Investment opportunities: Oil breaks through $50 a barrel

Emma Wall  |  01/06/2016Text size  Decrease  Increase  |  

Emma Wall: Hello and welcome to the Morningstar Series, "Why Should I Invest With You?". I'm Emma Wall and I'm joined today by Stephen Message, manager of the Old Mutual UK Equity Income Fund.

Hi Stephen.

Stephen Message: Hi there.

Wall: So let's talk about the oil price. Above $50 a barrel for the first time in 2016. What does it mean?

Message: Well it's interesting. At the start of the year the oil price, end of January, early February, the price went below $30. And I remember many commentators suggesting that we were going to fall to maybe to $10. And then I remember many years ago when the oil price was close to $140, we were talking about oil prices going to $200.

So it's really interesting I think how ultimately the price is quite self-correcting, ultimately lower prices force lower levels of investment and then supply demand comes back into balance. You are seeing that now slightly and general expectations for demand have improved a bit as well. So you are seeing the oil price recover to about $50.

Wall: And of course many of the mining companies have looked extremely attractive just based on yield. But that has been because their share prices have been so depressed. And people have been talking about whether their dividends are sustainable and indeed we've seen some companies actually come away from dividend table and stopped paying out haven't we. What does this higher oil price mean, does this mean actually we should be going back into miners?

Message: With the mining companies the dividend yields were very high and actually that was a signal that those yields weren't sustainable. So in the case of Rio Tinto (RIO) and BHP Billiton (BHP) we saw dividend cuts. So the stock market was actually sensing those dividends were going to be cut there. Actually, if you look at some other valuation measures, longer-term valuation measures such as price-to-book value, enterprise-to-sales, those valuations I think are quite attractive.

So actually I have been building positions in that area gradually, and I'm pleased to see the fact that commodity prices are starting to gradually recover, actually start supporting the dividends of those companies going forward. So actually I am starting to get more optimistic in as those commodity prices have started to recover.

Wall: So you do think perhaps that at this level the yields or the dividends rather are sustainable?

Message: Well given the magnitude of those dividends, the cuts that we saw, I do think they are from here, yes barring obviously another significant commodity price fall. What you saw at both of those companies do which I think is the right thing to do, is they moved away from a progressive dividend policy to one where the policy was much more a function of profits within the basis of payout ratios. Because ultimately if you are operating a cyclical business it is very hard to operate a progressive dividend policy absolutely into the future.

So I think the dividend policy is a lot more sensible now where it's much more derived from what's going on in profits. But I think from this level we look at the yields a bit further out that the yields they are offering I think are quite attractive.

Wall: Now I can't let you go--because you are a UK equity manager--without talking about Brexit. Of course that's the other thing, the other uncertainty on the horizon other than commodity prices. Has it affected the way that you are constructing your portfolio at all?

Message: We are approaching the referendum, now there's quite a lot of noise around it at the moment. If you remember a year or so ago we were worrying about the general election. And we have moved on from that now--I think it will be a similar case with the referendum. It has affected certain companies in the portfolio, particularly a number of companies, financially operating companies, domestic companies as well. We are of the view at Old Mutual, I am of the view anyway that actually we will remain and we've started to see some of those companies more exposed to Brexit scenario, saw their share prices start to recover.

A number of mid-cap companies have started to recover. And also within the currency as well, it has started to improve as well. So it's not without risk, I don't think the scenario will play out. You will still see some of those areas recover.

Wall: Stephen thank you very much.

Message: Thank you.

Wall: This Emma Wall for Morningstar. Thank you for watching.

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Exclusive: An interview with Westpac CEO, Brian Hartzer - Part 3
20/07/2017  Insights on Australia's housing market, China's effect on domestic banks, and cyber-security readiness, in the final instalment of Brian Hartzer's interview with Morningstar's David Ellis.

Part 1 | Part 2

David Ellis: Westpac and major bank peers have got relatively high retail customer satisfaction ratings as researched by the Roy Morgan Research house. So, those satisfaction ratings have increased over the last decade or so and they approximately ran 80% of retail customers are either satisfied or very satisfied with their bank.

