Buy Hold Sell, by Livewire Markets

With decades of experience under their belts, it's fair to say that Ellerston's Chris Kourtis and Airlie's Matt Williams know a thing or two about investing. While their styles differ quite widely - Chris is a contrarian and Matt's all about quality and solid balance sheets - they both have their eyes keenly focused on their next opportunity. 

Interestingly, despite the different investment styles - valuation is one thing they can agree on - and make it clear that investors should take a fresh look at their portfolios and make sure they don't get caught out if we see a sell-off in the near future. 

Similarly, management is something that both our Hall of Fame fund managers are watching. However, while Matt is searching for businesses with teams that can execute well and help a stock soar, Chris is looking for missteps that could see the market punish a business far more than it should. 

So, in this episode, Livewire's Ally Selby sits down with Chris and Matt for their insights into how they are thinking about markets and the macro forces at play, as well as a deep dive into their strategies and what makes them tick. 

Plus, they also share one piece of advice so that investors can be successful over the next 12 months, and a stock that can help investors on their way. 

I should say this episode is quite long, so sit back, relax and get comfy. But then again, how often do you get to hear straight from two Hall of Fund managers in one episode? 

Note: This episode was recorded on Tuesday 8 October 2024. You can read the edited transcript below.

https://www.livewiremarkets.com/wires/hall-of-fame-special-how-two-of-australia-s-best-invest

Each year, a fund manager is added to the Hall of Fame. It's an illustrious list, including only the best of the best Australian funds management talent - the likes of Olev Rahn, Kerr Neilson, Peter Morgan, Anton Tagliaferro, Catherine Allfrey and more. 

Given another name will be added to the list later this month, we've called on the big guns - Hall of Fame alumni Chris Kourtis from Ellerston Capital and Matt Williams from Airlie Funds Management, who were inducted into the Hall of Fame in 2018 and 2022 respectively. 

With a unique opportunity to have two Hall of Famers in one room, Livewire decided that the best use of their talent would be to pick apart each other's highest-conviction stock picks. 

So, in this episode, Matt and Chris share their best ideas today - and joyfully point out the holes in each other's theses. 

Note: This episode was recorded on Tuesday the 8th of October 2024. You can read the edited transcript below. 

https://www.livewiremarkets.com/wires/buy-hold-sell-2-hall-of-fame-investors-analyse-each-other-s-best-ideas 

Each year, a fund manager is added to the Hall of Fame. It's an illustrious list, including only the best of the best Australian funds management talent - the likes of Olev Rahn, Kerr Neilson, Peter Morgan, Anton Tagliaferro, Catherine Allfrey and more. 

Given another name will be added to the list later this month, we've called on the big guns - Hall of Fame alumni Chris Kourtis from Ellerston Capital and Matt Williams from Airlie Funds Management, who were inducted into the Hall of Fame in 2018 and 2022 respectively. 

With a unique opportunity to have two Hall of Famers in one room, Livewire decided that the best use of their talent would be to pick apart each other's highest-conviction stock picks. 

So, in this episode, Matt and Chris share their best ideas today - and joyfully point out the holes in each other's theses. 

Note: This episode was recorded on Tuesday 8 October 2024. You can read the edited transcript below. 

https://www.livewiremarkets.com/wires/buy-hold-sell-2-hall-of-fame-investors-analyse-each-other-s-best-ideas/ 

For years, experts have predicted a coming surge for copper. BHP, for instance, believes that copper demand will grow by around 70% to over 50 million tonnes (Mt) a year by 2050. For context, the total copper demand in 2023 was 31 million tonnes. 

But copper prices haven't really gone anywhere over the last three years - sitting at around the mid-US$4 level since November 2021. 

According to today's guests, slowing global economies has had a dampening effect on demand and kept copper prices suppressed at these levels. But looking out over the next five to 10 years, that demand will increase - meaning, it will be very hard for supply to keep up. The Fed's recent 50 bp rate cut is a catalyst - and supply shortages mean this theme won't last for 18 months or two years but for many years to come. 

So, in this episode, Money of Mine's Matt Michael was joined by Perennial's Sam Berridge and Argonaut's David Franklyn for their answers to the big copper conundrum. 

They analyse three copper stocks listed locally in Australia - including Sandfire Resources (ASX: SFR), Metals Acquisition (ASX: MAC) and Evolution Mining (ASX: EVN). 

Plus, they both name two big BUYS in the copper space that they are bullish on today. 

Note: This episode was recorded on Thursday 19 September 2024. You can read an edited transcript below.

https://www.livewiremarkets.com/wires/buy-hold-sell-copper-s-time-has-finally-come-and-2-big-buys 

Uranium prices have cascaded 23% since hitting a high early in the year, now trading at around US$81/lb. However, Argonaut's David Franklyn believes this is a "pretty good long-term price" - arguing that while demand growth will be substantial, supply will eventually kick in. 

Despite that, some of the ASX's uranium darlings have still had a pretty impressive 12 months, with Paladin Energy and Deep Yellow, for instance, up 16% and 27% respectively year to date. That said, other plays, like Boss Energy, have not had a good year - with its share price plummeting 22% in 2024. 

So, where are fundies seeing value and which uranium stocks should investors be avoiding? 

