Bullbear Buffett

Sunday, 23 May 2010

Quick look (March 2010 - May 2010)

A quick look at C.I. Holdings (21.4.2010)
http://spreadsheets.google.com/pub?key=t-txsPY_B8VmtaJsbgEzXXg&output=html

A quick look at KAF (21.4.2010)
http://spreadsheets.google.com/pub?key=tt-FqSCZJ3t_dmBwyJhwEwQ&output=html

A quick look at Tenaga (20.4.2010)
http://spreadsheets.google.com/pub?key=ti4gKGN8X2mWhDORvdhN2Tw&output=html

A quick look at Supermax (19.4.2010) Q1 2010
http://spreadsheets.google.com/pub?key=telQsoPdo0K4BY0D2VQg_1Q&output=html

A quick look at LTKM (18.4.2010)
http://spreadsheets.google.com/pub?key=ta9iC4u-l3laEWMXfyC27aA&output=html

A quick look at XINGQUAN (29.3.2010)
http://spreadsheets.google.com/pub?key=tQ54VqUumqozmI_Y_SSAQKQ&output=html

A quick look at KGB. (29.3.2010)
http://spreadsheets.google.com/pub?key=tHqBfx2E03AKh6UHmeay3aw&output=html
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A quick look at Boustead REIT (21.5.2010)

Stock Performance Chart for Al-Hadharah Boustead Reit

A quick look at Boustead REIT (21.5.2010)
http://spreadsheets.google.com/pub?key=tKnEhhfZARfg2PKULQChzvg&output=html

Asset Allocation: Invest wisely to get your money's worth

Invest wisely to get your money’s worth
Comment Mail to friend ET Bureau; Prashant Mahesh & Nikhil Walavalkar In the uncertain world of finance, we know that systematic investment and sticking to your asset allocation hold the key to success. But wealth management experts use asset allocation strategies not only to create wealth, but also to protect it during volatile times. It is not the maximisation of returns, but optimisation of returns that becomes the goal of money managers. Asset allocation strategy has to be reviewed continuously. This process plays a key role in determining the risk and return from your portfolio. Broadly speaking, the portfolio’s asset mix should reflect your risk taking capacities and goals. Wealth managers use different strategies of building asset allocations and we outline some of them and examine their basic management approaches.

Strategic Asset Allocation
Comment Mail to friend Strategic allocation is typically the first stage in the investment process. Based on the investor’s long-term objectives, an initial portfolio is build. It is the backbone of any investment strategy. This often forms the basic framework of an investor’s portfolio. This is a proportional combination of assets based on expected rates of return for each asset class. For example, if stocks have historically given a return of 12% per year and bonds have returned 6% per year, a mix of 50% stocks and 50% bonds would be expected to return 9% per year. Strategic asset allocation generally implies a buy-and-hold strategy. “Strategic asset allocation defines the boundary of risk, and it is these boundaries that help control portfolio risk,” said AV Srikanth, executive director, Anand Rathi Wealth Managers.

Constant-Weighting Asset Allocation
Comment Mail to friend Strategic asset allocation has its drawbacks as it entails a buy-and-hold strategy even if a change in the value of assets causes a drift from the initially established policy mix. This has driven the wealth managers to resort to the constant weighting asset allocation. This strategy helps you to continuously rebalance your portfolio. For example, if gold was declining in value, you would purchase more of it to maintain its weightage and if its value increased you would sell it. There are no hard-and-fast rules for the timing of portfolio rebalancing under strategic or constant-weighting asset allocation. Most wealth managers are of the opinion that the portfolio should be rebalanced to its original mix when any asset class moves more than 5-7% from its original value.

Tactical Asset Allocation
Comment Mail to friend Over the long run, a strategic asset allocation strategy may seem relatively rigid. There are investors who constantly want to seek returns out of market opportunities that arise. Hence, investment managers find it necessary to go in for short term tactical calls. Such tactical calls create room for capitalisng on unusual or exceptional investment opportunities. This is like timing the market to participate in the fluctuations and volatility that arise due to market conditions. “While a strategic asset allocation is revisited once in six months, tactical asset allocations are visited every month,” said Hrishikesh Parandekar, CEO, Karvy Private Wealth. Tactical calls are on an ongoing basis. For example, shifting a part of the portfolio from large cap stocks to mid cap stocks to take advantage of the environment is a tactical call. “We restrict our tactical calls around 10% of the total portfolio and rest of the money is strictly governed by strategic allocation,” said a wealth advisor with a foreign wealth manager. Tactical allocations being opportunistic in nature, wealth managers prefer to maintain clear time-based and value-based entry and exit points to ensure better risk management.