So, how has Westpac improved their retail customer satisfactions ratings and where to from here?

Brian Hartzer: Well, the first thing to say is, we are not perfect and we still have plenty of work to do. But you are absolutely right. I remember, when I was working in banking in Australia back in the early 2000s, the customer satisfaction rates were typically in the high-60s or low-70s and there has been an enormous shift up. I'd attribute that to a few things. I think it's the recognition that many of our processes were falling over and were making too many errors, so a real focus on that.

For Westpac, it's been a real focus about putting power back into the community, the role of the bank manager being very important. We talk about that our objective at Westpac is to be one of the world's great service companies, not just a great bank. And we reinforce that in using training with our people that we've taken from Disney and Ritz-Carlton and some of the great service businesses in the world and we've tried to make changes in the way we pay our people, the way we train our people to make sure that we're constantly emphasizing service. We've also had a real focus on complaint reduction, understanding the root causes of complaints and getting in and fixing them. That's been tremendously successful as well.

There's no question we have more work to do. I should also say that I think the advent of technology and particularly, mobile banking technology, has been a real boon. So, for Westpac, for example, we had a real focus on that. And last year, we were recognized as having the world's best mobile banking app, which we're very proud of. Those sorts of things make a difference to our customers as well. But it's an ongoing challenge. We still make mistakes. We still have staff members who occasionally don't treat customers the way we like them to be treated. So, it's just an ongoing focus for us to make sure that build that genuine emotional connection into conversation that we have with customers and that our products, our processes, our technology live up to that standard as well.

Ellis: If we can turn to the housing market now and obviously, it's very topical issue in Australia and also in other big gateway cities around the world, similar sort of concerns. So, what's your view, what's the bank's view on the outlook for the Australian housing market and particularly, around affordability? And obviously, there's a lot of interested parties talking about how to solve the affordability issue. How do you see that can be achieved?

Hartzer: Well, at a general level, and I think it's important, first of all, to recognise that there are regional variations. Australia is a big place and we have certain parts of the country like Western Australia and parts of Queensland that have been affected by a slowdown in mining and they've got particular regional challenges. But the major markets, Sydney and Melbourne, in particular, the housing market is very strong. Prices have been very strong. And the main reason for that has been an excessive demand relative to supply. And what I mean by that is there has been a lot more household formation than there has been construction of homes and that's been going on for a long period of time. So, the run-up in prices that we've seen, the predominant driver of that has been not enough housing. And so, the affordability issue has been that people want to buy but the houses aren't there, interest rates have been low, so people have used debt to be able to buy the houses they want.

The good news about that is that it means there is underlying support for demand for housing. And as more supply comes online and there is a lot more construction that's been happening, that supply is coming online over the next couple of years, we're beginning to eat into that excess demand and that will mean that house prices will probably not rise from here anywhere near the way they have been. We think that will start to go sideways and that demand will get gradually soaked up.

In terms of the potential for a downside, which is obviously something that people are concerned about given the level of debt and there's no question that consumer debt is high in Australia, I think the real question there is about unemployment. And as long as people are employed, then they can continue to pay mortgages, continue to pay rent and you don't have the catalyst for a big decline in housing.

And in that a couple of points I would make, particularly for international viewers who are trying to think about the Australian housing market. One is that as the mining boom has come off and as the Australian dollar has come down, the offset to that has been a rise in service exports. So, here I'm taking about tourism, education, healthcare in particular. Those are all industries that employ lots of people. So, as the demand for those services in Australia has gone up, so too the demand for employment in those industries has gone up. And so, that's been a positive. Despite the mining boom coming off, actually the mining boom didn't employ that many people other than in construction and a lot of our service industries are doing very well now and that is increasing employment. So, that's quite important.

Another thing to remember, there are two very fundamental differences about how the Australian housing market works against, say, how the US housing market works. The first is that you can't walk away from your home loan in Australia the way you can in the US. So, in the US, when house priced started to fall, people had an incentive to sell fast. That brought more supply into the market and drove prices down. In Australia, it doesn't work like that. If you walk away from your home, you've still got the loan. So, people are incented to stay in their home and try and find ways to continue to make the payments on their home. So, that's quite important as well. And the second – so it's full recourse home lending, which is a really important distinction.

