Welcome to our Q&A page. This is the best place to ask us questions that relate to stocks, recommendations and investing generally. Within those parameters, we'll try to answer any questions you might have, although at busy times it might take a few days for us to respond.

Latest Q&A With Our Experts

Jon Mills Answered by Jon Mills 6d ago


I'm having a look at Aveo, the company that was lambasted on Four Corners 6 months ago. The share price was smashed as a result but it looks like an overreaction with it trading at a 23% discount to NTA. It has a significant development pipeline, the end products appear to be highly sought after and it seems to have pre-empted regulartory changes with those of its own. It may be of interest. Happy Christmas to you all.

Jon Mills Answered by Jon Mills 6d ago

Pre-tax v post-tax NTA and other tax questions

Hi, This is a thought that has been bubbling away for a while, but something in the PM Capital Global Opportunities Fund (PGF) AGM deck crystallised it for me. I get the argument for looking at post-Tax NTA when assessing margin of safety for a LIC. However, I do wonder if it can a) be more nuanced, and b) if it is inconsistent with the way recommendations are made for other investments. Re the nuance, given ultimately those taxable profits will be distributed (and franked), should the decision to look at pre or post-tax NTA depend on one’s personal tax rate? A super fund in pension mode could just look at pre-tax NTA, right? And does the equation change if it is an LIT? Re the inconsistency, why do we demand a discount to post-tax NTA for a LIC (due to fees), but happily put in money at (slightly above) pre-tax NTA for an unlisted fund (which also charge fees)? Taking the argument further (possibly too far!), if we value a stock, why don’t we knock the implied tax off the value of their asset base? eg If I was doing a sum-of-the-parts for Berkshire Hathaway, would I value See’s Candies at (say) 10x EBIT, or 10x EBIT less the capital gains tax payable if they sold it (which to me seems like what we are doing with LICs)? I’m not saying this approach would make sense…...…just trying to understand if the approach to LIC buying is consistent with other approaches, is all.

Gaurav Sodhi Answered by Gaurav Sodhi 7h ago

Is FMG good to buy right now?

FMG is on a downward trend but has good fundamentals. Is it good buying right now?

Jon Mills Answered by Jon Mills 1w ago

Will Westfield be removed from the property index?

Dear Invest Smart, Is it possible that the sale of Westfield to new French owners will mean that this stock is removed from the property index? If Westfield is approx. 50% of the property index what impact will this have on the index? Would be grateful for your crystal ball advice! 

James Carlisle Answered by James Carlisle 1w ago

LIC coverage

Over a year ago there was an article "Expanding our LIC coverage". This in part helped convince me to chose MFF & AFIC as long term investments. However, there's been no coverage of significance since. I also notice a number of articles commenting that researchers are looking at Small Caps, eg 3 in 3years. I guess my concern is that intelligent Investor resources are being utilised for the Small Cap Fund, which is exclusively of benefit to those investors, rather than Intelligent Investor subscribers. This brings up the question is Intelligent Investor less value for money since the vanbetmen take over? Many thanks, Jim

Graham Witcomb Answered by Graham Witcomb 2w ago

Any particular reason Virtus Health share price is getting smashed?

Hi, The Virtus Health share price seems to be getting smashed at the moment. Any particular reason for this? Is this an opportunity to buy more? Thanks.

James Greenhalgh Answered by James Greenhalgh 3w ago

Is NZ too small for Trade Me?

Hi there, I'm sure this has been addressed in one of your previous TME reviews, but after scrolling quite far back I couldn't seem to find much commentary on the topic. My concern with TME is of the long-term earnings growth potential in NZ alone, being such a small market (population apron 4.5M). I think attempting to go global would not be plausible with much bigger players such as REA group, SEEK and eBay already dominating the Aussie market. I notice you have frequently talked about the future benefit of 'premiumisation' of their classifieds businesses which I agree should be a great revenue creator.

But how long can you continue to gain revenue in this fashion? Buffet is regularly quoted for wanting to only buy businesses he has confidence in holding for a 10 year time frame. With TME I can see the revenue growth continuing through premiumisation over the next 2-3 years, but there must be an inflection point where they can no longer increase revenue in this fashion? Of course, I could be way off with this concern and I would love to hear how so if that is the case. Thanks

James Greenhalgh Answered by James Greenhalgh 3w ago

Amazon and opportunities in retailers

Hi, as Amazon comes into play in the market I find the whole of the retail sector has been dragged down. Do you feel there will be an opportunity in some companies throughout the retail sector? Especially those companies that are not competing against Amazon. Rob

Mitchell Sneddon Answered by Mitchell Sneddon 3w ago

What is the sell price for PGF?

I am a little confused, I have purchased shares in PM Capital Global Opportunities Fund Limited (PGF). I understand you currently have a HOLD recommendation. Yet, unlike other pages, there is no recommended BUY or SELL price. Could you, at least, tell me what your recommended SELL price for this share is?

Mitchell Sneddon Answered by Mitchell Sneddon 3w ago

Interested in your thoughts on FGX and FGG

Hi - interested in your thoughts on FGX and FGG. Thanks.

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