Baillieu Holst Post Election Seminar

Baillieu Holst

Post Election Seminar

Thursday 21st July 2016

Helen Dundon

Baillieu Holst Financial Adviser

Welcome

Please read the disclaimer at the beginning of this report.

Disclaimer

Baillieu Holst Ltd has prepared this presentation for the general information for investors. As no account has been taken of the investment

objectives, financial situation and needs of any particular person, it does not represent advice specific to any particular person. Investors

must decide whether information contained in this document or any recommendations whether express or implied is appropriate in light of

their specific investment objectives, financial situation and needs. Investors should consider seeking professional investment advice from

a licensed adviser before making an investment decision. Baillieu Holst Ltd makes no warranty as to the accuracy, reliability or

completeness of any information contained herein. Except to the extent that any liability under any law cannot be excluded, no liability for

any loss or damage which may be suffered by any person, directly or indirectly through relying upon any information or statement in this

presentation or any of its attachments is accepted by Baillieu Holst Ltd, its directors employees or agents whether that loss or damage is

caused by any fault or negligence on their part or otherwise. This document should not be substituted for legal advice and is provide for

information purposes only. Baillieu Holst does not give taxation advice or legal advice


Todays Proceedings

• Introduction to Baillieu Holst – Gavin Powell

• Economic overview – Darryl Gobbett

• Market update – Ben Prisk

• Summary & questions – Helen Dundon

Gavin Powell

Baillieu Holst Managing Director

Introduction


Baillieu Holst is committed to providing you with a full range of investment advice, financial planning and superannuation services of superior quality and value.

We offer integrated wealth management solutions tailored to meet unique wealth creation, protection and management needs.

With over 190 staff in seven locations throughout Australia our private client network consists of more than 100 advisers and assistants, servicing clients with funds under advice in excess of $15 billion.

Our strategic alliance with Credit Suisse provides you with access to global investment markets and research.

About Baillieu Holst

Melbourne

Bendigo

Geelong

Sydney

Newcastle

Perth Adelaide


Our People

Alex HayDirector of Institutional Sales

Alex has worked at Baillieu Holst since 1993. He first worked in the research department and since 1995 has advised both retail and institutional clients. During this time Alex has also served as acting head of the Retail and Institutional divisions.

Stephen MacawCo-Head of Corporate Finance

Stephen has more than 19 years’ experience in stockbroking and investment banking, and has been involved in a broad range of transactions during his career. He is responsible for providing a comprehensive range of services including equity raisings, debt raisings, underwriting new public listings, mergers and acquisitions, and institutional placements.

David Trude Chairman

David is a senior corporate banking executive with 40 years’ experience in a variety of financial service roles within the banking and securities industries. David has worked with national and international banks across a diverse range of sectors, managing operations and delivering large-scale, complex financing programs, business development and acquisitions in global operations.

Gavin PowellManaging Director

Gavin has worked for Baillieu Holst since 1994, first as a financial controller/company secretary before becoming the managing director/chief executive officer in 2000. Prior to joining Baillieu, Gavin worked in the audit division at Ernst & Young for 10 years.

Walter De GregorioDirector / CFO / Co. SecretaryWalter has over 20 years of experience in the stockbroking and the financial services industry. He has held a senior management role at Baillieu Holst for over 10 years covering financial reporting, operational, compliance and risk management responsibilities. Walter started his career at Bell Potter where he worked for six and half years. He subsequently worked at two other firms before joining Baillieu Holst.

Nicolas BurgessHead of Research

Nicolas joined Baillieu Holst in September 2012 having been an equity analyst since 2003. He has previously worked at ABN AMRO as an insurance sector analyst before joining the Small and Mid Cap team to cover a wide variety of industrial stocks. Nicolas also spent a couple of years in London as the European Diversified Financials Analyst for RBS Equities.


Baillieu Holst - Adelaide Office

Mike James

Alex ButlerMatthew Loveder

Darryl Gobbett Helen Dundon Ben Prisk

Alan HutchinsonTravis Adams


Baillieu Holst - Adelaide Office

Darryl Gobbett

Baillieu Holst Chief Economist

Economic Update


What do the changes to Superannuation mean for you?

• $1.6 million superannuation transfer balance cap for Pensions. Likely to proceed.

– Each of you would have this limit individually. Remaining Pension Balance can then grow past this.

