archive-au.com » AU » I » INTELLIGENTINVESTOR.COM.AU

Total: 284

Choose link from "Titles, links and description words view":

Or switch to "Titles and links view".
  • Value Investing Canuck-style | Doddsville
    500 under management It s slow tedious work but potentially very lucrative Whilst buying Japanese stocks is probably outside most investors circle of competence the general lesson is useful If you want outsized returns they aren t going to come from owning a comfortable basket of large cap stocks everyone has heard of Successful investing often means owning a strange disparate collection of stocks Stocks that when revealed to most people leave them asking you call yourself as investor I suspect this is an accusation often levelled at Mohnish Pabrai 3 There are great managers CEO panel from left Tom Ward Marc Bertrand William McMorrow Richard Garneau Flexibility and patience are two great friends to the value investor As Intelligent Investor s property analyst I m largely disappointed by the lack of sensible strategies employed by our larger REITs So it was quite heartening to hear William McMorrow s presentation Over 30 odd years he s made an art out of buying out of favour property both directly and debt and turning them for a handsome profit He explained a recent investment where Kennedy Wilson bought a property in San Jose California after all the prospective buyers defaulted This unfinished high rise development was then swiftly finished and leased Kennedy Wilson then sold the tower just over a year later for a 100 gain Now that s smart property investing and is the kind of counter cyclical opportunistic action that delivers excellent long term results Australia REIT managers should take note For investors the search for sensible value focused managers and businesses may at times seem a futile one but they re out there you just have to be patient That s three simple yet powerful lessons and I ll share a couple more in our next edition of the Doddsville podcast Want to know what shares to buy hold or sell Why not sign up for a free trial with Intelligent Investor to find out VN F 1 9 20 1166 please wait Rating 4 0 5 9 votes cast Value Investing Canuck style 4 0 out of 5 based on 9 ratings This entry was written by Jason Prowd II posted on at 11 03 am filed under International investing Jason Prowd Opinion Stocks and tagged conference value investing Bookmark the permalink Follow any comments here with the RSS feed for this post Post a comment or leave a trackback Trackback URL Doddsville podcast 10 May 2012 Previous Entry Twitter Wrap 16th May 2012 Next Entry 3 Responses Add Yours Discussion Neil P said Posted May 15 2012 at 1 49 pm Excellent Post Jason just finished looking through the powerpoints I found the net nets the the most intriguing and Lauren Templeton s methodology the most rigorous Despite very ordinary returns over the last five years Kerr Nielson of Platinum Asset Management is still a believer in Japan s stocks being very cheap when compared globally Given one of your summary points was one of sharp investors

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/value-investing-canuck-style/ (2013-02-03)
    Open archived version from archive


  • Conference | Doddsville
    the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of oil James Carlisle II commented on 15 568 days to the end of oil Nick Earls commented on 15 568 days to the end of oil Links Bristlemouth Gravy Train How To Invest Intelligent Investor Value Fund Walnut Report Authors Select Category Banking 3 Currency 5 Debt 9 Doddsville Podcast 36 Featured 4 Gareth Brown 48 Gaurav Sodhi 67 Greg Hoffman 27 International investing 10 James Carlisle 3 James Greenhalgh 56 Jason Prowd 18 John Addis 3 Lists 3 Macro environment 16 Management 21 Nathan Bell 43 Opinion 42 Portfolio management 7 Property 1 psychology 8 Resources 21 retail 11 Review 2 Stocks 58 Strategy 9 Telecommunications 1 Tim Searles 1 Twitter Wrap 25 Uncategorized 11 Value investing theory 7 Wayne Jones guest contributor 1 About Nathan Bell research director works alongside Gareth Brown James Greenhalgh and Gaurav Sodhi This blog is where they share their thoughts and

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/conference/ (2013-02-03)
    Open archived version from archive

