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We’ve all thought it. Actually, we’ve all said it. And now there’s proof.
We’re referring to the widely held belief that newspapers are editorially biased towards spruiking for the property market. It’s fairly obvious really.
You only have to pick up the Saturday edition of The Age newspaper with its three real estate sections to see that Fairfax makes a motza from the real estate industry.
Well, yesterday the ‘Benedict Arnold’ of newspapers, Marika Dobbin spilt the beans:
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Some days it feels as though we have Nostradamus-like predicting abilities.
[Reader spits coffee across breakfast bench]
Anyway, yesterday we promised to follow up with our ‘friends’ at the Commonwealth Bank [ASX: CBA] to find out what ‘Investment Experience’ means.
You’ll recall that bullet point five of the CBA’s profit upgrade announcement stated:
“Improving equity markets, contributing to a turnaround in ‘Investment Experience’ of approximately $240 million post tax.”
To which we responded yesterday with:
“It would be delightfully ironic if any of the ‘Investment Experience’ has come from its funds management branch, Colonial First State.”
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This morning we’ve left Fitzroy Street and have headed into town to catch up with our old pal Chris Mayer, the US based editor of Capital & Crisis.
He’s brought a bunch of American investors over for a tour of Australia and New Zealand so we thought we’d drop in to see what they’re talking about.
I’ll fill you in on any details in the next few days if there’s anything you should know.
Until then…
Last Thursday we wrote: “Short sell CBA – but not just yet!”
At the time Commonwealth Bank shares were trading at $56.75.
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Another busy schedule for your editor today as we try to put together the August issue of Australian Small Cap Investigator.
Given our focus on natural gas and LNG over the past twelve months, we’re concentrating this month’s issue on the LNG industry.
We’ll scan our eye over our three ‘Thin Air’ stocks that have massively outperformed the market plus take a look at how small cap investors can start to plan for even bigger returns in 2010.
Today’s news about the Future Fund selling one-third of its stake in Telstra interests us a great deal, but we’ll leave that for either Money Weekend or for next week.
Because today I thought it was time to delve into the Money Morning mailbag. [click to continue...]
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Before I get on to today’s subject, a quick note about a cornerstone development in Australia’s liquefied natural gas (LNG) industry.
You may have seen the press reports about China signing a $50 billion deal for a gas supply from the Gorgon field off Western Australia.
The great thing is, this is just the tip of the iceberg for Australia’s LNG industries. I’ve been banging on this drum for the past year, picking up some massive gains for Australian Small Cap Investigator subscribers.
The good thing for you is that it’s still not too late to get in on the action. Click here to find out more…
Australia’s Mortgage Insurance Time Bomb
What a relief the Australian banking system is in much better shape than those awful banks in the UK and US.
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