Guided and optimised allocation
Comment Mail to friend This can be seen as the advanced version of tactical asset allocation. When tactical asset allocation aims to take advantage of temporary situations in the market, the concept of guided and optimised allocation believes in squeezing the last drop out at all times. By very nature, it is meant for a bit aggressive investor. Here 75% of the clients’ portfolio could follow the original asset allocation, while 25% of the portfolio will explore opportunities where there could be chances of making higher return. So, investing in gold futures for a quick buck, or short-term corporate deposits offering higher rate of interest and such other opportunities remains on investors’ lookout. Here you must continuously stay tuned with the financial markets. The strategy further demands you to take into account transaction costs as the investors turn hyper active in search of higher returns

Dynamic Asset Allocation
Comment Mail to friend For aggressive investors who want to ride momentum at times, managers recommend dynamic asset allocation. So, if the stock market is showing weakness, you sell anticipating a further fall. If it is going up, you buy anticipating a further rise. Here you constantly adjust the mix of assets as markets rise and fall. This is the opposite of constant-weighting strategy. As the entire portfolio is available for action, amateur investors may turn hyper active. Especially in the high volatile times, acting on all types of information can lead to high transaction costs. Also, the tax treatment of the returns turns to disadvantages if you churn your portfolio too much. In times of high volatility, when the markets may not move up or down much, dynamic asset allocation is not advisable for naैंve investors. Depending on the type of investor you are, asset allocation could be active or passive. However investors should choose one keeping in mind their age, long term goals and risk taking capacity in mind.

http://economictimes.indiatimes.com/quickiearticleshow/5951589.cms

How to generate passive income to meet financial goals

Generate passive income to meet financial goals

Ever wondered how your colleague at work, who earns the same salary as you, has bought a BMW while you are still driving your five-year-old Honda City? Chances are your colleague has utilised his or her existing salary smartly to generate passive sources of income, on the back of which the car has been bought.

By generating passive income you can achieve financial freedom and flexibility through the creation of alternative sources of income that can complement your salary income.

People rarely achieve their financial goals and dreams only on the back of their salaries. One needs alternative sources of income that can increase one’s wealth and consumption capabilities. Here we share with you some tips on how to generate passive income.

What is passive income?

The salary you get from work is a direct result of your efforts at work, during your active working life. Passive income, on the other hand, is income that you can generate without having to directly work for it.

For instance, if you invest a part of your salary into instruments that will earn income for you without you spending any time on it, you can create passive sources of investment income for yourself. Apart from the act of investment, you are not directly doing any active work to generate investment income.

In effect, your money works for you to earn more money for no incremental effort on your part. Over time, if you have invested smartly, you can have enough money through these passive sources to make a down payment on an apartment or buy that dream car.

Even if you start small, the idea is that you should start creating passive income for your self. Through the sheer power of compounding of capital, small savings today can grow into a large amount within just a short period of 4-5 years.

When can I start earning passive income?

You can start as early as today! All you need is a regular source of salary income and the discipline of setting aside a part of this salary, even if it is a small amount, towards investment purposes before you start spending your money on your lifestyle or your living costs.

This of course might not always be easy, and depends upon the state of your personal finances and your family situation.

Also, if you are just starting out your career, you might not have the flexibility to invest immediately. To add to these is the peer pressure to spend money on items of conspicuous consumption like the latest mobile phone or a cutting edge flat screen LCD TV.

When can I start earning passive income?

The choice whether to invest or not is of course yours, but please bear in mind the tradeoff in the long term - you can either consume today, or save up to consume for later.

If, however, you are in your middle age, you might not be left with much of a choice and your key goal should be to use as much of your income as possible from your remaining peak earning years to create a source of passive income, which is often the only source of funds for most people during retirement.

What is the tax impact of passive income?

Like your salary income, any passive income that you generate will also create a tax liability for you. Depending upon the source of the income there might be different tax treatment applied. For instance, dividends from equity instruments such as stocks or equity mutual funds are tax free in the hands of the investor.

However, dividends distributed by a debt or a liquid fund will be subject to a dividend distribution tax paid out by the fund.