To find out, Money of Mine host Matt Michael was joined by Franklyn and Perennial's Sam Berridge for their analysis of their uranium market, where they believe prices could be headed, as well as some key learnings following the World Nuclear Association symposium.

Plus, they also provide their views on a couple of uranium stocks and name two they would label "buys" today. 

Note: This episode was recorded on Thursday 19 September 2024. You can read an edited transcript below.

https://www.livewiremarkets.com/wires/buy-hold-sell-5-uranium-stocks-as-prices-bottom-out 

Gold prices are trading at all-time highs, with the yellow metal soaring more than 38% over the last 12 months alone. The "safe haven" commodity's price has been driven by continued economic uncertainty, rising geopolitical tensions, a weakening US dollar, and net purchases of gold by global central banks - particularly emerging market central banks in Asia. 

But can gold prices continue even higher from here? And if so, which ASX-listed players are likely to benefit? 

To find out, Livewire has handed over the reins to our friends in Perth, Money of Mine, for their specialist knowledge of the resources sector. 

Host Matt Michael sits down with two Perth-based fund managers with their ears to the ground on all things resources stocks - Perennial's Sam Berridge and Argonaut's David Franklyn. 

In this episode, they analyse the lay of the land when it comes to gold, their preferred exposures in terms of established players versus juniors for greater gold price leverage, and share the stocks they would be selling despite the stellar run in prices. 

Note: This episode was recorded on Thursday 19 September 2024. You can read an edited transcript below. 

https://www.livewiremarkets.com/wires/buy-hold-sell-gold-soars-to-new-highs-but-fundies-are-selling-these-2-stocks/

Investors love a dividend. Not only do they help provide investors with passive income during even the rockiest periods in markets, but they also make up a significant portion of Australian investors' total return over the long term. 

While the current outlook for dividends for the Aussie market may not be super hot, some stocks are boosting their dividend payouts over the next 24 months. 

So in this episode, Livewire's Ally Selby was joined by Ausbil Investment Management's Michael Price and Martin Currie's Reece Birtles for their analysis of three stocks with strong dividend per share growth expectations in both 2025 and 2026. 

Plus, they each share a stock they are buying today given its strong dividend growth expectations in the future. 

Note: This episode was recorded on Wednesday 11 September 2024. You can read an edited transcript below.

https://www.livewiremarkets.com/wires/buy-hold-sell-5-stocks-boosting-their-dividends-over-the-next-2-years/ 

Let’s face it: We’re all capable of being mesmerised by headlines.

Whether it's a cracking headline on Livewire or an attractive headline price at the shops ($199 is always more appealing than $200), we’re often reluctant to read the fine print or understand what’s going on beneath the surface.

But that reluctance can get you into trouble, particularly when it comes to income investing.

There is a point at which a headline yield starts to look more like a pitfall than a probability and there are ways to construct portfolios that maximise the income opportunity.

If you’re wondering what that point is, then wonder no more. On today’s episode of Buy Hold Sell, Michael Price from Ausbil and Reece Birtles from Martin Currie share with Livewire's Ally Selby the number at which a dividend yield becomes a red flag.

They also share the factors they look for when hunting for great income stocks and, of course, a couple of opportunities they particularly like right now. 

Note: This episode was recorded on Wednesday 11 September 2024.

While the August reporting season was mixed itself, the dividend outlook isn't so rosy. 

Companies are hoarding their cash, with the payout ratio of the Australian market falling from 62% pre-COVID to 53% today, according to Martin Currie. 

The dividend yield for the Australian stock market has also fallen in recent years, with the All Ords now yielding 3.70% compared to the historical average of 4.07%.  

So, should investors still hold companies that have announced they will be cutting their dividends or slashing them completely? 

To find out, Livewire's Ally Selby was joined by Martin Currie's Reece Birtles and Ausbil Investment Management's Michael Price for their analysis of three stocks that have done exactly that. 

Plus, for a little bit of a challenge, we asked our guests to name a stock they are buying today despite announcing they would be cutting or culling their dividends at their August reports.

Note: This episode was recorded on Wednesday 11 September 2024. You can read an edited transcript below. 

https://www.livewiremarkets.com/wires/buy-hold-sell-5-stocks-slashing-their-dividends/ 

If you feel like your portfolio has taken a hit over the last month, spare a moment of silence for shareholders in stocks like Johns Lyng Group, Audinate, Tabcorp, Megaport, A2 Milk, Kelsian, Mineral Resources, EML Payments, Yancoal, Star Entertainment, Cettire, Liontown, Neuren Pharmaceuticals, Red Hill Minerals, and Boss Energy. 

All in all, 117 companies in the All Ords shed more than 10% during the month, 29 saw their share prices fall more than 20%, and eight tumbled more than 30%. For context, the All Ords itself ended the month pretty much flat. 

So, in this episode, Centennial Asset Management's Matthew Kidman was joined by First Sentier Investors' David Wilson and Medallion Financial's Michael Wayne for their analysis of three stocks that have been smashed over the past month in the hunt for some value on the ASX. 

Plus, the fundies also name two stocks they believe have serious upside ahead of them.  

Note: This episode was recorded on Tuesday 27 August 2024. You can read the transcript below. 

https://www.livewiremarkets.com/wires/buy-hold-sell-3-stocks-that-have-been-smashed-and-2-big-buys