Season 1, Episode 40
Tony Gives Up His Rights
Tony talks about rights issues and some of the complexities involved in knowing whether to take them up or not. I know, right? Sounds boring! It wasn’t actually, I learned a lot. We also discussed a few recent news articles about value investing, Tony reveals his wine of the week, and in our analysis section we breakdown the financials of Horizon Oil.
As I’m posting this late in the day on 2019-12-04, our portfolio is out-performing the All Ords by 1300%!
I know that won’t last, but it’s a nice number to see, even if it’s just for a single day. The ASX had a bad couple of days, down 3.5% since Monday, thanks, so I’ve been told, to Trump’s intention to impose a 25% tariff on steel and a 10% tariff on aluminum imports from Brazil and Argentina. Our portfolio hasn’t moved much though. Perhaps because we’re already buying the stock at a discount to their intrinsic value?
Still, of course the ASX will pick back up and we’ll be back on track for our 200% benchmark at some point. I wonder how many companies just went QAV positive today?
Listen to Free Episode
In our first episode of 2021, we review our portfolio’s CY20 performance; margin loan rates; What TK does on a daily/weekly basis for managing his portfolio; relative QAV performance of large vs mid vs small cap companies; the ‘minimum’ amount of stock someone just getting started should buy; fudging ECX and VUK; whether or not we should rebalance every so often; Tony’s views on CSL; the recent drop in the prices of some gold miners; understanding the formula in column BK of the master checklist; why companies can have a quality score of >100%; and Stock Doctor problems regarding reporting of director holdings.
This is my highlight show for 2020. Obviously, from an investing perspective, 2020 was all about how to handle Australia’s first recession in 30 years and a major market correction, so I’ve pulled together some of Tony’s comments on those subjects in the first half of the year. To finish off the episode, I picked a couple of clips of TK talking about the miracle of compounding and why investors need to embrace volatility.