We talk about Stock Specific risk today - we are over the "panic selling stage", through the "sanity returns rebound stage" and going into the "recovery stage" which comes before the "long term bull market stage". The game now is to hold the best stocks for the recovery and we talk about the themes that will help us identify those. 

The vibe this morning is different - we are doing some cashing up. 

A bit of an educational piece within the strategy section today on the need to invest like Spock as well as a list of stocks we think have tired a little in this rally. 

The general market vibe is good - we're still "All in"

This week we take a Crash Course in Crashes - the lessons we have learned from 1987 to today. Grab a coffee, settle in and enjoy!

Today we comment on the APRA letter to banks suggesting they materially reduce their dividends - and then move to our strategy commentary which moves on from asset allocation to stock selection. 

Henry Jennings hosts Marcus Padley on the Couch answering Member questions.

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Today's morning meeting - our discussion points narrated by Marcus