submitted by fltershlista to AskReddit [link] [comments]
| | submitted by Ranzware to BitNewsLive [link] [comments] |
 | TL;DR: $UA is taking on a lot of debt because of historically low retail sales causing near bankruptcy cash flow. Largest athletic apparel retailer or not, when the business isn't making money it's losing it. Taking on LARGE amount of debt, to raise cash, to keep the doors open is not the nail in the coffin, but it is damn near close. ER this Friday 7/31 could be a historic miss and future projections, margins, growth and competition will cause a sell off. submitted by Miccodaddy to wallstreetbets [link] [comments] Super BEAR: 7/31 $8.50-$9 Puts Conservative BEAR: 8/14 $7.50-$8 Puts To Bearish Autists,Alright retards, this DD is not done by a professional CFA, CPA or single employee LLC day trading firm. I'm a college grad, with a BS in Chemistry, and i'm 100% self taught on trading for the last 5 years. It's a hobby that pays for other hobbies, not a job and definitely not a thing i do without being informed. That being said heres my hypothesis.$UA Has StruggledThis is no secret as many of us have brand name recognition of $UA and many of us own it. We know its not Nike and it's a step above Champions and other retail store brands, but it is simply the cost efficient/value brand for people that want quality and but aren't willing to pay Nike prices or get chafed nipples from the $WMT brand. It's become the largest athletic apparel brand in the US, with growth potential in China, signing one of the NBAs biggest star Steph Curry.Heres the problem, the company is facing increased competition and Covid may of burned down the house when they closed retailers. $UA helped prove there is a middle ground between $NKE and $WMT in quality and price, but they failed to build beyond that, and now $AMZN and other other brands have saturated the market. When i need workout clothes, i look online, a small part of $UA business model. I look for value, and although i'm not buying Nike i'm not buying $UA either. There are tons of other brands that provide the same quality cheaper, and i don't care about brand at they gym, just comfort. $UA failed to build a signature style, they got Steph Curry, but i never hear a 24 year old sneaker head dying over their new pair of shoes. They failed to push online channels of distribution, "have you been to their website?", and some compare their pandemic model to $LULU but they are completely different brands by quality, price and consumer segment. The companies lack of success could be bad marketing, they have the largest athletic apparel market share, but they can't turn a decent YOY earnings report. So it comes down to poor financial management and high levels of competition driving lower margins. In 2016 $UA was nearly $50/share and its lost billions YOY. Now it's facing an unpredictable pandemic, and record low revenue on a house of debt. Important Factors for ER
Liabilities: $3.387 Billion (Q1 2020) Assets: $1.550 Billion (Q1 2020) Cash is KING and $UA is in desperate need of it with a recent convertible note offering that raised over $400 million dollars. I'm not a finance expert, but here's a snippet that explains the liquidity crunch. As of March 31, Under Armour had just $959 million in cash. Now, it recently raised another $460 million or so in a convertible note, so its total liquidity is about $1.41 billion. But if it burns through $400 million over the next two quarters, the balance would fall to $600 million or so.Simply put they need to be frugal and cut cost to prevent bankruptcy. this is shown further in the last two weeks when $UA announced they will sell their running/social app, MyFitnessPal. They also sought to break a sponsorship deal with UCLA to conserve cash (nearly $20mil/year). The price tag for MyFitnessPal in 2015 was $425million, i don’t think $UA will have a easy time getting anyone to buy it, much less gain on the investment. Also the sponsorship deal isn’t broken, yet, and if they do it may come with a huge monetary penalty....exactly what they want to avoid. This weeks earnings report will announce a huge amount of new liabilities along with massive reductions in revenue expectations. This is the most important part of the ER this week.
China is a very interesting component in the American economic and political world. They are a huge market, but politically they are neither our ally nor our foe. India will give us the same problem in 10-15 years. With increased tensions between DC and Beijing the risk of tariffs and american companies suffering are on the rise, especially retail and manufacturing. However, China presents a huge growth opportunity to whichever lucky retailers and brands can bribe the right officials and not get caught. $UA is one of those lucky companies, but they are competing in a tough sector. Nike, Adidas, New Balance, a zillion new brands that nobody has heard of and of course knock offs. I lived in Shanghai for a year in college, and theirs “Fake mall” everywhere selling the new Jorban’s and Rolex’s and of course $UA and the Chinese government will never stop it because they don’t practice fair trade practices, at least correctly. 30% of revenue for $UA is international business including several asian and european countries and Australia. China could eventually be more of a cash cow than the US for $UA. The international opportunity is real, but $UA may never see the light at the end of the tunnel due to this dark period of financial ruins and a competitive marketplace.
