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.
Last week’s jump in HAW demonstrates why we don’t sell until something hits the 3PTL. Would Tony buy still FMG today? What are the risks of buying stocks with margin loans? Can we fudge the COVID cough? Should we try to predict the future? What about MLD’s capital raising? What happened with MSV? All this and Day Of The Triffids on our last episode for 2020!
Is value investing back? Yes, according to the same people who reported it was dead last year. On this week’s episode we talk about Tony’s “Stock Of The Year”, why we use different Intrinsic Value calculations, whether or not WBC is a buy, whether or not stock consolidations are something to worry about, how Tony uses stop losses, whether or not we should only buy stocks with a significant director interest, how young investors should get started, whether or not it’s better to buy a stock immediately after it has crossed its BUY line, and how much Tony is guided by the financial press.
Should we buy stocks on our buy list from the Top Down or the Bottom Up? That’s the question we try to answer this week. Apart from that, we’re delving into some questions of my own about his checklist, as well as listener questions about NTD, FMG, CCP and, in overtime (that’s what I’m calling the QAV Club section now), Tony walks us through how he updates the checklist.