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  • Australian Retail | Doddsville
    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 blog is where

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/australian-retail/ (2013-02-03)
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  • What’s your benchmark? | Doddsville
    29 2008 high 27 2004 high PE 34 1997 low 3 2 2011 distorted by high RHG holding I agree with Ben that as a value investor you can t be put off by short term goals Reply Jason Prowd II Reply October 24th 2012 at 5 06 pm Okay nice I think that s a good way of going about it If you re keeping track of your performance you re probably ahead of most Reply craig Reply October 25th 2012 at 10 08 am May have missed a point about portfolio allocation and if we click the portfolio button on the stock account it comes up with over 50 in financials and we own no banks and 8 5 CPU and 5 QBE This probably reflects TGG MFF Platinum Capital USD and GOLD EFTs which we hold to cushion likely Aussie rebalancing over next 2 5 years and to get international exposure Reply Rob said Posted October 24 2012 at 1 45 pm My portfolios SMSF outside super are both 90 invested in shares with balance cash so benchmarking vs bond returns is not directly comparable for me I usually benchmark against the ASX All Ords Accum index I usually reinvest dividends even though I hold no resources or mining services stocks Reply Jason Prowd II Reply October 24th 2012 at 1 54 pm Thanks for the comments Rob Reply mars said Posted October 24 2012 at 1 53 pm Maybe this isn t very useful but frankly I don t see why winning or losing needs to be dependent on some index I simply ask myself two things a what real pre tax return do I want say 7 5 and b what inflation rate am comfortable assuming going forward say 4 This gives me a capital allocation hurdle of 11 5 required return The bond yield might inform my assumed inflation rate perhaps but I m not sure why should influence my desired real return Reply Jason Prowd II Reply October 24th 2012 at 5 05 pm Thanks for the comments Mars yes I see the bond rate as a proxy for inflation My general assumption is that bonds will provide a zero real return But it s only a guide I m hesitant to suddenly drop my hurdle just because bond rates are extremely low like they are at the moment The way you re thinking about it makes a lot of sense to me Reply Peter said Posted October 24 2012 at 4 38 pm So what does this say about the industry marketing so called low cost index funds Further pertinent questions 1 What is the implication of an economy which over allocates capital to only two industries mining and financials 2 What is the implication for our employment skill sets on nation s productivity Reply Jason Prowd II Reply October 24th 2012 at 4 58 pm Yeah I think that s a good point Peter Index investing works fine where the index

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/whats-your-benchmark/ (2013-02-03)
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  • Benchmarking | Doddsville
    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 blog is where they share

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/benchmarking/ (2013-02-03)
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  • Portfolio Management | Doddsville
    hindsight I wish I d spent more time on it in the special report Capital allocation is the decision about what percentage of your portfolio to allocate to an individual stock or sector Indeed diversification and capital allocation are two sides of the same coin By James Greenhalgh TII Posted in James Greenhalgh Also tagged Capital allocation portfolio weightings share portfolio Comments 47 What s your investing style May 10 2010 6 38 pm All of The Intelligent Investor s analysts would call themselves value investors But value investing can be practised in as many different ways as there are investors We recently upgraded a small oil exploration stock access for members of The Intelligent Investor only to Speculative Buy While the most likely outcome will be dry wells and a lower share price there s a small chance of a huge pay off This sort of opportunity doesn t sit well with my investing style I don t like lottery tickets I much prefer a higher probability of a positive outcome but with lower potential upside I m also quite averse to losses By James Greenhalgh TII Posted in James Greenhalgh Also tagged investing style investment style stock portfolio value investing Comments 35 Intelligent Investor Analysts Nathan Bell research director works alongside Gareth Brown James Greenhalgh Gaurav Sodhi and Jason Prowd This blog is where they share their thoughts and gather feedback about their ASX research at Intelligent Investor Search Connect with 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

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/portfolio-management/ (2013-02-03)
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  • Apple | Doddsville
    short April 12 2011 1 01 pm The tech bubble popped 10 years ago but you wouldn t know it looking at Apple Inc s stock price chart Analysts are unanimously positive but could they find half a worm after taking a bite By Nathan Bell TII Posted in Nathan Bell Also tagged ipad short Steve Jobs Comments 31 Intelligent Investor Analysts Nathan Bell research director works alongside Gareth Brown James Greenhalgh Gaurav Sodhi and Jason Prowd This blog is where they share their thoughts and gather feedback about their ASX research at Intelligent Investor Search Connect with 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 and Gaurav

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/apple/ (2013-02-03)
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  • Bing Leee | Doddsville
    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 blog is where