Revenue: $536mil (Near miss) Revenue is key, but the Cash flow and added liabilities will be the dagger. A LITTLE TA & CHART PRICE ACTION6 month Daily candleThe price of $UA has been hovering around $6.40 & $10.60 for nearly 5 months. $UA has found a solid support at $8.25 and has an upward channel trend, and this has been a very slow recovery relative to other retail brands. RSI is inching toward overbought. MACD is unsure of the last two months progression and is looking to swing one way or the other after the ER, my bet is down. i expect that $UA will continue on trend nearing $10.60, if the stock price does not fall below the three day trend line(Lilac) then i will wait until thursday afternoon to buy the Puts for the morning ER Call. IF it falls below the lilac line before thursday afternoon i expect my downward channel to be correct and i purchase puts immediately. Still pondering my strategy for entry and optimizing the return, between there two option ideas. Super BEAR: 7/31 $9-$9.50 Conservative BEAR: 8/14 $7.50-$8 Puts $UA has a great value product. It has not done a good job financially due to massive oversight in fiscal management, not creating a better direct to consumer interface, and not being competitive enough in a market with stagnant margins and retail competition that can undercut and or be more popular than the other with celebrities and fashion. $UA is not $LULU, and its drowning in debt with no end in sight. Their model has failed, and their leadership has failed. I suspect retail traders who know $UA by name recognition are propping this up, not understanding their in trouble. As soon as institutional money abandons so will the pocket investors, not to poke fun at you retards. But hey, i may just be a fucking retard. P.S. - IF $UA goes under, or is bought out, which athletic apparel company gains the most? My guess is $NKE (long) or $AMZN. Edit: 7/27 today the SEC notified $UA that they will enforce action against the company for accounting practices seen as fraudulent in 2016 and 2017. It keeps getting worse. Edit: 7/30 today will most likely be the best opportunity to get cheap 10-20% OTM puts for Friday’s earning call. The stock is shrugged off SEC notices to top executives and a gloomy prediction for earnings. But the market isn’t rational right now, if it ever is, and the stock is looking to squeeze out of its channel past $10.60, and people will take profit before the crash after ER. Edit: 7/30 AH. 2500 shares pushed the stock up nearly 4%...still expecting big downward projection come morning. Bought 8/14 $8.50 puts this AM. Edit: 7/30 AH. 10,000 volume pushed the stock up 10% when it moves 1-2% on 5-7 million volume days. I smell stock manipulation by an insider who want to distract from the ER. Result: AH high of $12.80 and down to $10.25 pre market, I didn’t expect price action to play such a large role in this ER. Final: watching for 8/14 $8 put, won’t hold till expire most likely. AH/PM on 7/31 was wild and ruined the lotto for 7/31. I’m convinced it was manipulated, why else would a stock increase 25% AH before earnings and drop 27% thereafter from the AH high...in the first hour of trading...they wanted the stock to have buffer and show a new price action target/action...should of dropped below $9 but $9.49 from $12.80 high at least validates my opinion to some degree. $9.31 new support for monday, may blow past support channel at $8.90 and then drop to $8.20 soon after. OR there could be a retracement to the idiotic $12.81. All in all Lost 1% of my account on a yolo, truly retarded. Daily Candles 1min candles - Note AH pump... |
 | *** Updated Research submitted by Bruticus91 to ASX_Bets [link] [comments] SWK provides an amazing opportunity to take advantage of the bull market in precious metals at an undemanding valuation with excellent operational momentum. Environment: Precious metals have had a phenomenal ride lately; both due to fear arising from COVID-19, and coordinated monetary policy stimulating economies at an unprecedented level. The graphic below shows the recent parabolic move in GLD (overshadowed by SLV) and reflecting upon the 08 crisis and the numerous QE policies that followed, this upward trajectory may continue further. GLD vs DJIA (2006-Present) With rises in commodity prices, the logical next step is to get some operating leverage and purchase the gold miners. No doubt, this second level thinking has been handsomely rewarded albeit encountering the sovereign and FX risks with many of the global miners domiciled in South Africa and Russia: DRDGold, Polyus and Polymetal (April 20 - Present) Since many of these miners are in the process of expanding production, cash flow won't be realised for several years and operating margins may not improve as much as managements' forecast (i.e. ASX: DAC). Further, since the market has drawn the logical connection between commodity prices and miners, these companies have run a very long way in the last few months. Company Overview: This is where SWK provides us with a cheaper and lower risk opportunity to gain access to this thematic. SWK provides drilling services to large miners of metals (i.e. nickel, silver, gold etc.) in US, Canada, Europe and Australia. Specifically, they use specialised drills to extract samples, which they analyse to then assess to the viability of a site. Increasing demand for mining exploration will, intuitively, increase drilling utilisation and drilling rates. SWK also entirely owns Orexplore, which provides mobile sample analysis to determine the characteristics of extracted cores. This improves the efficiency of examining the quality of a site by removing cost (transportation and storage), timing (it can be conducted on-site), and operational risk (damage in transit) all of which further benefit the mining co. and embed SWK into the exploration process. Competitive Advantage: SWK’s competitive advantage is being able to a world class cost effective and efficient underground drilling. For example, their development of DeepEX allows for longer hole from underground that are cheaper than many shorter surface holes. Their recent contract extension from BHP at Olympic Dam despite competitors (i.e. MSV and BLY) rigs being used onsite is testament to their value proposition. SWK has also invested heavily (~$25mn) into their Orexplore technology in an attempt to move up the value chain away from high-capital intensive drilling into a higher margin business. This technology removes significant operating expenses (employees and equipment), reduces lead time (can be built and shipped globally within 2 weeks), is very simple to use (technical training is not required), and most importantly, is currently being purchased for free and is the main catalyst in this investment (more on this later). Furthermore, SWK has made a concerted effort to increasingly diversify their product offering to different miners (with exposure to various commodities), and geographically. Their global and diversified footprint has provided them with a world-wide footprint, with costs to build their global business already incurred (most recently in Pogo – Alaska), further encouraging a buyout (more on this later). FY19 Financial Report H1 2020 Financial Report Catalyst and Valuation: Exit Options: The primary catalyst for a revaluation in SWK is a huge macroeconomic tailwind providing momentum that might facilitate a sale of the drilling business to a strategic buyer. Without doing too much crystal ball gazing, I view the exit opportunities as follows: 5% - Amazing sale of drilling business = >100%+ returns; 65% - Solid sale of drilling business = 50-100% returns; 20% - No sale and general re-rate = 25-50% returns; 10% - Languishing business and capital destruction = -25%-0% returns. Given management’s firm guidance towards the sale (https://www.openbriefing.com/OB/Swick-Mining-Services-Ltd/2020/2/25/Swick-HY20-Results-Conference-Call/3716.aspx at ~08:00) I will focus on our base case that entails: (i) selling or closing surface drilling business as it’s the lowest margin / weakest vertical; (ii) selling underground drilling business; and (iii) refocus towards Orexplore either through taking the business private, IPOing a new entity or rebranding SWK. Given shareholders have been frustrated with SWKs delay in progressing the business towards a sale and having difficulty commercialising Orexplore it has been important to wait for a noticeable inflexion point in the business to attempt to “time” entry as much as possible. Let’s see how the inflexion point is here beyond the macroeconomic environment above. Miners around the world are aggressively looking to expand their operations due to increasing commodity prices and SWK's services become front of mind. Recent news is ticking all the boxes and adding huge momentum in the stock to catalyse a re-rating.