– No indication how this will work for multiple or reversionary Pensions, Defined Benefit Pensions, Disability funds etc

– Roll back “excess” benefit to Accumulation mode with income taxed at 15% or 10%, Drawings to be tax free if over 60.

– Flexibility of Self Managed super funds compared to Retail or Wrap pension accounts

– Retain individual assets and Asset Allocation while shifting the benefits

• $500k lifetime Non-Concessional Contribution cap from 3 May 2016. Likely to Proceed.

– Small business concession caps appear not to be affected

– Backdating to 2007 of Cap already appears unworkable


What do the changes to Superannuation mean for you?

• Lowering of Concessional Cap to $25k from 1 July 2017; Bring Forward Rule for Unused Concessional Contributions; Removal of Work Test and 10% Employee income test for contributions up to 75th birthday; Spouse Contributions now to 75th birthday. Likely to proceed.

– Limits the amount contributable to super but expands the possibilities

– Claim deductions for non-work income and realised capital gains to 75 whether an employee or self employed or neither

– Income threshold increased to $37,000 for recipients of Spouse Contributions ($540 tax rebate), now to age 75

• TRIS to lose exempt current pension income status deduction inside Fund from 1/7/2017. Likely to proceed

– Pension income received when over 60 still tax free to you. Keep TRIS and pay 15%/10% on fund earnings?

– If 60 to 64, retire and start a full pension. If 65 start the full pension.

• Industry consultation, preparation of legislation and Parliamentary argy bargy suggest changes and delays


The Federal Election, Brexit and What Else is Going On: What it means for Investors

• Political uncertainty likely to be with us for foreseeable future

– Voting patterns becoming more volatile, coming and going of minor parties

• Outcomes of Western societies’ evident distrust of political, financial and business elites

– Seen in rise of Mr Trump, European right wing parties, UK exit vote and Australian election results

• Many feel left out of economic liberalisation and Post GFC policies

• Feel elites have done very well out of policies that have damaged them and their families

• Fear of change and “new” economy

• Many people now seeking simple answers from populist leaders to complex problems

• Facing possible reversal of reforms that have driven economic growth globally since WW2

– Opening up of markets, lower regulation, freedom of people movement, public deficit reductions, tax reform etc

– LNP and ALP have no appetite for reform, Minor parties are anti-reform

– Bias will be to increased spending and higher taxes

• 2016/17 Budget revenue forecasts are fanciful

• Age of Entitlement back with a vengeance with all parties before election

• Made worse by fragmented election result, jockeying for next election

• Fundamental tax reform is at least 3 - 4 elections away

– Major parties do not see current tax regime as an issue

• Likely cut in Federal Government global credit rating


• Output and profit growth to be slower due to increased business uncertainty

– UK exit from EU to cut UK and European growth

• Likely little direct negative impact on Australian trade overall

• Could see trade benefits for Australia longer term

– Australia, USA and Asia will continue to be the centres of growth

– Most economies growing well below potential

• Inflation and Interest rates to be lower for longer

– Economic, political and security uncertainties

– Energy and most commodities still well supplied

– Increasing overcapacity in China manufacturing and India now reducing regulation

– RBA to cut the cash rate again in 2017

• Hunt for income even stronger as uncertainties pushed interest rates to new record lows

– Property, Fixed Interest and Equities

– For Equities, resulting in

• Rising Price to Earnings multiples and High Dividend Payout ratios

• Earnings per Share driven mainly by increased efficiency, cost cutting – rather than revenue gains

• Sector returns likely to be more divergent

• Portfolios and Strategies need to be worked harder

The Federal Election, Brexit and What Else is Going On: What it means for Investors


Why Productivity growth is important:

Living Standards and Profits to 2000 driven by recovery in labour productivity growthRising Commodity prices drove gains 2000 to 2013, but unlikely to repeat Since 2011 real per capita income has been falling. Consider impacts on:• Living standards while working, tax revenue, public spending • Business profitability, Dividend and Share price growth• Investment returns

Source: Reserve Bank of Australia May 2016 Statement on Monetary Policy


Economic and Financial Background: Low Growth, Slower Productivity gains, Private Sector deflation

Output Growth, Inflation Adjusted, % pa

(Red = downward revisionGreen = upward revision)

