We chat with James Holt, Director, Investment Solutions at Perpetual, then get into news and Q&A. This week Tony answers your questions about how companies set their share price for a float, the application of Rule #1 vs. waiting for the sell line, shares that don’t seem to register any trade movements, how to build a QAV portfolio more weighted to dividend paying stocks, whether or not to eliminate existing holdings in ETFs from a QAV portfolio, and whether Tony has ever looked at a chart and thought I’m not buying that even though the numbers are good.
This week we’re talking about why we sold MRC and bought ATL; FMG is down and Tony’s current thinking about commodity 3PTLs; why we’re taking ETFs and LICs out of QAV; late stage market behaviour; SOTW; why we allow stocks in the scorecard with a quality score below 75%; why HUM is on the scorecard; if Myer is a Schrodinger; Ray Dalio’s thoughts on the stage of the market and how it applies to QAV; if it’s too late to buy into AIS; and why the score for “PE
In the first half of this episode we’re joined by Navarre Trousselot & Thom Benny from Navexa, an online portfolio platform, who tell us a bit about the vision for their product and what they’ve seen investors doing lately. Then we talk about minimising brokerage fees, building a portfolio with lump sums, the 3PTL on VDGR, Tony’s latest thinking about commodity sell lines, how to deal with stocks that cross their sell line but are also at the top of the scorecard, and what’s going on with iron ore producers.
We talk about the bank results; tech wreck; Buffett breaking the NASDAQ; Increasing Net Equity v NEPS; re-naming the “buy list”; LICS and NTA; Price to Operating Cashflow for ETFs; Tony’s performance today vs when he had a smaller portfolio; CCV’s buy line; where the Top 200 ASX stocks came from; graphic positive sentiment for see-saw stocks; the gold cycle; and ATL’s debt levels.
This week we recorded while I was staying with Tony down at Cape Schanck! We talked about the collapse of BPT, why ATL is our SOTW, the highlights of the Berkshire Hathaway 2021 AGM, the importance of price to cashflow in our checklist, Stock Doctor’s coverage of A2 Milk, why companies issue new shares at a steep discount, MML’s 3PTL buy line, gold miners and market cycles, why BOQ dropped off the buy list, and then I get Tony to tell the story about how he bought his Cape Schanck property 22 years ago using his winnings from winning trivia competitions on TV and radio. Finally, I passed the microphone around after our QAV Club dinner in Melbourne and asked the folks there to talk about what they have learned from the podcast.