ASX Announcement 1 ASX Announcement 1 ASX Announcement 2
https://preview.redd.it/06fxmos33dh51.png?width=563&format=png&auto=webp&s=70367dc6c623a4bb16c434f7f0f9892cd2a2f20b
ASX Announcement 3b
https://preview.redd.it/1a80klgz2dh51.png?width=602&format=png&auto=webp&s=ab1f81609e06fc30683de45a4de778bb2838bb80
Valuation: Ok, so let’s turn our attention to the forward guidance and conservative estimates for SWK. SWK against mostly all metrics is very cheap. Management have forecast EBITDA to be ~$25mn in FY20. Although I think we can conservatively estimate this to grow significantly throughout FY21. The improvements to EBITDA will come from the following: (i) commercialisation of Orexplore = $0.5-1mn, (ii) ~$3-4mn in reaching steady state (20%) margin from the Pogo contract as costs normalise and backdated earnings flow through; (iii) ~$2mn in operating expense reduction during COVID-19; (iv) the $120m increase in the order book between 30 July and 14 August implies $120/5 = $24m p.a. at a slight discount to target margin of ~15% gives another $3.5mn EBITDA. Putting this all together FY21 EBITDA might be ~$35mn. In addition to the purchase of Deepcore, we can use the current valuation ratios of MSV and CAPD as a guide. Currently competitors trade between 3.5x (CAPD) and 4.5x (MSV) EV/EBITDA multiples. If we use 4x as a reasonable multiple on current EBITDA, this would imply an enterprise value of ~$100mn (or a 30% upside) whilst paying nothing for Orexplore. Upon conservative forward FY21 EBITDA figures, the enterprise value could easily reach ~$150 (or a 100% upside) again paying almost nothing (only $1mn / $35mn in EBITDA) for Orexplore. By way of reference, SWK with similar metrics in 2011/12 was trading at a ~100% premium (i.e. ~40c (market cap $90-110mn) whereas now it is ~$20 (market cap $50mn). A decade ago, it also did not have the same existing clientele and large-scale contract wins (see 3a above with a forward order book of $363mn (relative to current revenues of ~$150mn). The cherry on top of this investment is Orexplore, which we buy for free. None of the revenue and earnings multiples above include any real impact from Orexplore. On 14th August the commercial viability of Orexplore was been partially validated with their first contract win. Although its value is only $700,000 over 6 months this call option like payoff comes entirely for free. Further, the true profit margins of SWK has been hidden due to the losses incurred from Orexplore, which has to date cost $25mn in R&D (or equal to almost 10yrs of earnings), the amortisation of associated software development, and continued global expansion (Portugal and Europe before North America) each requiring initial costs prior to achieving target margins. Even better we get a first glimpse at how attractive Orexplore might be. Combining discussion in the latest conference call (https://www.openbriefing.com/OB/Swick-Mining-Services-Ltd/2020/2/25/Swick-HY20-Results-Conference-Call/3716.aspx 04:30 - 06:30) with the recent contract we can conclude the following: (i) 3 machines at Sandfire will generate ~$3.6mn in revenue covering approx. 50% of cash flow with nearly no operating expenses; (ii) $700,000 for 6months scanning 1500m of core per month implies ~$75/m (against an estimated $100m from guidance). As per guidance, if we assume Orexplore machines can scan ~$4m/hr ($300hr) and total costs may include one unskilled technician and minimal overheads ~$50mn this provides a gross margin of ~75% (or almost 4x undergrounding drilling). Due to the profitability of Orexplore, 15-20 operational machines on yearly contracts would provide greater earnings than SWK’s entire business. Hopefully the publicity of Orexplore at Sandfire can attract some attention, and in turn some additional contracts. Risks: No investment is without its risks, and for SWK they fall into: (i) capital mismanagement; and (ii) poor communication / delays. Firstly, the recent capital raise at ~23c followed by aggressive buybacks at ~12.5-14c-17c seems unwise. Although buying now avoids this dilution, it is unclear why excess capital was required if dividends and buybacks were announced shortly thereafter. Secondly, the share price has historically languished due to a lack of publicity and detail on the transformational Orexplore. It is likely that management were unwilling to oversell the Orexplore narrative before genuine contracts were won and the technology was established. Now that these are in place, hopefully the corporate restructure can take place and the upcoming strategic review can provide a clearer picture for the near term. |
 | submitted by UncleRyan79 to UncleRyanAZ [link] [comments] https://preview.redd.it/41gp3gv0bdg51.png?width=578&format=png&auto=webp&s=8efaa3dbd334c1adce493869153462c862392e3b I post these editorials in the morning because before bed and early are when I do my best slow thinking. They are actually hard for me to post because they make me feel a little vulnerable, though I'm not sure why - or why still. I used to just delete them about an hour after I posted them. I get up before dawn so I doubt any of you caught it. Then I started leaving them and saying I would delete them later. Either they had a time sensitive stock "idea" or just something I changed my mind on later. Then people asked me to stop doing that. I try to be more selective about what I post and make sure it has real value to learns like I do. These posts get the least Up-votes so I know they are not read as much because those are generally good "I've read this" checks to know whats popular. They are always at the bottom of the sorted lists and I'm lucky to get one comment. But the comments I do get are usually profound ones like "I can't believe no one explained it that way to me.. I finally get it". That was me. I never got things the way other people did. Since I was a kid. I had to find people who taught me things in a way that I understood. Now I think I have advantages for the way my brain learns a little differently, whether I shaped it or not. But it doesn't make it any easier to know that when most people read your stuff they just don't care about half of it. But now I know that's them not me. I finally realized like me, some people don't learn like I do, so this part of my content does not interest them and that's just fine with me. I really started this sub to help my fellow slow thinkers. The people who can read something like this and extrapolate some hidden value that I might be trying to get across. That's who I am anyway. And as long as every once in a while, I get a note that says I helped someone see something new for the first time, then I'll keep trying different tactics to get through to different minds. If you don't like them, just skip anything labeled "Opinion". https://preview.redd.it/8fdwfa3dxcg51.png?width=512&format=png&auto=webp&s=80209f3941f8d6bcb5aa5be244402c8eaa88dbc8 Yesterday I posted the content from our Guest Mentor, John Chao. For our Q&A I let him do his own editing so he chose what words he bolded. The only one I added bold to out of the whole thing was this sentence that he came up with in the moment. "To be a consistently profitable trader, we need to be disciplined like a professional athlete." One of my favorite novels of recent years was a book called The Art of Racing In the Rain. It has since become a movie, and one I quite like. It's about a dog who's owner is a race car driver, told through the dogs perspective. The owner meets a girl and a lot happens, but without spoiling it, there's some health crisis that occurs, which is probably what made me connect to it so much. The dog's owner, a racer named Denny Swift, is not a big guy. He wasn't in the book either. But he was sharp. Sharp physically and mentally. He was alert and wired and ready to go. But he was also cool and calm and the longer he raced the more cool and calm he appeared on the outside while on the inside he was corralled team of horses waiting to be let out to pasture whenever he needed them. All the terrible struggles and victories he faced seemed minor because he was always cool - always ready. I had one bad group/mentor that I regret. It actually was not a bad