Cons Price Inflation %

pa

Interest Rates % pa 19 July 2016

Structural Central Govt

Budget% of GDP

1997 -2006

2014 2015E2016

F2017

F2017F

3 moInterbank

10 year Govt

Bonds2017F

United States 3.3 +2.4 +2.4 +2.2 +2.5 +1.5 0.5 1.55 -3.4

Japan 0.9 0.0 +0.5 +0.3 +0.1 +1.2 -0.10 -0.23 -3.5

Euro Area 2.3 +0.9 +1.6 +1.6 +1.4 +1.1 -0.22-0.03

(Germany)-0.9

UnitedKingdom

3.1 +2.9 +2.2 +1.7 +1.3 +1.9 0.5 0.80 -2.2

China 9.4 +7.3 +6.9 +6.6 +6.2 +2.0 4.35 2.84 -2.6

India 6.6 +7.2 +7.3 +7.4 +7.4 +5.3 6.75 7.28 -6.6

Indonesia 2.5 +5.0 +4.8 +4.9 +5.3 +4.5 6.50 7.12 -2.8

ASEAN 5 na +4.6 +4.7 +4.8 +5.1 +3.8 na na na

Brazil 2.7 +0.1 -3.8 -3.3 +0.5 +6.5 14.25 11.89 -7.0

Russia 5.0 +0.6 -3.7 -1.2 +1.0 +6.5 10.50 8.50 -3.0

Australia 3.6 +2.6 +2.5 +2.5 +2.5 +2.4 1.75 1.92 -0.9

World +3.4 +3.1 +3.1 +3.4Group of 7, 1.7

New & Emerging, 5.9

Source: IMF World Economic Outlook, April 2016 and WEO Update, July 2016 ; www.tradingeconomics.com

* Birinyi and Associates, Wall Street Journal Market Data Centre, 19/7/2016

US Corporate Profits starting to lift again but Share Prices up on lower interest rates

• US Company Profits down through 2015• Energy sector and Non-bank financials main losers

• Analysts f’cast Earnings per Share lifting in 2016– Continued Low Interest rates, Cheap Energy

• Productivity growing, Wages growth still slow

• US consumer outlook improving

• Share Prices up again on very low interest rates

• For S&P500 companies, Forward Price to Earnings Ratio now 18.4* vs 16.4 trailing ave (since 1954)

• Div yield 2.13% versus 10 year Fed Bond Yield of 1.55%pa)


2016/17 Federal Budget: Major Financial Projections

• Expect difficult Parliament to result in higher payments and deficit outcomes • Tax estimates were too high and likely to fall short

13/14 14/15 15/16e 16/17f 17/18p 18/19p 19/20p

Payments

-% Growth

-% of GDP

+11.8

25.7

+2.1

25.9

+3.1

25.5

+4.7

25.8

+3.3

25.5

+4.7

25.4

+4.4

25.2

Receipts

-% Growth

-% of GDP

+3.5

23.0

+4.7

23.5

+2.3

23.5

+6.0

23.9

+6.3

24.2

+7.4

24.8

+6.6

25.1

Cash Balance (Underlying)

- $ billion-% of GDP

-48.5

-3.1

-39.9

-2.5

-39.4

-2.4

-37.1

-2.2

-26.1

-1.4

-15.4

-0.8

-6.0

-0.3

Source: Australian Government 2016/17 Budget Strategy and Outlook Budget Paper No. 1


Election result increases Risks of Higher Spending and Deficits

• Increased Commonwealth Govt Bond issues leading to higher interest rates in coming years• Bonds likely to become more attractive relative to Term deposits



Main Revenue Items

Cash Basis, $b and % change

13/14 14/15 15/16e 16/17p 17/18p 18/19p 19/20p

Individuals

Employment/Earnings Growth %

Individual Tax as % of Total

163.6

+4.7%

0.7/2.5

48.3%

177.9

+8.7%

1.6/2.3

50.3%

188.4

+5.9%

2/2.25

51.7%

197.0

+4.5%

1.75/2.5

51.4%

210.4

+6.8%

1.75/2.75

51.3%

223.9

+6.4%

1.25/3.25

51.0%

239.7

7.1%

1.5/3.5

51.2%

Companies, FBT, RRTs 72.9

+0.3%

72.4

-1%

70.0

-3.3%

74.5

+6.4%

82.1

+10.1%

90.2

+9.8%

96.5

+7.0%

Superannuation 6.1

+19.8%

5.9

-3.7%

6.6

+12.9%

7.4

+11.3%

9.0

+21.4%

10.0

+11.1

10.9

9.0%

Excises and Customs 35.3

+3.5%

34.6

-2.1%

34.8

+0.6%

35.8

+2.8%

37.1

+3.7%

39.7

+7.1%

42.7

+7.4%

Goods and Services Taxes 51.4

+3.2%

54.5

+6.0%

57.8

+6.0%

60.9

5.4%

64.2

5.4%

67.6

5.3%

70.7

4.5%

All Taxes 338.4 353.5 364.5 382.8 410.2 438.8 468.3

Personal Income Tax Bracket Creep and Increased Profits(?) main sources of Revenue Growth



