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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 […]