ASX Education: The inefficient market hypothesis

INEFFICIENT MARKET HYPOTHESIS You may have heard of ‘EMH’, the ‘efficient market hypothesis’. Anyone who’s read the introduction to any text book on financial theory can tell you all about it. EMH basically says that you can’t beat average returns because the markets are at all times “informationally efficient”, that is to say all prices…

ASX Retirement Today: Crystal Ball

Looking out of our hotel room window in a small town in Portugal I noticed an oversized parking meter with a car connected by cable.  It wasn’t a parking meter it was an electric car recharging point.  It made me reflect on the number of electric cars we see in Europe and on the dominance…

Marcus Today on Life: The Flying Ferret

THE FLYING FERRET I used to own a greyhound. Well, a bunch of us did actually. It was a yuppie post-university indulgence organized by one of the West End wide boys I worked with in my early stockbroking days. He had picked out an Ad in the Greyhound Star for a ‘Sales Trial’ at the…

ASX Education: Ten Investment Rules

I have been writing the Marcus Today newsletter for over twenty years and read something called "Farrell's Rules" over thirty years ago. There is an article about 'Farrell's Ten Rules' below which you might find interesting, but as I read them, I realise they are a bit old, and I'm sure we can do better.…

Election Reaction

The Marcus Today rules include never writing about religion, politics or the AFL but its unavoidable today. Rather than pass opinion here are some unbiased collected bullet points: Quick stock market points: Good for the stock market. The Liberals are pro-business. GDP forecasts will remain unchanged but if anything a lift in business confidence post-election…

ASX Education: Why you don’t matter

Westpac had its results on Monday. Whenever a big company has results every significant fund manager will come into work the next day to find ten pieces of research (fifty in the USA), one from each of the big brokers, sitting on their desk selling ten different opinions about the result. Fund managers are like…