Main Expense Items by Program:Increasing concentration with reducing flexibility Accrual Basis , $b and % of Total Spending

14/15e 15/16e 16/17f 17/18p 18/19 19/20p

Assistance to the Aged 57.6 60.0 63.3 65.7 69.4 72.9

13.7% 13.9% 14.0% 14.1% 14.2% 14.2

Assistance to Families with Children 38.8 38.9 37.6 37.3 39.9 41.6

9.2% 8.9% 8.3% 8.0% 8.2% 8.1%

Medical Services and Pharmaceutical Ben. 28.2 31.5 32.8 33.7 35.0 36.8

6.7% 7.3% 7.3% 7.2% 7.2% 7.2%

Assistance to those with Disabilities 27.7 29.1 33.4 40.5 51.1 52.9

6.6% 6.7% 7.4% 8.7% 10.5% 10.3

Assistance to the States for Public Hospitals 15.5 17.2 17.9 18.9 20.0 21.1

3.7% 4.0% 4.0% 4.1% 4.1% 4.1%

Total of Above as % of Total Spending 39.9% 41.0% 41.1% 42.2% 44.0% 44.0%



Budget Forecasts

• Economic growth slow as Private Investment side of economy shrinks

• Falling Mining Investment just being offset by increased housing investment, exports

• Govt growth forecasts revised down from December 2015 MYEFO

• Mining investment falling faster than expected, Non Mining Investment not growing as fast as expected

• Neither will be helped by increased political uncertainty, outlook for lack of reform

• Private dwelling investment growth slowing sharply

• Public Final Demand growth is lifting with Infrastructure spending

% change, inflation adjusted

(Italicised are BH forecasts)13/14 14/15 15/16e 16/17f 17/18f

Private Investment - Dwellings 5.1 7.9 8 2 1

No. of Private Dwellings Started (‘000)* 178 200 215 220 222

Business Investment – Mining

Business Investment – Non Mining

-7.0

-3.7

-17.3

1.2

-27.5

-2

-25.5

3.5

-14

4.5

Private Final Demand 0.9 1 0.5 1.5 2.5

Public Final Demand 1.6 0 2.25 2.25 2.0


*BH forecasts


Budget Forecasts

• Employment and Wage Growth very slow, Population and Working age population growth slower than earlier estimated

• Inflation staying lower for longer, Private Sector deflation as part of global phenomenon

• Income tax Bracket Creep negatively impacting real income growth

• Household Consumption growth being supported by expected further fall in Household Savings Ratio

• Impacted by Consumer confidence, banks’ credit policies, Tax and Govt charges

• Slow Household spending means Businesses will need to work harder and smarter to grow profits

• Need to capture more market share while reducing costs

13/14 14/15 15/16e 16/17f 17/18f

Household Consumption 2.5 2.7 3.0 3.0 3.0

New Motor Vehicle Sales, m* 1.12 1.2 1.35 1.40 1.43

Employment, % change to June qtr 0.7 1.6 2 1.75 1.75

Wage Price Index, % change to June qtr 2.6 2.3 2.25 2.5 2.75

Unemployment Rate, % June qtr 5.9 6.1 5.75 5.5 5.5

Labour Force Participation Rate, % June qtr 64.6 64.8 65 65 65

Household Savings Ratio, % June qtr, trend 10 9 8 7 7

Consumer Prices, % change to June qtr 3.0 1.5 1.25 2 2.25



Consumer and Business Confidence has Dipped on Election Outcome


Net Worth continues to improve

Households starting to save less but real Disposable Income and Consumption growth at twenty year lows

Source: Reserve Bank of Australia Chart Pack July 2016


Supply side issues and Slowing Wages Growth

Source: Reserve Bank of Australia Chart Pack July 2016

• Issues for:

