Quarterly Review: Q4 (June) FY2018
What a quarter that was. The 10foot portfolio was flat until May, when it gained 6% in a week due to moves in Tower, NGE Capital, and a recovery in Just Group. For a while I was up 12% since inception, double the index return – enjoying the warm glow that comes from being a …
Do currency exchange rates impact inbound tourism?
I recently read an article about tourism stocks that said something like “the lower Australian dollar is great for tourism demand.” It was implied that this is a tailwind for tourism companies. That’s the consensus view and intuitively it makes sense. If 10,000 Chinese Yuan buys you A$2000, that’s not cool as if it buys …
Solvency II and Just Group’s discount to NTA
The 10foot portfolio holds shares in Just Group plc (LON: JUST), a UK-based insurer that provides defined benefit de-risking programs, and ‘lifetime mortgages’, which are equity release mortgages (ERMs) with no negative equity guarantee, for retirees. Just has persistently traded at a discount to NTA that has puzzled me for some time and I wrote …
