cashflows

Investment Strategy

Kill complexity, just follow the money: Schroders

The head of Australian equities at Schroders Investment Management, Martin Conlon, has argued that good investment analysis looks first at the ungeared cashflows of companies. The industry’s favoured valuation yardstick, the price/ earnings ratio, was unreliable because it introduced leveraged profits into the process. The importance of finding the true source of cashflows was demonstrated […]
Investment Strategy

Kill complexity, just follow the money: Schroders

The head of Australian equities at Schroders Investment Management, Martin Conlon, has argued that good investment analysis looks first at the ungeared cashflows of companies. The industry’s favoured valuation yardstick, the price/ earnings ratio, was unreliable because it introduced leveraged profits into the process. The importance of finding the true source of cashflows was demonstrated […]
Hedge Funds

Ice Break

Anticipating the credit crunch, some institutional investors readied their portfolios for an imminent bear market, while the majority stuck to strategic weights backed by long-term return assumptions. But who among either group thought that liquidity, the ultimate facilitator of portfolios, would become so thin that their strategies would become compromised for lack of it? In […]
Hedge Funds

Ice Break

Anticipating the credit crunch, some institutional investors readied their portfolios for an imminent bear market, while the majority stuck to strategic weights backed by long-term return assumptions. But who among either group thought that liquidity, the ultimate facilitator of portfolios, would become so thin that their strategies would become compromised for lack of it? In […]
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