2021

Geldzug: THE AUSTRALIAN FEBRUARY 2021 REPORTING SEASON

28 February 2021 Twice a year we summarise the half-year and full-year results of the companies in the ALCE portfolio. Most of the companies in the portfolio reported strong earnings recoveries in the December half-year, and dividend payouts were higher than our forecasts... [read more]

2021-03-01T18:02:37+00:00March 1st, 2021|

Geldzug: CHINA’S 14th FIVE YEAR PLAN

25 February 2021 China’s top leaders have set out their top priorities for 2021 to 2025: achieving self-reliance in science and technology, and “dual circulation”. Self-reliance in science and technology means accelerating the development of vital high-tech industries such as semiconductors to ensure that China can develop regardless of US “threats”. Dual circulation means encouraging production for domestic markets as well as for export markets, and upgrading China’s internal logistics systems so as to build a unified national market. China is also committed to restructuring the energy sector and energy-intensive industries so as to meet the target of peak carbon [...]

2021-03-01T16:32:09+00:00March 1st, 2021|

Geldzug: CHINA IS NOT GOING TO SAVE THE WORLD THIS TIME

4 February 2021 In November 2008 a panicked Chinese government launched a stimulus package equivalent to 12% of then GDP. The package propelled China out of the GFC, but it created more problems than it solved, e.g.: A tenfold increase in corruption Useless or non-economic projects: “bridges to nowhere” A surge in banks’ bad loans A sharp increase in the ratio of debt to GDP Unsafe buildings, and highways that collapsed

2021-02-04T15:40:14+00:00February 4th, 2021|

Geldzug: LIGHT AT THE END OF THE TUNNEL – BUT WE’RE STILL IN THE TUNNEL

20 January 2021 Coronavirus vaccines will help us return to normal, but there will be risks, obstacles, and delays through 2021. 2021 will bring a W-shaped recovery in the economy and the share market: two steps forward, one step back. The Australian dollar is headed toward USD 90c much faster than we expected. After the grim events of 2020, the November news of three coronavirus vaccines set off a surge of investor optimism about the future... [read more]

2021-01-20T15:15:18+00:00January 20th, 2021|
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