This week we talk about why MML crashed after it announced its quarterly results. How Tony uses “Rule #1” to avoid losing money. Lots of interesting things going on with oil at the moment. How mergers and acquisitions can be a signal of late market cycle behaviour. Why FMG’s huge dividend payout is a signal of things changing with the company. RIO’s results in Stock Doctor. How Tony updates his scorecard in the early stages of reporting season. His pulled pork this week is CCV. How to calculate the performance of a portfolio with a lot of capital in and out flows. And the idea of adding ROE>20% as an item to the checklist.
Michael Goldberg from Collins St Value Fund joins us again to talk about how they are managing the current market. This interview was conducted on June 8, so please take that into account.
This is “the white-knuckle part of the cycle”. Portfolio update. Iron ore and gold charts. Stockhistory v Stock Doctor prices. GMA and mortgage issuances. The milk stool legs. RBA and inflation. Small rods is WAY down. Wash-selling. PE contraction. Pulled pork on WDS. Benching Michael Jordan. UPST. Lots of Rule 1 questions. Buying a “wonderful company at a fair price” and ignoring sentiment.