• Household real income growth, particularly with ongoing tax bracket creep

• Company revenue growth and profitability

• Interest rate outlook


(De)flation outlook frightening policy makers

Source: Reserve Bank of Australia May 2016 Statement on Monetary

Policy and Chart Pack July 2016


Reserve Bank Forecasts

• Inflation now forecast to be below 2-3% pa policy range

• Economic growth below earlier reduced potential growth rates

• Slower population growth

• Low productivity gains

• We expect Cash rate to 1.25% by end 2016

Source: RBA Statement on Monetary Policy May 2016


Markets Expecting Cash Rate Cuts to under 1.5%• RBA wording of Press releases 3 May and 20 July indicate further cash rate cuts are likely from current 1.75%

• Surprise at lower than expected inflation outcomes

• Stronger $A than desired for transition of the economy

• Economy not growing as strongly as expected

• Housing demand outlook in Eastern cities starting to moderate

• BREXIT result saw interest rates globally shift lower

• Australian election closeness likely to create bias for lower rates for longer

From the Minutes of the Monetary Policy Meeting of the RBA Board regarding additional information coming available from the RBA staff ahead of the August 2016 meeting:

“This information would allow the Board to refine its assessment of the outlook for growth and inflation and to make any adjustment to the stance of policy that may be appropriate.”


Term Deposit Rates likely lower for less than 12 month, higher for longer terms

• Term Deposit rates spreads over wholesale are contracting as banks now have less need to increase overall retail funding.

• Lending rate margins increasing

• But should be an increasingly positive yield curve:

• New banking rules mean most banks may have to increase longer term TDs.

• Under 12 months rates likely to be at or under the cash rate in late 2016.

Source: RBA Chart Pack July 2016


Non Mining Investment Expectations not Offsetting Lower Mining Investment:

Most Output Growth is in Services, historically showing less capital spending

Gross Investment by Major Industry Sector, $b, Current $

10/11 11/12 12/13 13/14 14/15 15/16 4th Est

16/171st Est

Mining 46.9 82.0 94.7 90.4 76.1 56.8 32.8

Manufacturing 12.3 13.2 9.5 9.2 8.6 8.3 7.4

Electricity, Gas & Water 6.2 5.4 5.5 5.8 5.1 5.4 6.6

Construction 5.4 4.7 5.0 4.7 6.3 3.4 2.3

Wholesale & Retail Trade 7.4 7.5 7.4 8.1 9.1 8.9 9.2

Transport, Post & Warehousing

11.6 13.7 11.1 11.2 12.5 9.9 10.6

Rental, Hiring & Real Estate 11.9 10.5 9.8 9.6 12.2 11.4 10.0

Other 17.6 17.9 17.7 19.0 20.8 19.9 19.2

Total 119.3 154.8 160.5 158.0 150.7 124.0 98.1

Source: ABS 5625.0 Private New Capital Expenditure and Expected

Expenditure December Quarter, Australia, February 2016


Listed Company Profits Outcomes very Mixed but Outlook stabilising




Share Price Gains very Dispersed, Forward Price/Earnings Ratios Up since May 2014

Driven by very low interest rates, Search for Cash Incomes and rising payout Ratios

Australia Late 80s Now

Dividend Yields 4 - 5% 4.3%

Inflation 7% – 8% 1.5% – 2.5%

10 Year Govt Bonds 12% – 13% 1.8% - 2.5%




$A at $US0.75 about right on current commodity prices

Short term dip on changed interest rate expectationsRisk to upside as global commodity supply pulls back


• Slow economic and profit growth to continue

• Increased uncertainty with Brexit and Australian election results to keep interest rates very low

– UK economy to slow in any case in 2017.

• UK has large current account and budget deficits already

– Main immediate issue is how UK and European financial markets work through impacts of UK credit rating downgrade and bank liquidity

• Plenty of support ready from Bank of England, European Central Bank etc

• Likely to keep Western interest rates lower for longer

– Longer term issues

• UK breakup: Scotland and Northern Ireland want to stay in Europe

• Bilateral and Multilateral Trade issues

• European security

– Direct impact on Australia should be minimal

Summary


• Australian election outcome adds to uncertainty

– We need to get used to more volatile politics, close elections, minority party influences

– Loss of faith in political, financial and economic elites not likely to pass soon

• Many feel left out of economic liberalisation and Post GFC policies, Fear of change and “new” economy