The other point is that Australian banks don't securitise their mortgages away. I mean, there's some securitisation that goes on, but overwhelmingly, the big Australian banks hold their loans on their balance sheets. What that means is, we are inherently conservative because we eat what we kill. And we don't have the prevalence of big credit-scoring bureaus like you do in the U.S. where people can use bunch of data to make a loan knowing that they are going to sell the loan onto somebody else. Doesn't work like that here. We thoroughly assess every customer. We are very conservative about our loan-to-value settings, conservative with big buffers on interest rates, in our underwriting and we know that we're going to hold that loan. So, we have a tremendous incentive to get it right, doesn't mean occasionally loans for that of course. But what you see for many, many years now in the low level of losses in the Australian banking sector is I believe andinherent conservatism in the way that we go about our lending.

Ellis: Talking about employment and unemployment and the economic outlook in Australia, how big of role do you see is the health of the Chinese economy. If China had experienced an economic downturn, how much of an impact would that have on Australia and in particular, the Australian major banks?

Hartzer: Well on the Australian economy, it would certainly have an impact. Australia's economy has absolutely benefitted from China, both initially from the demand for our mineral resources, but increasingly from a service point of view as well and there is no doubt that some of the demand in housing has been Chinese investors who – many of whom have children who are being educated in Australia or have an aspiration to retire here down the road. That has certainly driven some of the demand for housing. And from a tourism point of view, from an educational point of view, Asia in general and China in specific are certainly important. So, if China were to have a major downturn, yes, that would have an impact on Australia.

On the Australian banks, well obviously, we're leveraged to the overall economy, but the Australian economy is actually pretty diverse and from a direct exposure to investment property held by Chinese investors and the like, that's now really quite small.

Ellis: And looking at cybersecurity, obviously very topical at the moment with what's happened around the world recently. How does Westpac approach cybersecurity? Obviously, the financial records of Westpac customers are obviously paramount to the Group, so what's the Group's position on that?

Hartzer: Well cybersecurity is a major issue, and every individual and every company should be taking it very seriously and we've seen in recent days some of these threats. It's something that we talk about all the time. We have a large team of information security analysts and people here. We've invested tens and tens of millions of dollars in upgrading security on every aspect of our systems. We – I mentioned earlier that we travel a lot. Our information security people are very plugged in. We use a number of major providers around the world to give us technology and consulting on how to better protect our customers and our data. We're also – Australia being a relatively small country, we're very well plugged in with the government as well, and the Australian government, the Australian security, intelligence agencies are of course very well connected with their U.S. counterparts. We're very well connected with them and there is quite a lot of sharing of information that goes on as well. So, thankfully, we haven't had any significant issues around those lines and – but it's something that we – like banks all around the world are extremely live to and it's very important for all of us.

Ellis: Well, thank you, Brian. I really appreciate your time and sharing your thoughts and views with us. And hopefully we can have another interview at some later stage.

Hartzer: Thank you, David. I've enjoyed it.

/video/transcript/2729 mailto: ?subject=Exclusive: An interview with Westpac CEO, Brian Hartzer - Part 3&body= Telstra won't be blown away by headwinds
17/07/2017  While it faces what Morningstar equity analyst Brian Han describes as a whirlwind of negatives, he suggests investors shouldn’t hang up on Telstra.
Exclusive: An interview with Westpac CEO, Brian Hartzer - Part 2
13/07/2017  Westpac CEO Brian Hartzer joins Morningstar banking analyst David Ellis to discuss digital disruption, regulatory change and Australian banks' social license.

Part 1 | Part 3

David Ellis: Just looking at digital disruption. How is the bank coping with that? And what do you see as the key risks and the key opportunities for Westpac?

