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Gold & Gold miners – when to buy and how to value
The gold price might be troublesome to predict, but at least the relationship between this and the share price of gold miners such as Barrick are proving to be more reliable. Back in July when I initiated coverage, I suggested markets were applying what seemed to be a ridiculously simple valuation methodology. Forget IRR with […]
Continue readingMarket complacency may be its undoing
Welcome to the Q1 reporting season. If you hadn’t noticed yet, Easter came early this year (good for retailers, airlines etc) and there is a minefield of shifting currencies and commodity prices to adjust for as well as some decidedly mixed macro data coming out from the major trading economies. If you’re selling out of […]
Continue readingAirlines and oil prices
With fuel costs representing 45-50% of an airline’s operating costs and 35% of its revenues, it would seem self-evident that a significant movement in oil, and therefore fuel prices, would have an equally dramatic effect on margins; in particular when the industry’s margins are often the wrong side of 5%. The oil price however is […]
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