Further, the tax treatment also depends upon the time duration that you hold an asset or an investment. If you make a gain on a capital market investment, but hold it for less than 12 months, short-term capital gains tax rules will apply.

What is the tax impact of passive income?

If you hold the investment for more than 12 months then long-term capital gains tax rates will be applicable. Similarly, for property the holding period that determines a short or long-term capital gain is whether you have owned the asset for more or less than 3 years.

The tax rates for capital gains vary by the type of investment in question. Sometimes you might also be able to use losses from your investments to offset your taxes from other sources of income.

Whatever be the source of your passive income, you will need to declare it in your annual tax return, and pay taxes on it according to the existing tax rates and rules.

http://economictimes.indiatimes.com/quickiearticleshow/5956325.cms

How to make the most of this market correction

Markets going through a correction phase

Vikas Agarwal, ET Bureau

The equity markets, globally, are going through a correction phase at the moment. The financial crisis in the Euro region is the main reason behind this sharp correction in the global stock markets. Some of the Euro zone countries have mounted a high sovereign debt. These countries are finding it difficult to repay the loan and can't take independent monetary policy actions due to their partnerships in the common currency - the Euro.

On the other hand, the domestic markets have also corrected by almost 10 percent over the last few weeks, even though there are no fundamental issues with the domestic economy or business houses. This indicates the domestic markets have a sound foundation and they will be among the first markets globally to recover from this downtrend.

Investments in equity more attractive

Therefore, investments in equity in the domestic markets have become more attractive at the lower levels. Usually, when one talks of investments in equity or equity-based instruments, many still think of it like a bet. In fact, equity-based instruments should be part of every investor's investment portfolio. However, the percentage of allocation towards equity and debtbased instruments should depend on the risk profile of the investor.

Although debt instruments are considered relatively safe options, there is a hierarchy of risk even among debt instruments. An investor has to look at the trade-off between risk, return and liquidity while taking an investment decision. Since the markets have corrected significantly, investors can look at a slightly higher allocation towards equity-based instruments.

Here's how you can change your portfolio composition:

Fresh investments in equity

One simple method is fresh investments in equitybased investment instruments. For example, you can make investments in stocks or mutual funds. Investors with a low risk profile can look at subscribing to some of the IPOs of public sector companies which are expected to be launched in the next few months.

The government is disinvesting in several public sector companies to raise funds to partially fund the fiscal deficit. These stocks are usually considered safe investment options as these companies have a solid business model and the backing of the government. And on the other hand, you get the flavour of investing in equity as well.

Shift some debt to equity

You can also look at diverting some short-term debt investments to equity-based mutual funds. However, since the market conditions are a bit uncertain at the moment, you should assume a medium to long-term horizon for your investments in equity-based instruments. However, it is important for investors to invest only their risk capital in equitybased instruments at this point in time.

You can also look at converting your debt-based mutual funds to equitybased funds. Since the interest rates are expected to go up, the existing debt instruments will lose some of their face value. Since the equity markets are going through a correction phase, it is a good idea to convert a part of your debt-based investments to equity-based investments.

http://economictimes.indiatimes.com/quickiearticleshow/5964177.cms

Rebound staves off the GFC Mark II

Rebound staves off the GFC Mark II

TIM COLEBATCH AND RICHARD WILLINGHAM
May 22, 2010

THE biggest fall on global financial markets since the panic of 2008 halted suddenly in Australia yesterday, raising hopes that markets might avoid a second catastrophic meltdown.

After a month of almost unbroken falls - more like free-fall over the past week - share prices and the Australian dollar rebounded strongly during yesterday's trading after opening sharply lower.

In a roller-coaster day on the markets, the dollar fell, rose and fell again. Its journey took it from US80.73¢ in early trading to US83.65¢, then back to US82.69¢ by the evening.

On the stockmarket, the benchmark S&P/ASX200 index began 2.5 per cent down after Wall Street overnight suffered its biggest fall for more than a year, widely attributed to fears of a slump in Europe and a slowdown in China. But, unexpectedly, it began creeping back up, then the creep became a bound, and it ended up just 0.25 per cent lower at 4305.4.

But even after yesterday's bounce, it was a week that took us back to the panic of October 2008. Stock prices fell 6.6 per cent, wiping $90 billion off the market's value. The dollar plunged 7.3 per cent against the US dollar, and only slightly less on the Reserve Bank's broader index.

