand. The company was founded in 1991 and has become one of Australia’s largest insurance networks, with over 3,500 brokers […]

Growing – in two very different ways

In recent weeks, we heard the mildly alarming statistics that the ASX had fallen to a low in October 2023 of 6703.2, lower than the levels seen in the broad market index at the close of October in 2007 (6770).

Inghams: laying golden eggs

Inghams is the dominant supplier of chicken products in Australia. It is also amongst the largest positions in client portfolios. In the past week, it delivered an update on progress within the business across the first half of the fiscal year.

Company Profit ‘Reporting Season’ preview

It’s an intense time of year for equity market professionals. But one that is welcomed because of the opportunity to review financial data, hear about company strategy, assess management and operational performance, and to review one’s own stock selection and analytical prowess.

Lull before company profit reporting season

Late July is when there is a lull in company news, as industrial companies are in communication lockdown before company profit reporting in August. Mining companies are busy releasing production reports and not much else, also ahead of profit reporting.

Out with the old, in with the new

There has been a significant period of de-equitisation in the Australian equity markets in the past couple of years. Our portfolios, and performance, have been the beneficiaries of this phenomenon.  Several stocks we own are subject to takeover bids:

Selectivity and Productivity

This week we discuss two major topics. Japan and why we are more heavily invested than global benchmarks and Productivity: why is this a problem for Australia and how does it impact returns?

Going, Going, Gone – the de-equitization of the Australian Equities Market

Two of our investments, Costa Group and United Malt, received confirmation relating to takeover bids this week.

Both takeovers provided support for our investment strategy. This strategy concentrates on finding opportunities where the market fails to price either the long-run asset or the franchise-based value of a company, and instead focuses on short-term earnings fluctuations. In such cases it is often an external party, via a takeover, that unlocks the value.

EOFY, Inflation and Small Caps

The curtain is about to fall on another financial year. FY-23 has been a year of very good investment performance across First Samuel various portfolio strategies.

Clients should expect their Flash Performance reports within 10 days, always noting that all portfolios are individually managed, with different asset mixes and security selections.

The Health of Australia’s Employment Market

This week’s Investment Matters strikes out on a different path to usual. We will present a range of background information on the changing nature of the labour force following a decade of rapid aging and massive inbound migration.

Jittery consumer meets unrepentant RBA

This week’s Investment Matters continues our examination of the RBA’s tightening cycle and the increasing fragility amongst cohorts of Australian consumers. Have the screws been tightened too far already?

What Alternatives do investors have?

This week we spend some time discussing a small but important component of most clients’ portfolios, Alternative Assets. We’re in the process of making new venture capital-style investments in health and financial services.

We also discuss another new Australian Equity portfolio holding called Impedimed (IPD ASX).

Did Aussies just stop spending?

In addition to the usual market updates, this week’s Investment Matters provides updates on two companies in client portfolios: Costa Group and Aristocrat.

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.

Cheers

This week in Investment Matters we have highlighted three news items relevant for client portfolios. Similar to the previous week, is the enhancement of these stories with the sensational Patrick Cook cartoons.

A little more for the collection

This week in Investment Matters we have highlighted three news items relevant for client portfolios. The highlight of the week however is the enhancement of rather plain text with the sensational Patrick Cook cartoons.

Debanking Some Fears in Global Markets

This week Investment Matters covers off on the collapse of the Silicon Valley Bank (SVB) in the US. 
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We used equity market weakness, associated with fears of contagion in the financial system given the collapse of Silicon Valley Bank (SVB) (and to a lesser extent smaller crypto-focused Signature Bank) in the US, to add to positions in the Australian Bank sector this week.

The end of company profit reporting season

The final week of reporting season is traditionally occupied by some of the smaller companies with less well-developed internal reporting structures and possibly some news they are reticent to share!

The week also saw the much-awaited update from EarlyPay which is discussed.

Busy week of company news

The third week of company profit reporting season is traditionally the busiest with a range of large companies presenting updates to the market. We have provided some detail on those results important to client portfolios in today’s Company News section.

Another takeover bid

Client portfolios benefited this week from another takeover bid this time for Newcrest Mining. A non-binding indicative offer came from another giant global gold miner, Newmont Mining, based in Denver USA.

2022: What Mattered?

A cursory glance at the scorecard would lead you to believe this year in markets could be met with a yawn. Yet those that lived through it know that 2022 was anything but a “yawn”.

Out of the oven

Patience is a resource that is becoming relatively scarce in capital markets. We recently received good news about a long-standing position in this portfolio: HoldCo.

Misstep or side-step? 

The Reserve Bank of Australia (RBA) is currently an impasse. Will it continue to hike interest rates in lockstep with the US Federal Reserve? Or will it choose to take a divergent path? And what might the consequences (of either approach) be?

“Gilty” as charged

The Australian market fell by a whopping 8% over the past two weeks. However, it’s set to end the week higher than it began.

We try to draw some lessons from a wild, but ultimately uneventful few weeks in markets.

Stage 5?

Better than feared. That’s how several analysts have described the August reporting season in 2022.

We wrap up this year’s Profit Reporting Season as we ponder the outlook for 2023.

Coming Together

If the big four were likened to another big four (the Beatles), it would be safe to say that ANZ has been a shoo-in for Ringo (over the last few years).

Charting consumer confidence

If you are feeling a little uneasy about the Australian economy, you are not alone.
Recent surveys indicate Australians are increasingly worried about the outlook for the domestic economy.

We take a walk down a chart-filled page to see what exactly consumers are fretting over and how this is influencing behaviour.

Defining the odds

We discuss the odds for the latest addition to the Australian Equities sub-portfolio – PointsBet.
Also, this week: We catch up on Company News for the weeks gone by.

Getting your investments in order

An investor’s greatest hurdle can sometimes be: the investor. We look at how the math of how when you transact can be as important as what you transact.

Sell first (ask questions later…)

Billion-dollar companies have disappointed the market. We question whether in the midst of uncertainty, investors’ timeframes are being truncated.