Brian Hartzer: Well, I certainly believe that financial services is going through one of the biggest changes that we've seen certainly in Australia in 30 years since deregulation. And the impact that technology is having on how customers want to do their banking and how banks can use technology to run themselves internally is dramatic.

For us we're tackling it in a number of ways. I like to say that we're the original 200-year-old startup. So, we try and build the mindset of the startups into the way the company adapts and I constantly like to reinforce that the reason you survived for 200 years is because you adapt. So, we are trying to really embrace the techniques that the technology community has used like Agile project management and customer centered design and use of cloud computing and these sorts of things role. We're all using those internally to run our business.

We are also engaging with smaller companies both as customers and as business partners. So, we have a business development activity function that is linking up with small companies and we're doing deals where they are helping us build out our offering to customers and put some really exciting things in payments that we've done around that.

We've also got a venture capital arm called Reinventure, where we are taking direct investments in fintech startups. All at a bit of an arm's length, we don’t consider ourselves to be a great venture capitalist. But this does give us an ability to build connections with companies that potentially down the road have a strong link to our business and it gives us a tremendous insight into some of the developments there. So, we are engaged heavily and I think it's certainly part of our future.

Ellis: That leads into my next question to do with competitive advantage. Morningstar allocates a wide economic moat to Westpac and to the other major Australian banks, due to their strong pricing power and cost advantages. Brian, how would you describe as the bank's strongest competitive advantage.

Hartzer: Well if I start with the industry, and I think an important element for people to understand is the structure of the Australian bank industry. Australia is a relatively small country economically, I think we have GDP of about $1 trillion, 25 million people.

And yet the expectations on banks, the cost of running a bank, the regulatory impasse mean that you need to have a reasonable level of scale in order to meet expectations. So, the market has ended up being concentrated with four large retail banks in the market. I think the fact that we've got those scale economies and the ability to meet all the regulatory requirements, both from capital and technology and the like, is very important and that gives us a bit of a sustainable advantage.

For Westpac ourselves I think we have a number of advantages. We have a very strong brand in the market. We have a strong affinity as a result of the sustainability position that we've been talking about.

We are well respected by the government, by the customer bases as being a company with a long-term view. We also have a multiple brand strategy which is something that is different from the other bank. So, we operate the Westpac brand in retail and commercial. We also have a series regional brands, St. George, Bank of Melbourne, The Bank of South Australia and RAMS. Which give us a position in respectively Sydney, Melbourne, Adelaide, Brisbane as well. That gives us some ability to differentiate on price and target slightly different segments for the people who don’t want to bank with a big bank. So that’s something that’s different about the way we go about things.

We also have a wealth management business called BT, and I have run wealth businesses and banks in three different banks. And one of the things that I have learned is that to make the wealth management proposition really work, it helps to have a distinctive brand that has credibility as a wealth manager. So we've got the best of both worlds in that BT has a really strong position as an asset manager, from an asset platform point of view in this market.

But it's also integrated with our online banking. So, a Westpac customer can manage all of their money both their banking and their wealth through one login. And we've just invested in a system called Panorama, which is the best investment management system in the Australian market and we think it's going to give us a great advantage, both with our customers and in providing that platform to financial advisers outside of the bank.

So we have a couple of things like that that we think give us great advantage. Finally, and I know some people will maybe discount this, but I really believe from my experience that the culture and the quality of people you are able to attract is one of the things that allows you to consistently execute over time. We have a very strong culture here at Westpac, with people with a genuine dedication.

Ellis: So, talking about people and culture obviously leadership takes many different roles, but how does Westpac do, and Brian and how do you specifically, do the development and the nurturing of talent, particularly the senior management talent and leadership talent?

Hartzer: Well one of our key agendas within the bank is what we call the workforce revolution which is really adapting the leadership and the way we manage our people to the new reality of what's expected of banks. And within that one of the objectives that I like to talk about internally is that we want Westpac to be a talent factory.

I want this to be a place where we bring in people from a diverse set of backgrounds. We give them an investment in their development. We give them rotation around different aspects of the business and we create an environment where those people can rise and thrive. It’s a work in progress, but I think it starts with the quality of the leadership team I have got and in my executive team are people with decades of experience who have done lots of different things within banking so they bring quite a wide perspective to the challenges that we face.