Analysts said the Aussie could drop below US80¢ next week if the market retreat continued but its long-term prospects were positive.

''We still think it can head lower from here,'' said Westpac currency strategist Jonathan Cavenagh. ''We think it can head into the 70s.''

Yesterday's rally was fuelled by a market rumour that the Reserve Bank was buying the currency. But the Reserve refused to confirm or deny this, and some suggested it was a correction after the rapid sell-off of recent days. But as analysts tried to make sense of it all, opinions differed not only on where the market will go next, but on what is driving the global retreat of investors away from stocks and risk and into the safety of bonds and the US dollar.

Trillions of dollars have been pulled out of stock markets the world over. Wall Street's benchmark index, the S&P500, fell 7.4 per cent in the past week. In Britain, the FTSE index was down 6.6 per cent, the same as Australia's, while Japan's Nikkei index fell 4.1 per cent.

Shadow treasurer Joe Hockey yesterday blamed the plunge partly on the government's proposed resource rent tax on mining. But Prime Minister Kevin Rudd emphasised the global falls, attributing them to ''a genuine crisis of confidence in Europe''.

In their gloom, the markets have ignored very strong growth figures and forecasts from Asia and the US. China's 12 per cent growth in the year to March has now been topped by Singapore (15.5 per cent) and Taiwan (13.3 per cent). In the US, the Fed is forecasting growth this year to be in the range of 3.2 to 3.7 per cent.

The 11 per cent plunge in the Australian dollar from its peak of US93.41¢ in mid-April will be good for the slow lane of our two-speed economy. For local manufacturers, tourism operators and farmers, it makes exporting more viable and profitable.

But imports will become more expensive, at least for the middlemen, and anyone travelling overseas will need more money.

The proposed resources tax appears to have been at most a marginal influence. The plunge in Australian stock prices over the past month has been similar to the fall in stock prices in the US.

Source: The Age

http://www.smh.com.au/business/rebound-staves-off-the-gfc-mark-ii-20100521-w231.html

Should you panic? Advice for mum and dad investors

Should you panic?
RICHARD WEBB
May 23, 2010

IT WAS like someone rang a bell. Just before 11am on Friday the waves of panic selling that had been demolishing Australian share prices dried up and bargain hunters came out of the woodwork.

Stocks did an abrupt about-face and, after being 3 per cent down in early trade, clawed their way back to be almost level by Friday's close. You could hear the sighs of relief all the way along Collins Street.

These days, financial markets recover almost as quickly as they fall, and local shares, even after Friday's intra-day recovery, remain 15 per cent or so below their April highs. They are sitting at historically cheap valuations.

So what should mum and dad investors do?

Jump into the sharemarket, buying with their ears pinned back to ride a swift market recovery?
Should they loosen off their share load on expectation of more falls to come as we head into ''Global Financial Crisis II - Europe falters''?
Or should they simply sit tight and ride out the volatility until things become a little clearer?

The answer is, of course, none of these. Shares are for the medium to long term and you should not try to second-guess short-term market moves. Traders don't often get it right and they do this for a living.

If you are looking to buy, then look to the long term. It should also be a long-term view that governs your decision to sell, rather than panic over the market falling for a few weeks.

As Austock senior adviser Michael Heffernan puts it, the problem is that once panic prevails, logic goes out the window.

''This is not September/October 2008, but the sharemarket is driven by fundamentals and sentiment, and sentiment is the predominant driver at the moment,'' Mr Heffernan says. ''Cooler heads might perceive we have reached a low point but the market has a mind of its own at the moment and it will defy rationality.''

He says that if you have a portfolio of solid, dividend-paying, blue-chip shares and are risk averse, then ''I would recommend you ride this out and just wait and see.

''If you are looking to buy, and I generally like to buy when the market is going up rather than trying to pick a bottom, I wouldn't be necessarily going head over heels into any sector just yet, but I would suggest you look at the banks, major retailers and mid caps. I would wait until after the election before getting back into the big resources stocks or Telstra, though.''

Pengana Emerging Companies fund manger Ed Prendergast agrees on the mixed market sentiment.

''It's murky at the moment and at times like this it's dangerous to be too definitive.

China may be slowing, Greece is clearly an issue and the resource super profits tax is adding fuel to the fire in our market, but it's hard to see this escalating into another GFC - I would be totally surprised by that,'' Mr Prendergast says.