  • Extraordinary opportunities in Europe | Doddsville
    rates and with the Aussie at 10 year highs to do a Greek like or Chinese like movement of currency off shore may be a prudent measure for many here but the market specific knowledge required is beyond the capacity of most or at least me Reply Barefoot Concreter said Posted March 24 2012 at 1 20 am Probably not required but Long Position Unicredit One of the questions we have been asked most frequently by investors over the past 18 months is whether European bank related investments were as compelling to us as they seemed to be to other managers some of which even raised funds to capitalize on the supposedly massive opportunities originating due to stressed conditions in Europe We bided our time and having dry powder proved fruitful in January when we were able to capitalize on an extraordinary special situation Unicredit UCG is one of Italy s largest commercial banks with additional retail operations throughout Central and Eastern Europe The EBA bank stress tests conducted in Q4 revealed UCG s need to raise 7 5 billion of capital by June 30 2012 to reach the minimum 9 threshold required under Basel III In November 2011 UCG announced a 7 5 billion rights offering with pricing to be determined in early 2012 Demand from UCG s shareholder base to underwrite the deal was weak however given that nearly 25 of its shareholders mainly Italian foundations and the Libyan Central Bank lacked additional capital This prompted the consortium of banks underwriting the deal to price the new shares at a 60 discount nearly 2x that of similar transactions and more than doubling the shares outstanding The deal was announced on the first trading day of 2012 in thin markets due to arcane regulatory requirements in some eastern European countries where UCG operates The offering s extreme discount and fears of indiscriminate selling by underwriters shocked thinly staffed trading desks across Europe and drove the stock down by 50 Panicked selling nearly forced the stock through the rights price meaning the market temporarily deemed the rights close to worthless The technical pressures and forced selling naturally caught our attention The enormous time we have invested as a team in attempting to understand the broader impacts of the ECB s recently announced three year LTRO also proved critical The ECB s latest attempt to support ailing banks generated little fanfare when initiated in December 2011 but appeared to us as a potential game changer for Euro area risk premia Based on our belief 5 that the LTRO would significantly compress risk premia particularly in Italian sovereign yields we began buying UCG rights These rights on a converted basis allowed us to create the stock at 10 discount to prevailing market levels and 0 25x tangible common equity This multiple implied nearly a 25 cost of equity for a bank in the upper quartile of capitalization versus its peers with adequate liquidity for the foreseeable future and domiciled in a sovereign

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/extraordinary-opportunities-in-europe/ (2013-02-03)
    Open archived version from archive

  • Daniel Loeb | Doddsville
    The origins of Passport Capital 15 568 days to the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of oil James Carlisle II commented on 15 568 days to the end of oil Nick Earls commented on 15 568 days to the end of oil Links Bristlemouth Gravy Train How To Invest Intelligent Investor Value Fund Walnut Report Authors Select Category Banking 3 Currency 5 Debt 9 Doddsville Podcast 36 Featured 4 Gareth Brown 48 Gaurav Sodhi 67 Greg Hoffman 27 International investing 10 James Carlisle 3 James Greenhalgh 56 Jason Prowd 18 John Addis 3 Lists 3 Macro environment 16 Management 21 Nathan Bell 43 Opinion 42 Portfolio management 7 Property 1 psychology 8 Resources 21 retail 11 Review 2 Stocks 58 Strategy 9 Telecommunications 1 Tim Searles 1 Twitter Wrap 25 Uncategorized 11 Value investing theory 7 Wayne Jones guest contributor 1 About Nathan Bell research director works alongside Gareth Brown James Greenhalgh and Gaurav Sodhi

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/daniel-loeb/ (2013-02-03)
    Open archived version from archive