service, but it was just pay-to-win setup. I had no control over what I bought. I did place my orders, but they picked the stocks and prices. I never took a trade for a while because it made me feel so sick. They posted winning members trades on a Facebook, sort of like I have been posting our member's great trades recently. I was sure it was a scam. I thought, they are only posting the good ones. It bet that's like 5%. I spent all my time finding new ways to get angry at other people, when I was just angry at myself for wasting all this money that I was already hurting for from a horrible loss streak. I actually have been angry about that until this morning when I was talking to a new member about possibly posting a good trade she had, but she wanted to "wait for a better one". (Good for you!) In the shower this morning, my best slow thinking time of day, I asked myself, am I just like that guy who ran that service? I don't charge money but the effect is still the same. Maybe I don't want to be famous or rich from this mentoring but I do want a big following of people committed to independence. So am I selling out in a way? I then emotionally re-processed what I went through with that paid service. I stayed about a month, even though I paid for a year because it was 50% off, and I was not making good choices at the time. Every day I got a tip and every day I didn't take it because I felt like it was resigning to the fact that I would not make it as a trader. I went to the Facebook every day and kept reading those winning trade recaps. I was furious. I wanted my money back but I knew I made the decision and it was one I wanted to live with. After a couple weeks I took one trade. I made back all the money I paid for the course and deleted my account. This was less than 5 years ago That was the last time I spent money on anything that I did not know exactly what it was and how it would help me be independent. I did not resign myself again after that day though I came close many times again. I took desperate measures to get back above PDT and it hurt but I did it. I can feel my heart rate increasing as I type this and had to get up to walk around, that's how traumatic it was. I had already taken some really quality education before this, for over a year. I already knew cycles, waves, divergences. I knew how to race. I just hadn't done it enough and thought I should be Denny Swift, the racer from the book, without having his ten thousand laps. To me the stock market is a race track. The scans I give out, or watchlists anyone else does, are race cars. They are great tools in the right hands, but like a new racer who's tires were not changed by a team the driver trusts, they are just as likely to crash it as make a clean lap. They read the books and watched the videos. But they haven't raced enough. They should have gone 5 miles and hour, but they went 60. They could gone for one lap, but they went for two. They don't have the best gear and don't even know what the best gear is. Is there even a best set of gear for everyone or do they need to study more books to find out what their best gear is? There's tons of race cars and they all work just fine. If you can't drive one yet, switching to another one won't help. https://preview.redd.it/69y6meu09dg51.png?width=512&format=png&auto=webp&s=fecc7d6278d3d29858b617e74655a833bc183b05 I think I'm finally over that bad program I paid for at one of my lowest moment in trading. But, boy, did it take a while to figure that one out. If you took anything from this post, or are new to trying to find the hidden message then let me help you this time. Notice all the links I put about a Nobel-prize-winning-book that helps you determine if you are a slow or fast thinker and how not figuring that out can hold you back for life. Notice how I actually figured out what my most thoughtful time of day is (in the shower) and I know what to think about during those few minutes to get more out of it. I know what foods literally cause me to make poorer choices when I trade. I mention a novel I read because I thought it might be insightful to my life and now my trading. I can't race a car, I've never watched Nascar, and I rarely drive myself anymore. I have health problems that make just getting out of bed feel like a long hard race most days. But even on my worst days, my mind is sharp. And if I'm not well enough to exercise one day, I'm probably reading about how to improve my exercise for the next day. I never miss and opportunity to improve myself and apply learning in everything I do. My mind is a corralled team of horses and I am always ready to meet a challenge with full force and commitment because I am prepared. I was born a thoughtless baby just like you. I had more disadvantages then most but I want the mind of a racer, not that helpless trader I was a few years ago, so I work at it constantly. It's contagious and addictive and I love it so much more than sitting around waiting for things to change when I know they rarely do. https://preview.redd.it/84but6qaadg51.png?width=512&format=png&auto=webp&s=50a3f318cc90e997572f8de4c57b4ef5dfce7eba skotlaroc is one of our members and someone who has made more progress than most. He can't race full speed yet but his racer's mind is developing rapidly and when he's ready I am confident he will crush it. One reason he is making such progress, and others like him, though its not always apparent when we they are the ones driving, he talks to me and other trades constantly. He happens to be in Australia and trades the ASX which puts him at a huge disadvantage because he doesn't trade the tickers I talk about, his market has totally different volatility and his market opens when mine closes. But rather than give up he learned how to drive on a wet track. Rather than be upset about the time difference he uses it to his advantage with my weird sleeping schedule. Since he is going to bed when I am waking up, he actually figured out that that my (Ryan's) slowest thinking time is before dawn and right before I turn off my screens at night so he always catches me then to get my more insightful feedback. He probably doesn't even know he did this but he knew how to get the most out of a situation by figuring it ut. He's making choices and his team of horses is growing in his mind and his car is revving up on the track. He just has to survive long enough until he can take his off the speed limit control and go full speed with a full team of horses in his engine. https://preview.redd.it/fjodtyp2bdg51.png?width=512&format=png&auto=webp&s=805442fe7e4ecea9c742f305c7e5d1e1fc5bff11 I don't want you to think I don't have fun and just work all day. I work a lot because I love it and the only thing I do more than trade right now is this community. But I get my ego handed to me by a 10 year old every day at 3:00. https://preview.redd.it/vlckly7c1dg51.png?width=578&format=png&auto=webp&s=b821d982fdb115b6da2a8632e803c3d0b6424a44 I bought the Cadillac of bubble machines to add excitement to our squirt gun fights. https://preview.redd.it/ylopkn422dg51.png?width=535&format=png&auto=webp&s=e8c65e9eb8c29c637925eb07b06f39dfa824d5a8 And even go down the slide I put in last year for her. https://preview.redd.it/9nvi0gf92dg51.png?width=633&format=png&auto=webp&s=24992c2de64986335761ee5c489e8361ef734f65 I still play first persons shooters when a good one comes out, I watched the second season of Umbrella Club twice and I probably have more THC in my blood than your teenage children. But everything I do is deliberate and thoughtful. It doesn't mean I always work hard or work it all. I just know that life is finite and mine probably more than most. I will never again waste one minute feeling sorry for myself or blaming other people for anything when I can choose to use that time to try to resolve what got me upset in the first place. I know most people who take my scans never look at the code to learn, even though I say this is its purpose. I know people buy things I just post a ticker of, which is why I rarely do. I see oh so many people talk to me about concepts and they are showing they understand them but then I click their names I still see them still posting