''At the moment it feels like a lot of people trying to get out of a burning cinema and they are all trying to squeeze through the one door - but if you are taking a medium-term view you shouldn't be fazed too much by the short-term volatility; nothing has changed for many Australian companies but their share price.''

So if Mr Prendergast's mum wanted to invest in shares right now, what would he recommend? ''I would still say she should buy but not invest all of her money in one day - I would say some now, some in three weeks' time and some three weeks after that. That way you've got more time to assess the risks.''

Sean Conlan, senior adviser with Macquarie Private Wealth, says the recent selling in the market was almost entirely driven by foreign investors taking profits - which is also why he believes the Australian dollar took such a pounding as they moved their money out of the country.

''There has been a lot of offshore money parked in Australia as it was considered a safe haven through the global financial crisis and as a bet on China,'' he says.

''But triggered by the announcement of the resource super profits tax, these major overseas funds all decided to take their profits and get out - it's not really been panic selling but a reweighting by foreign investors.''

Mr Conlan says local shares are now cheap, trading at a forward price-earnings ratio of 12.8 times, against the local market's long-term average of 14.6 times.

''It's going to be volatile going forward for a while but there is an opportunity to take advantage of the current value showing in the market.''

The confidence crunch

Why is it so?

■Greece and Portugal sovereign debt concerns: will the $US1 trillion German-backed Greek rescue package work?

■Tighter banking legislation in the US approved on Thursday in response to the subprime debacle: will it constrain the US banking system?

■US economic recovery worries: is employment growth petering out?

■Criminal action against Goldman Sachs: fears over the implications.

■Economic tightening in China: has it gone too far given that property prices in Beijing have fallen 20 per cent and what does this mean for commodity prices long-term?

■Resources tax: what does it mean for our best-performing industry?

■The ash cloud over Europe and the oil spill off the US: both have had major negative economic and environmental implications.

Source: The Age

http://www.smh.com.au/business/should-you-panic-20100522-w2t1.html

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My 18 points guide to Successfully compounding your money in Stocks

Be a good stock picker.
Think as a business owner.
Always look at value rather than the price. Do the homework.
Buy and hold is alright for selected stocks.
Compounding is your friend, get this to work its magic.
Mr. Market is there to be taken advantage of. Do not be the sucker instead. BFS;STS.
Always buy a lot when the price is low.
Never buy when the stock is overpriced.
It is alright to buy when the selected stock is at a fair price.
Phasing in or dollar cost averaging is safe for such stocks during a downtrend, unless the price is still obviously too high.
Do not time the market for such or any stocks.
By keeping to the above strategy, the returns will be delivered through the growth of the company's business.
So, when do you sell the stock? Almost never, as long as the fundamentals remain sound and the future prospects intact.
The downside risk is protected through only buying when the price is low or fairly priced.
Tactical dynamic asset allocation or rebalancing based on valuation can be employed but this sounds easier than is practical, except in extreme market situations.
Sell urgently when the company business fundamental has deteriorated irreversibly.
You may also wish to sell should the growth of the company has obviously slowed and you can reinvest into another company with greater growth potential of similar quality. However, unlike point 16, you can do so leisurely.
In conclusion, a critical key to successful investing is in your stock picking ability.

http://myinvestingnotes.blogspot.com/2012/07/my-18-points-guide-to-successfully.html

11 Lessons From Peter Lynch

Peter Lynch taught me:

1. Behind every stock is a company. Find out what it’s doing.
2. Never invest in any idea you can’t illustrate with a crayon.
3. Over the short term, there may be no correlation between the success of a company’s operations and the success of its stock. Over the long term, there’s a 100% correlation.
4. Buying stocks without studying the companies is the same as playing poker – and never looking at your cards.
5. Time is on your side when you own shares of superior companies.
6. Owning stock is like having children. Don’t get involved with more than you can handle.
7. When the insiders are buying, it’s a good sign.
8. Unless you’re a short seller, it never pays to be pessimistic.
9. A stock market decline is as predictable as a January blizzard in Colorado. If you’re prepared, it can’t hurt you.
10. Everyone has the brainpower to make money in stocks. Not everyone has the stomach.
11. Nobody can predict interest rates, the future direction of the economy, or the stock market. Dismiss all such forecasts and concentrate on what’s actually happening to the companies in which you’ve invested.