And we are crystal clear on the values and behavior that we expect in the company and unashamed about our dedication to diversity and inclusion. For example, we're currently 49 per cent of leaders across the bank, at all levels, are female and by the end of this year we have a target of getting to 50 per cent women in leadership.

We'll be the first large company in Australia to achieve that. That’s been a very deliberate strategy it has huge halo effect on the quality of people we're able to bring into the company. And over time I think that plus all the investments we are making in training and the like really are important to company success.

Ellis: Just getting back to disruption and looking at some of the recent political and regulatory changes and developments that have occurred. How do you see that unfolding over the future? Do you see there's been a complete change in the landscape of the major banks in Australia following the Federal Government's budget bank levy?

Hartzer: Well, clearly ever since the global financial crisis the expectations on banks have been rising and to an extent I think rightly so. My own view is that many banks around the world forgot why they exist. They started thinking they were like any other enterprise whose job was just to maximise profits in a short term.

And actually, banks operating under banking license have a responsibility to support economic growth and to make the right tradeoffs between the strength of their balance sheet. Their returns, how they serve their customers, their productivity and their growth. And we haven’t always got that right as an industry.

One of the things we've seen in Australia is that news travels. And an interesting feature which we clearly find a little frustrating is that the regulators here and the governments here are looking around the world at initiatives that have happened in other markets and other circumstances and applying them here. And we certainly are seeing a bit of that of late.

The Australian banking system got through the financial crisis with flying colors, no banks were bailed out. In fact, the banking industry made a positive contribution to the Federal Government budget because we paid a bunch of fees for deposit guarantees which were only brought in because they had happened in other countries. Our banks are very strong. We are well positioned we've taken steps to improve conduct and compliance. We are not perfect, but I think the bank system here is very much on the right path. And we'll just continue to do what we need to do to run our business the way it builds trust with our customers.

Ellis: So perhaps I could summarise some of that by describing it as having a social license and of course Australia's Prime Minister has referred to on a number of occasions about the banks operating under a social license. So, what do you think that means a social license and how do you think Westpac has undertaken or carried out its responsibilities in that regard.

Hartzer: Well, the way I think about it is that a banking license is a privilege and with that privilege comes the responsibility to support the economic development of the country in variety of aspects. We are supporters of people's ability to buy homes. We support millions of businesses. We support tens of thousands of our own staff across the country and we make enormous contributions to the community. The crux of it is this recognition that banks have – banks are not like the other companies. They have a responsibility to support the country and I think from a Westpac point of view we feel that we've absolutely done that. And during the financial crisis we kept lending. We kept the doors open. We supported our customers. And we have a balance sheet that’s strong and we're profitable off that balance sheet in a way that means that whatever stresses may come our way in the global economy or domestically. We can continue to fulfill that role, and I think that's in my mind the crux of what we have to do.

If we don’t make decisions that support the development of long-term relationships with customers. If we run ourselves in ways that are antithetical to customers interest. If we don’t fix things, when we get them wrong and of course in the case we do get them wrong than that’s a problem. But certainly from a Westpac point of view we're entirely clear about why we're here and what we need to do and I am very proud that we do meet those standards.

/video/transcript/2727 mailto: ?subject=Exclusive: An interview with Westpac CEO, Brian Hartzer - Part 2&body= The home-truths of investing
12/07/2017  Look for companies that sit outside the cycle; heed the lessons of history; and remember the power of compounding, says Bennelong's Neale Goldston-Morris.
Exclusive: An interview with Westpac CEO, Brian Hartzer - Part 1
06/07/2017  Brian Hartzer, CEO, Westpac joins Morningstar senior analyst David Ellis to discuss his role leading Australia's oldest bank, how Westpac can continue to grow value, and its commitment to sustainability.

Part 2 | Part 3

David Ellis: My name is David Ellis. I'm Morningstar Australia's senior banking analyst based in Sydney. Today, I am joined by Mr Brian Hartzer, