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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the ongoing NSW lockdown, the ins and outs of the COVID-19 Disaster Payments, and how Brisbane’s successful Olympics bid could impact equities and property.

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Steve Waters, director of Right Property Group, chats about the impact of the lockdowns on the property market, what the 2032 Olympics could mean for Brisbane’s market, and whether APRA might need to pull the handbrake to cool house price growth.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into how the Olympics and other major events affect stock returns and what the implications are for investors.

And lastly, tax and super guru Timothy Munro talks about the near-record super returns, the COVID-19 Disaster Payments and what they mean for your super.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Hardened investors showcasing lessons learnt from GFC

By Cameron Micallef

August 30 2019
Share

Invest

Hardened investors showcasing lessons learnt from GFC

By Cameron Micallef
August 30 2019

Despite double-digit returns on offer in the first half of the year, investors are discriminating to a degree we haven’t seen in years, a portfolio manager has said.

Hardened investors showcasing lessons learnt from GFC

By Cameron Micallef

August 30 2019
Share

Despite double-digit returns on offer in the first half of the year, investors are discriminating to a degree we haven’t seen in years, a portfolio manager has said.

Investors are becoming increasingly wary of companies pulling multiple non-core levers to maintain high margins, according to Robert Almeida, global investment strategist at MFS.

“This year, after nearly a decade of monolithic market movement during which well-managed companies performed about the same as those less well managed, we’ve seen a fundamental shift,” he stated.

Three areas of underperformance

MFS said that the avoidance of companies without durable business models can create value for investors who hold discriminating portfolios with a quality bias, which was a lifeline for smart investors in the lead up to the global financial crisis.

Markets have underperformed in three main ways, Mr Almeida said.

Companies with high levels of leverage
Companies with falling gross margins, often resulting from a lack of pricing power
Lower-quality cyclicals

Difference between this cycle and previous cycles

The difference between this cycle and the two cycles that preceded it was an overinvestment in certain sectors of the real economy and overexposure to those overbuilt sectors, according to the global investment strategist.

In the late 1990s, he noted that investment in fiber optics and other technologies drastically exceeded the demand for the technology.

Similarly, in the mid-2000s, investors loaded up on bonds and structured property products that were levered to residential real estate.

This occurred under the assumption that prices would never fall and home owners could pay mortgages, Mr Almeida said.

“There’s less investor euphoria today than in 1999 and 2007, and unlike the past two cycles, there are no obvious cycle-ending bubbles ready to burst,” he considered.

“However, investors don’t appreciate the unsustainably high margins many companies enjoy today,” Mr Almeida concluded.

About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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