Lynch’s advice had a profound effect on my stock market approach. He taught me that investment success isn’t the result of developing the right macro-economic view or deciding when to jump in or out of the market. Success is about researching companies to identify those that are likely to report positive surprises.

Capital Expenditure

A great company with a Durable Competitive Advantage will have a ratio of Capital Expenditures to Net Income of less than 25%. Less is better.

Capital Expenditures are expenses on:
- fixed assets such as equipment, property, or industrial buildings
- fixing problems with an asset
- preparing an asset to be used in business
- restoring property
- starting new businesses

A good company will have a ratio of Capital Expenditures to Net Income of less than 50%.

A great company with a Durable Competitive Advantage will have a ratio of less than 25%.

Less is better.

Benjamin Graham's 113 Wise Words

The true investor scarcely ever is forced to sell his shares, and at all times he is free to disregard the current price quotation. He need pay attention to it and act upon it only to the extent that it suits his book, and no more. Thus the investor who permits himself to be stampeded or unduly worried by unjustified market declines in his holdings is perversely transforming his basic advantage into a basic disadvantage. That man would be better off if his stocks had no market quotation at all, for he would then be spared the mental anguish caused him by other persons' mistakes of judgement."

Philip Fisher's Wise Words

"The refusal to sell at a loss, while completely natural and normal, is probably one of the most dangerous in which we can indulge ourselves in the entire investment process.

More money has probably been lost by investors holding a stock they really did not want until they could 'at least come out even' than from any other single reason. If to these actual losses are added the profits that might have been made through the proper reinvestment of these funds if such reinvestment had been made when the mistake was first realized, the cost of self-indulgence becomes truly tremendous."

(Common Stocks and Uncommon Profits)

The Ultimate Hold-versus-Sell Test

Here is the overriding primary test, followed by observations on why it is so critically important:

Knowing all that you now know and expect about the company and its stock (not what you originally believed or hoped at time of purchase), and assuming that you had available capital, and assuming that it would not cause a portfolio imbalance to do so, would you buy this stock today, at today's price?

No equivocation. Yes or no?

Answers such as maybe or probably are not acceptable since they are ways of dodging the issue. No investor probably buys a stock; they either place an order or do not.

Here is the implication of your answer to that critical test: if you did not answer with a clear affirmative, you should sell; only if you said a strong yes, are you justified to hold.

Some thoughts on Analysing Stocks (KISS)

Ideally a stock you plan to purchase should have all of the following charateristics:

• A rising trend of earnings dividends and book value per share.
• A balance sheet with less debt than other companies in its particular industry.
• A P/E ratio no higher than average.
• A dividend yield that suits your particular needs.
• A below-average dividend pay-out ratio.
• A history of earnings and dividends not pockmarked by erratic ups and downs.
• Companies whose ROE is 15 or better.
• A ratio of price to cash flow (P/CF) that is not too high when compared to other stocks in the same industry.

Margin of Safety Concept: Stocks should be bought like groceries, not like perfume

The high CAGR in the early years of the investing period, due to buying at a discount, tended to decline and approach that of the intrinsic EPS GR of the companies over a longer investment time-frame.

Chapter 20 - “Margin of Safety” as the Central Concept of Investment

A single quote by Graham on page 516 struck me:

Observation over many years has taught us that the chief losses to investors come from the purchase of low-quality securities at times of favorable business conditions.

Basically, Graham is saying that most stock investors lose money because they invest in companies that seem good at a particular point in time, but are lacking the fundamentals of a long-lasting stable company.

This seems obvious on the surface, but it’s actually a great argument for thinking more carefully about your individual stock investments. If most of your losses come from buying companies that seem healthy but really aren’t, isn’t that a profound argument for carefully studying any company you might invest in?

Bullbear Buffett

Sunday, 23 May 2010

Quick look (March 2010 - May 2010)

A quick look at Boustead REIT (21.5.2010)

Asset Allocation: Invest wisely to get your money's worth

How to generate passive income to meet financial goals

How to make the most of this market correction

Rebound staves off the GFC Mark II

Should you panic? Advice for mum and dad investors

All equity security investments present a risk of loss of capital

The Ultimate Hold-versus-Sell Test

Some thoughts on Analysing Stocks (KISS)

Benjamin Graham

Sell the losers, let the winners run.

Investment Style

Warren Buffett

Political and Economic News

Interesting Blogs