on other reddit's asking complete strangers "what do you guys think about XYZ?" https://preview.redd.it/eeoh1n0lbdg51.png?width=512&format=png&auto=webp&s=696809c70939b6d188ed61b5644b16f21d97a87d I woke up to a new message from skotlaroc this morning before 3:00am. His market had closed so he was done for the day. I told him I was going to get some coffee and to leave me an update on his trading. He knows he is at risk of being posted about if he talks to me. just don't judge us for our typo's at that time of day. https://preview.redd.it/kvt71c8h4dg51.png?width=1335&format=png&auto=webp&s=ae03af84799529bd4e6c3a83b575ab439436d010 You notice he doesn't tell me how much money he made or lost because I don't care what he does in a day. I care what he does in a year. What I can tell you is that is the dialogue of a racer in him. Neither of us are Denny Swift's and I might have a faster lap time, but he knows how to drive and that's all that matters. He slowed down now so he can control the car better. He can always go faster later I've said this before, and it's not just hyperbole: the quality of people in this group and the promise of this community is far higher than anything else I have been involved in by a huge margin. I think we have a lot of real racers here. Just don't crash the car before you take your thousand laps. Good Luck. Buckle Up. https://preview.redd.it/d0eczm3h5dg51.png?width=300&format=png&auto=webp&s=47087cf023ff3adb8ebd31cbfbb583c86d3f8721 https://preview.redd.it/j3ojqzul5dg51.png?width=104&format=png&auto=webp&s=71c4de459ed414bd817233e86bec4efbb47bfc90 |
 | Although AEF uniquely benefits from the structural tailwinds of both superannuation and ethical investing, we believe it remains misunderstood as an expensive traditional fund manager. submitted by Bruticus91 to ASX_Bets [link] [comments] The Opportunity Australian Ethical Funds (ASX.AEF) is a public market superannuation fund manager. The perception of the company itself vs. the industry is nicely summarised by the two figures below. Herein lies the opportunity. https://preview.redd.it/jhvvua1t5oj51.png?width=680&format=png&auto=webp&s=e511deb4411e81840ffcf8b635e1d8f7b78eeb6e AEF is a renowned Australian fund manager that fits within the ESG trend. It represents one of the only pure play superannuation investments in the Australian public market, with 67% of funds under management (FUM) coming from superannuation. The stock bounced exceptionally from a low of $2 in March, reaching a high of $9 in June, and has since retraced towards the low $4s. Previously, the business traded at $6+ following its announcement of end of year FUM and expected earnings figures. On 8th August IOOF Holdings (ASX.IFL) – 19.9% shareholder – announced it was divesting 15% of its stake in AEF. IOOF is a peer and platform provider which offers AEF products to its clients. The investment was sold at $5.24 vs. market price of $5.90. IOOF disclosed it was selling its AEF investment (at a gain) to raise much needed liquidity. The block trade was viewed negatively by the market, with AEF immediately re-rating to below $5.24 and trending downwards (towards low $4s) ever since. The current share price of $4.17 (24 August close) implies the stock is trading at ~51x FY20 earnings guidance, which is slightly above historical levels despite substantially improved performance and outlook. We suspect that the FY20 results will be aligned with guidance (as demonstrated historically) provided in the quarterly FUM update and guided earnings figures. Results have also been positive across its peers throughout mid to late August (see ‘Roadmap’). https://preview.redd.it/t4oy3ksu5oj51.png?width=478&format=png&auto=webp&s=e2a88ef0bf70fba2e85d36bc71a1df2994217dcf Company History AEF began as Australian Ethical Investments (AEI) in 1986 and was owned by 600 insider shareholders before listing. It is a superannuation fund – so revenue is derived from fees on managing invested funds. By 2005, the business managed four unit trusts and a superannuation fund: · Australian Ethical Balanced Trust (est. 1989) · Australian Ethical Equities Trust (est. 1994) · Australian Ethical Income Trust (est. 1997) · Australian Ethical Large Companies Share Trust (est. 1997) · Parent of Australian Ethical Superannuation (est. 1998) The investments of the trust and super fund are guided by ‘The Charter’ – a series of positive and negative investment screens that must be taken into account when selecting securities for inclusion. https://preview.redd.it/cye711106oj51.png?width=680&format=png&auto=webp&s=60c149549d7d752c26108c662ec319b56ebf371a In July 2005, the government enacted policy that afforded more choice to individual employees with regards to their superannuation provider (marking the beginning of a positive era for the superannuation industry). In that same year, AEF registered for a superannuation license which it was granted in 2006. Back in 2005/06 the company did not split out superannuation FUM, but FUM increased from $311m in Jun-05 to $380m in September-05 following this policy shift – suggesting there was an existing demand for ethical investment products in superannuation. From 2005 to 2011, AEF grew total FUM from $311m to $644m, despite muted FUM growth through the GFC-era. In 2012, the business began separating out its superannuation FUM-growth to improve its visibility. This era saw FUM increasing from $617m in 2012 to $4.05bn as at 30 June 2020. From 2016-19 reduction in FUM-based fees has seen suppressed revenue growth vs. FUM growth. This has resulted in several step changes in FUM-based revenue margins (revenue / FUM) as a result of lower overall fees earned on products. We view this shift as a positive in the long-run since AEF has competitively priced its funds, entrenching their competitive advantages (discussed below) and reducing the temptation that fee-conscious members switch funds. Since AEF has ratcheted the cost of their funds downwards (often ahead of their peers and industry averages), we believe fee compression improves the durability of AEFs revenue compared to peers who are yet to compress their margins. https://preview.redd.it/fcq5jog26oj51.png?width=453&format=png&auto=webp&s=d194c8778727e9adf1ebc162e6b181d8207cc292 Business Model AEF has a relatively simple business model – revenue is derived from fees on managing invested funds. The funds it manages includes retail, institutional and wholesale (non-super) funds, as well as superannuation funds. We are most interested in the superannuation business although the direct and indirect benefits associated with the funds management business are a noteworthy component to the brand and investment management infrastructure (i.e. ideation / performance fee generating / high performing ESG). Until 2012, AEF did not explicitly separate its super vs. non-super FUM. We believe this contributed to its (mis)perception as a traditional fund manager rather than a superannuation fund. Thankfully, since 2012 AEF has provided details relating to the composition of its FUM (below), and noticeably the growth in its superannuation FUM has been the driving force of the business. https://preview.redd.it/6ccbtqm36oj51.png?width=680&format=png&auto=webp&s=6fb4e11064313ca9ab7b57186b2eddc6be62b928 Competitive Advantage 1. Superannuation Exposure: Superannuation FUM is higher growth and lower risk than traditional managed funds. Superannuation funds are regulated to grow at 9.5% due to the Superannuation Guarantee (the Australian Government mandated superannuation contribution). The regulatory framework could see this increase up to 12% in the medium-term and 14% in the long-term. For the purpose of our analysis, we have assumed a constant 9.5% contribution – so any increase would be additional upside. More importantly, excluding fulfilling conditions of release (i.e. death) an individual's superannuation cannot be withdrawn until retirement. Much like the Superannuation Guarantee, withdrawals are also mandated on a schedule that increases as a percentage of FUM with age (beginning at 4% and increasing to 14%). Consequently, the minimum inflows and withdrawals are predictable (and we note the vast majority of individuals do not