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Hedge Clippings | Friday, 10 June 2022 Careful what you wish for! Anthony Albanese and his team may have waited nine long years to get back to the other side of the chamber, but having won the right to do so, they've walked into a perfect storm, but not of their own making. Given that the first few post election days were spent with the new PM overseas, and the infamous behind the scenes factions spent a week deciding who he could have on the team bus anyway, you could say that 2 weeks is a long time in politics. In that time memories of Scomo's drought and fires have been replaced by an icy draft from the Antarctic, just as the world's energy supplies are in Putin's cross-hairs, and Australia's aging and ancient coal fired power stations start to give up the ghost. In a reflection of The Rime of the Ancient Mariner's "water, water, everywhere, nor any drop to drink", Australia's bountiful supply of gas is in short, or expensive, supply for home consumption. What's a climate activist to do, and who shot the albatros? Meanwhile, Chinese military rhetoric stepped up when a RAAF plane flew over a couple of sand banks in the South China Sea, Dutton fired up the debate over nuclear submarine availability to test relations with our major ally, and inflation, at this stage externally driven, continued to push the RBA to raise rates again (and higher) than expected, and two years of COVID induced labour shortages continue to test business and employers. To think it wasn't that long ago that the RBA and their overseas counterparts were trying desperately to generate some inflation. Back then there was concern over sky-rocketing house prices, which has now been replaced by fears of mortgage arrears, household debt and serviceability. The old equity market adage of "sell in May, and go away" didn't work this time around - in hindsight it should have been "remember, remember, to sell in November", but given the previous bank or share market crashes in October (1907, 1929, 1987), that wouldn't have helped. Unfortunately, the only word that springs to Hedge Clipping's simple mind that rhymes with October is "sober" - but as it's a Friday afternoon, and before a long weekend, let's not go there. News & Insights Manager Insights Video | Magellan Asset Management Sustainable earnings growth over multiple cycles | Insync Fund Managers Superbugs are outsmarting antibiotics | Magellan Asset Management |
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April 2022 Performance News May 2022 Performance News Delft Partners Global High Conviction Strategy Bennelong Twenty20 Australian Equities Fund Bennelong Australian Equities Fund |
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