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/tag/bing-leee/ (2013-02-03)
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  • Sorry Telstra I’m not convinced | Doddsville
    said Posted September 7 2012 at 10 41 am Exactly right Jason The carriers must forever fight over the same customer base with the same technologies I think the best Telstra can expect relative to the status quo with 3G is a first mover advantage which may give it a leg up in 4G market share Reply Jason Prowd II Reply September 10th 2012 at 10 31 am Thanks for the comments Geoff Reply Mars said Posted September 7 2012 at 11 38 am Good one Jason This is a classic example of companies needing to invest to stay afloat however sick the return on capital might be Otherwise known as a money black hole As business owners we like to think about the returns we may expect going forward in investments in new technologies including on our R D spend Well blimy we better be sure that investment is creating blue sky for more than just our customers and not just helping our legs dog paddle more vigorously Reply Jason Prowd II Reply September 14th 2012 at 2 13 pm Thanks Mars I like the legs dog paddle more vigorously analogy very apt There s so many company that talk about growth investment when really all they re talking about is maintaining the status quo Reply Matt said Posted September 7 2012 at 12 48 pm While I agree that the investment is required to maintain market share the other aspect of growth is the growth in the total market I believe sorry no evidence to hand that there has been an increase in the share of wallet that people have been prepared to spend on telco services Reply Mars Reply September 7th 2012 at 2 03 pm No doubt Over the decades there has been an explosion in the share of wallet devoted to computers hi fi home theater etc but have each of the technology companies got richer apart from Apple Going back a bit further there was an explosion in share of wallet devoted to air travel Reply Matt Reply September 10th 2012 at 5 52 pm Yes good point Given that the growth in spend may lead to adjacent opportunities a la Flight Centre Reply Wayne said Posted September 7 2012 at 5 24 pm Totally agree Jason Even a cursory knowledge of Porter would see this as a race to the bottom It s only made slower because there are fewer players Reply Jason Prowd II Reply September 14th 2012 at 2 10 pm Indeed I think that s a good point Wayne Reply Jason Prowd II said Posted September 10 2012 at 10 32 am And it looks like the new iPhone might pressure Telstra s margins http afr com p technology latest iphone to squeeze telstra QjigcoLOrAhGgNoOY5PR9L Reply nimsky said Posted September 11 2012 at 9 39 am When anyone can install it e g 4G returns are going to be anything but stellar My undetstanding is spectrum is not available to

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/sorry-telstra-im-not-convinced/ (2013-02-03)
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  • A LinQ to an excellent return? | Doddsville
    right once it does the opportunity will close Interested in official recommendations on what stocks to buy hold and sell Head to Intelligent Investor for an exclusive free trial VN F 1 9 20 1166 please wait Rating 4 6 5 13 votes cast A LinQ to an excellent return 4 6 out of 5 based on 13 ratings This entry was written by Jason Prowd II posted on at 9 23 am filed under Jason Prowd Resources Stocks and tagged LIC LinQ resources Bookmark the permalink Follow any comments here with the RSS feed for this post Post a comment or leave a trackback Trackback URL Ansell Flowers in the desert Previous Entry Twitter Wrap 15th August 2012 Next Entry 14 Responses Add Yours Discussion AC said Posted August 15 2012 at 10 31 am You re seeing some LICs going the unlisted route If you re feeling adventurous you could go long LRF and buy puts on the XSR small resources index That would provide some cover insurance on the spread though not on a like for like basis But given current volatility the price of insurance might not be economical I haven t checked not surprisingly when you most want it The other thing is 23 of the portfolio is tied up in one unlisted company Ferrous and you would want to be certain that that valuation is sound With the current market I would bet you wouldn t get 22m in the private market Also don t forget to adjust the discount to NTA for management fees because it is a meaningful and ongoing outflow Reply Jason Prowd II said Posted August 15 2012 at 10 36 am Thanks for comments AC Agreed on the Ferrous and management fee front I agree that there s an argument that LICs should always trade a discount to NTA relative to the fee charged by the fund Reply Jason Prowd II said Posted August 15 2012 at 10 38 am Also I don t mind the XSR puts idea but you re probably right about pricing Reply freddy said Posted August 15 2012 at 7 23 pm Also consider that only shareholders on 9th August will be eligible for the initial redemption It may or may not be the case that these shareholders will be paid from the most liquid assets and the remaining shareholders will be left with the more illiquid assets Reply Jonathan said Posted August 16 2012 at 1 55 pm Interesting proposition Jason Apart from the already mentioned caveats I couldn t help but notice a contrast between Gareth re GPG and you here in that he applied discounts of up to 40 per cent to the component assets Am I missing something Reply Jason Prowd II Reply August 16th 2012 at 2 20 pm Thanks Jonathan The situation is a little different as LRF isn t liquidating like GPG If it was I d agree and definitely give a hair cut to the assets

    Original URL path: http://blog.intelligentinvestor.com.au/doddsville/a-linq-to-an-excellent-return/ (2013-02-03)
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