deviate from these minimum levels due to inertia). Because of this mandated growth, Australia has the fourth largest pension sector in absolute terms and second largest relative to GDP (below). In 2020, the total superannuation pool is ~$2.1trn and growing. It is estimated that by 2040 superannuation assets could be as much as $9trn according to the Australian Treasury. https://preview.redd.it/wenevil56oj51.png?width=680&format=png&auto=webp&s=c2210a8e26816af1ebf798d82c414c61760c5d5e Alternatively, traditional managed funds are subject to redemption risk, caused (typically) by performance and myopic investor behaviour associated with general market movements. Therefore, FUM growth for traditional managed funds must be attracted through marketing and distribution channels. This inextricably links fund inflows and outflows to performance and marketing efforts, which in turn causes a clientele that is more expensive to acquire and retain, and a more volatile pool of assets. Alternatively, traditional managed funds may access capital through secondary capital raisings and the reinvestment of distributions; both of which are a country mile from a 9.5% government mandated contribution. Logically, we wondered which (listed) asset could provide us with exposure to the exceptionally robust superannuation tailwind. We will not spend too much time detailing the industry dynamics and public market players as there is a lot of information to be found in various prospectus’ (see Raiz or OneVue prospectus). The main thing to understand is that superannuation funds can be separated into five buckets: https://preview.redd.it/jyykix976oj51.png?width=680&format=png&auto=webp&s=07e96ebc246a565546e400ef87018d3d3360cd48 After screening for diversified financials and financials businesses on the ASX there were 53 players with at least some revenue linked to superannuation. The revenue exposure desired is revenue linked to superannuation FUM (explained further in the ‘Valuation’). However, it is important to understand that gaining access to this lucrative industry is difficult for several reasons: · Private industry funds – the gems of the industry have been private superannuation funds such as CBUS, Hostplus, and ESTA. We cannot access them as public market investors. · Conglomerate financials – it is possible to gain some retail superannuation exposure within the banking majors such as CBA, WBC, ANZ and NAB. However, they represent insignificant exposure by revenue and profit and the stocks are driven by other risk and growth factors. · Fund managers – fund managers may directly manage retail superfunds or SMSF funds such as Magellan, Platinum and Perpetual. However, there is limited visibility over superannuation FUM exposure. · Superannuation adjacency businesses – superannuation exposure can also be housed within wealth / platform advisers such as like HUB24, Netwealth and OneVue. However, to varying degrees, these businesses are not purely exposed to superannuation-FUM linked revenue. · Pure play sub-scale – the final example can be found in Raiz, which is a sub-scale business that has ~$450m in FUM of which 85% is funds management. It is possible to envisage this business as an AEF in 10-15 years with larger superannuation FUM exposure. Although the superannuation exposure representing $70m in FUM currently (vs. AEF $2.72bn) is vastly inferior to AEF. For this reason, AEF is the closest to a pure play (at scale) superannuation player. Putting this together, we believe AEF is likely to continue to grow its FUM at 20% p.a. YoY. This is principally due to AEF's ability to acquire new members and retain existing members. Therefore, to monitor this continued FUM growth going forward we encourage readers to look out of the number of superannuation members added in these upcoming results and beyond. AEF has grown its member base YoY consistently in an industry which has, on average, been relatively flat in terms of member growth. In 2019 AEF was the highest growing superannuation business in Australia across the previous 5-years. https://preview.redd.it/c4t7jx596oj51.png?width=226&format=png&auto=webp&s=51e47aa607470ce6482ed30352183a6cf6043bff 1. Ethical, Social and Governance (ESG): Beyond the obvious tailwinds in superannuation, AEF is also exposed to another important trend: ESG. Needless to say, ESG investing is becoming not only popular but almost mandatory for corporate money managers. Younger demographic investors are increasingly concerned with the ethical and social impacts of corporate activity. This report by Harvard and another by State Street provide some interesting commentary on the issue. ESG ETFs have been growing at a CAGR of >30%, and State Street forecasts that the global ESG ETF market will increase from US$170bn in 2020 to US$1.3trn in 2030. Momentum for ESG ETFs has been building specifically in Australia, where AUM surged almost 300% — from A$554.1m in 2017 to A$2.2bn in 2019. Whilst the ESG-shift has been occurring since the 2010s, State Street argue that COVID-19 will only further catalyse this shift by highlighting the inherent inequalities in society and health care systems, in turn, spurring social conscience. We note the following data points as indicators of this more recent catalyst: · Perpetual’s recent acquisition of Trillium, a US-based ESG fund, shows the desire of traditional asset managers to become exposed to this space. · BlackRock has started publishing more frequently and consistently on ESG trends and continued rolling out ESG products. · Forager’s investment blog received frequent commentary from investors talking about negative screening on their gambling holdings which has never been the case in the past. The key insight is that a growing proportion of the investment community through time is becoming concerned with ESG issues and this will drive fund flow. Industry data is pointing to the fact that this is a prolonged structural shift rather than a short-term trend. 2. Performance: AEF has improved upon their exposure to structural industry trends in superannuation and ESG through excellent fund performance. AEF's performance (below) has been consistently strong across all of their strategies (we highly recommend reading page 4 of Sequoia's June 15, 2020 "Investor Day Transcript" to highlight how governance and performance are complimentary). Such strong performance not only disincentivises members from switching to competitors and assists member acquisition, but also significantly enhances earnings at the group level. For instance, FY20 guidance provided on 7 July 2020 vs. 22 June had a midpoint difference of ~$2m. Given the long track record of the managers it is expected performance will remain strong. https://preview.redd.it/p6shg5nc6oj51.png?width=680&format=png&auto=webp&s=e65acb553371c6bc7c1f70ddfdf153e9e625117a https://preview.redd.it/mtn23k7d6oj51.png?width=680&format=png&auto=webp&s=9a7ba471248070f9f05216cdf5bbcab2a1f9102b Valuation Key: · FUM = funds under management · FUA = funds under administration · MA = managed accounts · FU\ = total funds (FUM + FUA + MA)* Valuing a Superannuation Member: Our valuation technique here will be somewhat unconventional. We will attempt to value the lifetime revenue per member (LRM) for AEF and for a traditional fund and then highlight the incongruity of their relative valuations. The long-term nature of lifecycle retirement saving (and by virtue the true value of a superannuation fund) demands a long term perspective. Fortunately, the mandated nature of AEFs cash flows facilitates evaluating the lifetime value of a superannuation member. To estimate the LRM we consider the following: (i) life cycle expectations (i.e. retirement age and life expectancy); (ii) salary expectations; (iii) superannuation contribution rate; (iv) investment returns; (v) member "type;" (vi) fee structure; and (vii) a discount rate. We begin by assuming a member makes $5,000p.a. at age 20, which grows to $130,000p.a. through the middle of their working life (35-50) and then declines to $90,000p.a. at 65 (noting these are gross values not inflation adjusted). Since the average member account balance for AEF is ~$60,000 (FUM of $4.05bn ($2.72bn of