  • Overseas brokerage | Doddsville
    the London Stock Exchange which applies stamp duty of 50 basis points on purchases and the Canadian Stock Exchange which charges a flat fee of 1 65 cents per share regardless of their value Both CommSec and E trade allow you to participate in major European Asian and US markets with CommSec having an even more extensive range of options if you re prepared to make your trades over the phone CommSec also charges some extra fees If you hold stocks or cash in your Pershing account and don t trade during a calendar year you ll be stung for 75 Having trade confirmations mailed to you will cost 2 but you can ignore the foreign securities custody fee that they disclose it hasn t actually been charged for about two years according to CommSec s customer service In short an absolute minimum of about 1 of your investment will go towards fees when trading international stocks and more for smaller trades or markets Though this is ten times the 11 or 12 basis points you ll pay for a large trade on the ASX it still isn t significant if you re buying shares for the long term There s some truth to the marketing with only 2 of the world s listed businesses buying only Australian stocks limits you to 2 of the opportunities If you ve got the time to hunt through foreign markets there are many bargains to be had Now you know how to go about buying them you really have no excuse Selected member comments Luke said Hi Guys Just reading your international account report today and I noticed that you had omitted at least one potential provider I have an account through www optionsxpress com au despite the name you can trade in shares as well as options however it is only on the US stock exchanges The process for setting up sounds relatively similar Sheamus said Hi Guys Thought I would just let you know of another potential option for overseas shares which you might be interested in investigating OptionsExpress They were recommended via a Motley Fool seminar in Sydney I attended a while back Sorry guys I was just curious about what they had to offer I have only used them a few times but so far so good They are a lot cheaper than using ETrade which is my broker Actually I got 10 free trades when I signed up and therefore it has cost me nothing so far I have yet to withdraw my money which is probably a bit of a litmus test but I would hope that given the MF guys are recommending them that they are solid The accounts are covered by something called SIPC Securities Investor Protection Corporation which seems to offer some protection If you guys have any thoughts on them I would be interested to know Cheers John writes Many thanks for your excellent articles on overseas trading I ve been trying to find a good way of doing this for years One thing to watch out for that I experienced a few years ago in transferring pension funds earned overseas back to Australia is that in addition to any currency conversion fee the financial institution can select any exchange rate it likes In my case the rate selected by a very well known Australian financial institution was considerably different about 130 points from the quoted daily rates for that currency from other banks And the consumer has absolutely no come back it s like it or lump it So be warned Just because someone quotes 30 60 points doesn t mean it is actually 30 60 points It may be considerably more If you can actually compare Commsec and E trade s conversion rates with normal market conversion rates admittedly difficult at the moment with rates being very volatile I d be most grateful It can make a considerable difference to the actual transaction costs Share your thoughts below VN F 1 9 20 1166 please wait Rating 4 3 5 6 votes cast Overseas brokerage 4 3 out of 5 based on 6 ratings This entry was written by Gareth Brown II posted on at 10 57 am filed under Gareth Brown International investing and tagged Commonwealth Securities Commsec Comsec E Trade Interactive Brokers International brokerage OptionsExpress Bookmark the permalink Follow any comments here with the RSS feed for this post Post a comment or leave a trackback Trackback URL Oversimplifying impedes real learning Previous Entry The limits of monetary incentives Next Entry 7 Responses Add Yours Discussion Shay said Posted December 1 2011 at 12 49 pm Just as a follow up to my comments on Options Express I did forget to mention that it is for US listed stocks only as Luke mentioned A couple of additional pieces of information to note which I got from communications with them via their Live Chat are When you transfer the funds to our Australian JP Morgan account in Australian Dollars we then send the funds to our JP Morgan account in New York and convert the funds into US Dollars with a one time exchange rate the exchange rate given is a wholesale exchange rate which is often better than you would get transferring with your own bank However as the exchange rate fluctuates throughout the day we cannot quote the exchange rate you will receive until after the funds have been converted optionsXpress encourages all customers to complete a wire withdrawal as this is much like an international transfer and enabled the funds to be deposited into your account in the quickest possible way typically 2 working days Cheers Reply Joey said Posted December 1 2011 at 1 47 pm I can t seem to see it anywhere above so I thought it was important to note a fee that E Trade charge which is essentially a monthly account keeping fee for global portfolios conveniently called a custody fee charged

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/overseas-brokerage/ (2013-02-03)
    Open archived version from archive

  • Commonwealth Securities | Doddsville
    origins of Passport Capital 15 568 days to the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of oil James Carlisle II commented on 15 568 days to the end of oil Nick Earls commented on 15 568 days to the end of oil Links Bristlemouth Gravy Train How To Invest Intelligent Investor Value Fund Walnut Report Authors Select Category Banking 3 Currency 5 Debt 9 Doddsville Podcast 36 Featured 4 Gareth Brown 48 Gaurav Sodhi 67 Greg Hoffman 27 International investing 10 James Carlisle 3 James Greenhalgh 56 Jason Prowd 18 John Addis 3 Lists 3 Macro environment 16 Management 21 Nathan Bell 43 Opinion 42 Portfolio management 7 Property 1 psychology 8 Resources 21 retail 11 Review 2 Stocks 58 Strategy 9 Telecommunications 1 Tim Searles 1 Twitter Wrap 25 Uncategorized 11 Value investing theory 7 Wayne Jones guest contributor 1 About Nathan Bell research director works alongside Gareth Brown James Greenhalgh and Gaurav Sodhi This

