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Showing posts from September, 2019

Ten Thousand Words - September 2019

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Apparently , Confucius didn’t say “One Picture is Worth Ten Thousand Words” after all. It was an advertisement in a 1920s trade journal for the use of images in advertisements on the sides of streetcars. Even without the credibility of Confucius behind it, we think this saying has merit. Each month we share a few charts or images we consider noteworthy. Aussie equities haven't been in vogue judging by the EPFR Global measurement of cross-border fund flows. Yet the Australian equity risk premium is adjudged to be on-par with the US by valuation guru Aswath Damodaran. Are bonds in a bubble? Investors doubled their money in a couple of years , as BGC Partners highlighted, by buying 100-year Austrian government bonds with a coupon of 2.1% that has since traded up in price to a 0.66% yield. Looking at valuations, high growth Software-as-a-Service (SaaS) stocks have recently pulled back from peak valuations, as illustrated by tomtunguz.com, while PZENA Investment Management sho
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