which is superannuation) / 43,000 members = $60,000 as at 30 June 2019), we can roughly assume that the average age of their member is between 30-35, which places them at the profitable end of this member acquisition cycle. Further, this member regularly contribute 9.5% of their earnings to their superannuation, which compounds at a rate of 6% p.a. Moreover, the prototypical member starts working / paying superannuation into AEF at age 20, retires at age 65, and redeems according to the minimum withdrawal schedule until age 85. However, how many members live according to this prescribed lifecycle; supported by an uninterrupted working life? What about people that take time off to raise children, either returning to part-time work or full-time work? We can model these archetypes also, which assumes much lower income growth and some years of earning no income. If we assume that society is roughly split into thirds by these archetypes (i.e. 1/3 uninterrupted, 1/3 interrupted and return part time, 1/3 interrupted and return full time), then we can calculate a weighted average LRM for the average member. Compressing fees by more than half to 50bps and assuming a 7% discount rate we arrive a weighted average discounted LRM of ~$18,000. Whilst comparing this to the average member in another non-super fund is difficult for an array of reasons (i.e. average acquisition age, average income, average balance, average contribution, redemption allowance etc.), we can loosely estimate what this looks. Adopting the same framework as above, to estimate the LRM of an average managed fund member we must first define the managed fund member "archetype." First, we assume the average traditional fund member has a higher income profile (as lower income earners typically do not invest in managed funds). We tweak the income profile to peak at $180,000 between 35-50 and taper down to $120,000 by age 65. Second, we assume the acquisition age is 30 years rather than 20 to reflect that most individuals do not invest in traditional managed funds until later in life. Thirdly, we account for the non-compulsory nature of managed fund contributions. If we start with the marginal savings rate (10-year average of ~7%) as a proxy for available funds for investment and increase this to align with our ‘managed funds’ archetype who has higher income to 15%. We then assume that from this 15%, about 1/3 will be invested into a managed fun (or ~5%). Therefore, for our individual earning $180,000 during peak working years, this is an annual contribution of $7,200. Finally, we increase the discount rate to 9% since because redemptions are more likely in a traditional fund. Using these alternative assumptions, we arrive at a LRM of ~$5,000. The significant difference in LRM helps explain why a superannuation business can command a much higher multiple of FUM or earnings. Further, we believe our estimate of LRM for a traditional fund manager is quite bullish (i.e. overstated) due to the following: (i) it assumes the individual works full-time for their entire life; and (ii) it assumes the individual stays with the fund from age 30 to 65 and makes uninterrupted and stable contributions. Although dollar cost averaging is touted as an eighth wonder of the world, we are doubtful it is applied as often as it is spoken. Trading Multiples Valuation: Valuing AEF on a relative basis is difficult given the lack of peers. Against traditional fund managers (i.e. Magellan, Perpetual and Platinum), which trade between 5-20x earnings, and superannuation exposed platforms (i.e. Netwealth and Hub24), which trade between 25-40x earnings, AEF looks relatively expensive. We are acutely aware that AEF is currently (at ~$4.2) trading at 12.6% of FUM and ~51x earnings; and at its peak (~$9) was trading at 25% of FUM and 120x earnings. We believe the valuation difference is driven by the quality of the FUM managed and, therefore, the quality of the earnings growth. Given their high alignment to superannuation, NWL and HUB are the two most comparable firms to AEF. As the trailing figures show, AEF appears to be trading on par with its peers. However, an important nuance is the trailing figure for AEF is based on 2019 earnings, whilst for NWL and HUB it is based on FY20 earnings given they have already reported. As such, on a like-for-like basis AEF’s ‘trailing’ earnings multiple (based on the mid-point of management’s guidance) is actually ~51x. This means it is trading below NWL and HUB, despite the fact that the majority of those businesses’ FU* is linked to FUA rather than FUM, which has a lower monetisation rate. Not to mention, the split between superannuation and managed funds is not as clearly delineated as is the case with AEF. What is also evident is limited analyst coverage of AEF and lack of forecast guidance assisting the market to predict growth (as is the case with NWL and HUB). Relative to traditional fund managers (i.e. PPT, PTM and MFG), we note the substantial difference in FUM and business quality. AEF hosts the highest monetization rate (Rev/FUM), even whilst facing fee compression, with the highest FUM growth among its investment management peers. Furthermore, we expect EBIT margins will improve from ~30% toward its larger traditional fund managers peers due to economies of scale over time that we believe will more than offset any fee compression. AEF has also supported a very high ROE due to its sticky clientele and service-based business model. The combination of: (i) best in class monetization; (ii) high LTM and increasing membership base; (iii) improving margins; and (iv) high ROE will make for an incredible growth engine on earnings in the long term. Thus, AEF is a higher quality business with ~4x+ the LCM of a traditional fund trading at only a 2-3x premium using current ratios... https://preview.redd.it/nffeuvef6oj51.png?width=680&format=png&auto=webp&s=e0aed3fcb4464355aa965ed151d6dc2e484ff4b8 Risks We note the following investment risks with AEF:
Peers’ Earnings Updates: In summary, the FY20 results of peers indicate that businesses with revenues dependent on investment funds have performed quite strongly during this period. https://preview.redd.it/np04rasg6oj51.png?width=680&format=png&auto=webp&s=0de02bee60036e9bd71068815e618c2f3711db24 Earnings Announcement: Earnings release on 26 August 2020 should provide for the first catalyst to remind the market of the AEF's fundamental performance. The key figures here will be superannuation FUM, superannuation members and FY20 earnings. AEF will also provide ongoing quarterly FUM announcements, with the following update due in early October. We may also see a mid-August FUM figure in the most recent announcement. Finally, AEF has historically provided updated FUM in back-dated results announcements. Evidence of this occurring can also be found in HUB's most recent announcement: https://preview.redd.it/jz8frxfi6oj51.png?width=680&format=png&auto=webp&s=325d7973e1eb6c98e714dea69306b1ebf8ab0cc7 Private Market Activity: Whilst we think that a private equity buyout is unlikely for AEF, further media exposure and transaction data points should help the public value these assets. There have been some recently executed and rumoured deal activity in the space through 2020. Notably, KKR – one of the largest US-based global private equity funds – bought a 55% stake in Colonial First State valued at ~$3bn from CBA. The implied valuation was ~16x EBITDA, despite the quality of business model and LTM of members being substantially weaker than AEF. There is similar PE interest in NAB’s MLC Wealth, with US funds CC Capital and FC Flowers on second round bids for the asset. NAB's MLC Wealth business caught the attention of Carlyle, BlackRock, and KKR earlier in the year although deals were not executed. The interest from KKR in Colonial is particularly notable, given Scott Bookmyer (KKR partner) who refers to Australian superannuation as the ‘the envy of the western world’. We believe AEF may benefit indirectly from private equity interest, which will confirm both the long-term value and viability of their business model. |
Ranking system:
I will give a tier ranking using the S / A / B / C / D / F tier system.
