conlon

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 […]
Unintentional

Tax advantage a big hit at home

Investment banks have become major direct service providers to private client and retail investor portfolios, mostly through their structured products. Yet they are conspicuous by their absence from wholesale manager menus. MICHAEL BAILEY examines whether the banks’ transactional culture can become acceptable to conservative superannuation funds, and whether they might find their biggest role in […]
Unintentional

Tax advantage a big hit at home

Investment banks have become major direct service providers to private client and retail investor portfolios, mostly through their structured products. Yet they are conspicuous by their absence from wholesale manager menus. MICHAEL BAILEY examines whether the banks’ transactional culture can become acceptable to conservative superannuation funds, and whether they might find their biggest role in […]