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/commonwealth-securities/ (2013-02-03)
    Open archived version from archive

  • Chinese frauds: Bubble indicators? | Doddsville
    2 ratings This entry was written by Gareth Brown II posted on at 11 18 am filed under Gareth Brown International investing Macro environment and tagged Bronte Capital China Fraud Fraudulent Chinese companies John Hempton Kerrisdale Capital short sellers Bookmark the permalink Follow any comments here with the RSS feed for this post Post a comment or leave a trackback Trackback URL Exco Resources in the Dragons Den Previous Entry Forget the risks buy the value Next Entry 11 Responses Add Yours Discussion Ben Hensman said Posted January 25 2011 at 12 10 pm Thank you for this Gareth You are absolutely spot on when you say that Bubbles and fraud are bedfellows This worries me as much as Jim Chanos opinion which I hold in high regard To look at the China conundrum from another perspective is it possible that even after a correction of unknown magnitude the sheer size of her population and the demand placed on her by the rising middle class in particular will hold demand for resources at a high level albeit not as high as it is currently If you agree with Chanos I guess the next step is to ask how accurate the demand models are of the likes of Fortescue Rio and BHP The latter is far more insulated because of its diversified earnings model but still in trouble if a crash occurs due to the high margins in iron ore Some of my favourite businesses would be in strife if the two big miners halted projects particularly in WA Monadelphous comes to mind When it comes to investment value investing principles state that avoiding loss is as important as ensuring gain Does that mean finding businesses that don t have exposure to the potential mess of the China bubble bursting I don t think so at least not entirely Reply michael petersen said Posted January 25 2011 at 4 53 pm It all sounds familiar Back when i was a lad my father was a grazier wool I remember him going off to the wool sales in Sydney coming back with a ute load of things for the house washing machine fridges etc This was because the Japanese had started to buy Australian wool pushed the price up about 2 to 3 times its original price This went on for several years then they came to the markets but didn t buy anything that stuffed things up they were a few bad years until the wool board was introduced started to regulate prices the old mans comment many years later was not to trust the Japs Maybe this will apply to the chinese Michael Petersen Reply craig said Posted January 26 2011 at 11 12 am There are always some highly leveraged mismanaged operationations going wrong being killed by the opposition etc companies in all markets and in this failing company section we can add outright fraud and ponzi schemes forests and vineyards anyone Its great that some smart people have

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/chinese-frauds-bubble-indicators/ (2013-02-03)
    Open archived version from archive

  • Bronte Capital | Doddsville
    us Recent Posts The origins of Passport Capital 15 568 days to the end of oil The worst deal I ve ever seen Doddsville podcast 20 December 2012 Best books of 2012 Recent Comments James Carlisle II commented on 15 568 days to the end of oil Samson commented on Harvey Norman crisis approaching David commented on 15 568 days to the end of oil James Carlisle II commented on 15 568 days to the end of oil Nick Earls commented on 15 568 days to the end of oil Links Bristlemouth Gravy Train How To Invest Intelligent Investor Value Fund Walnut Report Authors Select Category Banking 3 Currency 5 Debt 9 Doddsville Podcast 36 Featured 4 Gareth Brown 48 Gaurav Sodhi 67 Greg Hoffman 27 International investing 10 James Carlisle 3 James Greenhalgh 56 Jason Prowd 18 John Addis 3 Lists 3 Macro environment 16 Management 21 Nathan Bell 43 Opinion 42 Portfolio management 7 Property 1 psychology 8 Resources 21 retail 11 Review 2 Stocks 58 Strategy 9 Telecommunications 1 Tim Searles 1 Twitter Wrap 25 Uncategorized 11 Value investing theory 7 Wayne Jones guest contributor 1 About Nathan Bell research director works alongside Gareth Brown James Greenhalgh

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/bronte-capital/ (2013-02-03)
    Open archived version from archive



  •