Here is a full breakdown of what i consider each tier to represent generally. If you care about how I rank these folks I highly recommend checking it out
I give tiers based on the following aspects technical abilities like speed/breath control/enunciation/dynamics/and complexity of flow, cohesion with the group, creativity/originality, emotional delivery and versatility.
Note: I consider an AVERAGE idol rapper to be around a D or C tier. If you think my ranking is harsh that's what i'm comparing against.
Some Disclaimers:
This post is fxckin long
This post will cover both technical aspects of rapping and some more critical analyses including my own personal opinion. I will try and justify my opinion as best possible but in the end, the opinion belongs to me and only me, if you enjoy a rapper I don't, or if you don't enjoy a rapper I do, that is all ok! Additionally if you are uncomfortable seeing your faves criticized this might not be the post for you! All of our faves have flaws and room for growth and pointing them out does not diminish their talents or hard work.
If you disagree with my analysis I'd love to hear your thoughts! If i get something incorrect please feel free to correct me in the comments! I am open to criticism and correction!
!!!!!! I will do my best to point out both an idols strengths and weaknesses, but I will not water down my opinion to do so. !!!!!!
My preparation for this post was listening to ALL the tracks the group had available on streaming, if the rappers have their own subunit or solo work i looked at that too. I didn't watch all of their live performances, but if there was a track i was referencing and it had a live version i tried to watch that for reference.
Many of these rappers are very limited in the amount of long-form work they've put out. All my analysis should be taken with a grain of salt because of this.
Now let's discuss the international markets. The pursuit of international sales for oral TPOXX is a key focus for us at SIGA. Our partnership with Meridian Medical Technologies that we announced last June has been excellent. However as I've said many times the sales cycle is long for international government procurement of these types of products and each country has its own set of internal dynamics. ... I have been asked why we do not provide a country-by-country update on sales progress. We do not comment on specific progress with countries for two main reasons. First, we respect the confidentiality of our customers who would not want their deliberations to become public. And second, we would not want to signal to competitors which countries may be undergoing an expansion in their spending for biodefense. With that context in mind, we are pleased to share a progress report regarding the Canadian military, who announced in December and intend to issue contracts to support a Health Canada, regulatory filing and thep urchase of up to 15,825 courses of oral TPOXX for the Canadian military. A procurement order of this size would represent about 25%of the active military forces in Canada. Although this is a relatively modest number of courses it is precedent for military preparedness by a U.S. NATO ally.What can we gather from that? They've got multiple sales in the works, but are keeping mum about it. Also, that it takes time to cut through government tape and announce these sales. Here's the single largest risk for this play: that it takes too long for international contracts to be announced. For this reason, I recommend buying stocks and not calls. The near term future is too unpredictable.
Washington, DC –The Commodity Futures Trading Commission (CFTC) today unanimously approved a comparability determination finding the margin requirements for uncleared swaps under the laws of Australia and the regulations of the Australian Prudential Regulation Authority (APRA) comparable in outcome to those under the Commodity Exchange Act Margin Requirement = [100,000 / 100 ] * 0.6926 therefore: Margin Requirement = 692.6 USD. Conclusion Having a good understanding of margin requirements is essential to trading because it directly affects the size and number of trades that you can safely make. The lower your leverage, the higher your margin requirements will be, and you will Margin trading involves borrowing money from your broker to purchase securities. Margin trading involves using leverage. The Motley Fool Australia does not guarantee the performance of, or Read the ultimate beginner’s guide to cryptocurrency margin trading. Level 10, 99 York St, Sydney, NSW, Australia 2000. Australia. Canada New Zealand Singapore. United Kingdom United States Margin Trading. Margin trading is the practice of using borrowed funds from brokers to trade financial assets; this essentially means investing with borrowed money. Usually there is collateral involved, such as stocks or other financial assets of value. Buying stocks using borrowed money is known as "trading on margin."
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In this video I explain how to invest in Australian shares. Investing in shares Australia is a video topic I haven’t yet covered, and even if you are not inv... One trading jargon that you’ll hear very often is margin. It’s usually in terms like margin account, margin trading and even margin call. It seems a bit comp... WHAT IS MARGIN TRADING AND SEBI NEW RULES . Growpunji. ... TRADING VS INVESTMENT ( STOCK ... JB HI-FI? (Investing in Shares Australia ASX Stocks) - Duration: 12:52. Compounding Everything ... Understand what a Margin Loan is and how it can be used as part of your investing strategy. ... What is Trading on Margin? - Duration: 11:05. ... OpenMarkets Australia 1,495 views. 14:01. In this video I reveal the best stockbroker in Australia! I decided to share my research so others can find the best without having to trawl through the fees of each stock broker out there like I did.