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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.
Our guest today is Dr Jenny Fagg, CEO, 2Be. Jenny has had a long career in banking and finance, with roles including Chief Risk Officer of AMP Limited, EVP of Products and Payments at CIBC, one of Canada’s five top banks, CEO and Managing Director of ANZ National Bank Limited, New Zealand’s largest bank and wealth business, Managing Director of ANZ Consumer Finance in Australia, senior leadership roles in risk and marketing management at Citibank, and Jenny established the consulting practice in retail lending and customer profitability at KPMG. She holds a PhD in Management (Risk) and a Bachelor of Economics (First Class Honours in Organisational Psychology). And she is also Tony’s wife. She joined us recently to talk about her new venture, her book, “The Gist of Generosity”, and what it’s like being married to Tony.
Why investing is a little like musical chairs at the moment; why we should like it when the market makes mistakes; Apple announces BNPL service; changes to cash rate; Pulled Pork on PGL; Yancoal takeover update; Iron Ore no longer a Josie; fundie performance limited by short-termism; how to stay sane during corrections; reporting of qualified audits in half-yearly reports.
My circle of competence is just QAV ; Election result, investing implications ; SEQ and the “second buy line” ; outperformance by founder-led companies ; NHC’s big drop ; YAL halt ; Murph from ABC died ; Howard Marks’ latest memo on investor psychology ; Sri Lanka defaulting on $18bn of bonds. ; Underemployment rate now at 6.1% ; NUF has new results and crashed ; Australians lost $10Bn in crypto last year ; small stocks and Rule 1 ; what do you do in a market like this when you have a full portfolio and more capital ; a strong correlation between dividend yield and the QAV buy list ; Analysis of price to consensus target figures ; ME close v Price Chg 1mth (%) for calculating Josephine ; when a stock has done exceptionally well (say doubled) would TK use the proceeds to purchase two stocks?
A few months ago, one of our members put me on to Benj Gallander and Ben Stadelmann, two Canadian value investors who go by the moniker “Contra the Heard” (http://www.contratheheard.com). They’ve been around a long time, have a track record almost as good as Tony’s, and they have a checklist! And when I reached out to them to invite them on to the show, I discovered that Ben and Tony were actually friends, from Tony’s years in Toronto. But in typical humble value investor style, they hadn’t really ever talked much about investing… until this interview we did a few weeks ago!
We’ve been banned from talking about crypto and fund managers; Mark’s checklist for the checklist; kids and investing; commodity update; portfolio update; are we counter cyclical; new results in SD for ECX and NAB and PDL; CGT planning; top 3 LICs; S32 update; Renko charts; setting Josephine alerts; pulled pork on PTL; stocks and high interest rates; defining “independent director”; how quickly to buy after a sell; the difference between a Josephine versus a falling knife; gold USD v AUD; the ACL chart; operating cashflows and lease payments.
There’s blood on the streets! We introduce the underlying commodity Josephine rule, MML is now X64, aluminium is a sell, iron ore sell fudge, RBA lifts interest rates, Rule 1 price for penny stocks, pulled pork on PDL, what is a “Cash settled total return swap”, investing during interest rate rises, Alumina v Aluminium, Rule #1 alerts when you’ve bought a particular stock in a few different tranches, GMA and the Impact of rising interest rates, when to factor a dividend back into the price.
We’re talking about the Berkshire AGM, poor fund manage performance, pulled pork on AMP, the TRS CEO departure, CCP’s drop, linear v log charts for 3PTL, and everyone’s fear of low sell Iines.
We are joined by guest Steven Mabb, Chairman of the Australian Shareholders Association, to talk about the importance (or not) of voting in AGMs and how the ASA can help. Later we talk about: BRK AGM this weekend, China’s lockdown, Netflix’s stock price, PGL on our buy list, the Solomons and China, the BHP/WPL de-merger, over-exposure to mining and China, what to do with stocks that go nowhere, why TK prefers a LIC instead of a ETF in case of emergency, the importance of EPS growth, the differences between ROIC and ROE, and AMP’s ‘qualified opinion’.