– Political Volatility and lack of faith likely to limit required action on regulatory and tax reform

– Danger of cut in Federal Government global credit rating with flow on to Australian companies

• Productivity, Workforce Participation and Industry flexibility issues not a policy focus

– This has been the case for last decade at Federal, State and Local Govt levels

– Longer term impacts on:

• Private real Income growth, Spending, Profits and Superannuation returns

• Tax revenues and public sector spending

• Population and workforce growth

• Portfolio and Strategies will therefore need to be worked harder

Summary

Ben Prisk


Market Update


Stock Market Performance Over The Last 12 Months

• MSCI World (ex-Australia) Index Performance fell 1%

– Geo-political crisis’.

– Emerging market concerns.

– Brexit vote caused European stock prices to collapse.

• Domestic S&P/ASX 200 Index fell 1%

– Resource sector has fallen sharply on the back of declining demand for base level commodities from Emerging markets.

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MSCI World (ex-Aus) S&P/ASX 300


A Divergence of Returns in the Australian Market

• Amidst flat performance of the broader Australian share market on the back of declining resource demand and bond yields continuing to fall in an environment of low inflation and low growth, the following sectors have found support given their defensive characteristics:

– Healthcare

• Exposure to Biopharmaceuticals, Medical Diagnostics, Medical Products & Devices and Hospitals.

• These companies are operating in a favorable demographic - Australia’s population is ageing.

– Infrastructure

• Exposure to Toll Roads, Airports and Gas Pipelines.

• Monopoly like assets that enjoy reliable cash flows.

– Real-Estate Investment Trusts (REITs)

• Exposure to Retail, Office, Commercial and Industrial Property.

• Typically receive higher dividend yields from rent receipts.


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Property v Healthcare v Utilities v Financials v Resources v 300 Accumulation Index

300 FINANCIALS 300 HEALTHCARE 300 RESOURCES 300 UTILITIES 300 ACCUM 300 AREIT




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• It may transpire that the Infrastructure, Healthcare and REIT sectors continue to rally given they are high quality, defensive plays.

• However, we can’t avoid the fact that they are trading at historically high multiples with share prices outpacing earnings in many cases.

• In our view, we believe it is prudent to be at least taking partial profit from these “Expensive Defensives” and re-weighting portfolios accordingly.



Brexit

• UK’s divorce from the European Union will be a long and drawn out process.

• Both growth and inflation expectations for the region have already been reduced by the IMF casting a further shadow over the Eurozone.

• Australian companies remain relatively sheltered.

• Our share market witnessed overblown negativity directly after the vote and has since recovered.

• Continued ramifications on global cash rates ensures that the search for yield will continue for the indefinite future.


• The Brexit Vote provides a valuable reminder of the underlying strength and resilience of the Australian Financial System.

• Confirmation of this by APRA, Treasury, the RBA and ASIC provides a vote of confidence in the big four banks.

• Tough global conditions for the domestic sector,

– Capital raising requirements.

– Declining demand / supply of credit.

– RBA rate cuts impact earnings.

– Payout ratios.

• Valuations do not appear stretched.

Australian Banks and the Search for Yield

ANZ CBA NAB WBC

Cash yield 6.6% 5.6% 7.6% 6.3%

Grossed up yield 9.40% 7.94% 10.92% 9.01%

Price since high -33% -24% -31% -25%


Chinese Tourism and the Consumer

• The rise of the Chinese tourist and consumer is not breaking news.

• The market will often focus on short term valuations, however we have identified this to be a strong long term thematic.

• Chinese visitors spent $7.7b in Australia last year.

• This should be a positive for these Australian companies:

• Sealink Travel Group

• Mantra Group

• Blackmores

Source: Wind, CEIC, Fidelity Investments International


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BKL v 300 Accumulation Index

300 ACCUM BKL



• Global Risks remain elevated, no asset class is offering compelling value.

– Adjust expectations.

– Consider the total return on investment.

• Be selective, know where your capital is invested.

– Establish concentrated positions.

– Dollar cost average.

• Continually review your established strategy.

– Take profits and if necessary crystalise losses.

• Identify companies that can grow regardless of the economic environment, but don’t pay too much.

– Be patient.

Summary

Helen Dundon


Summary & questions

The Baillieu Holst Adelaide Team


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Baillieu Holst Post Election Seminar

Economy & Finance

Transcript of Baillieu Holst Post Election Seminar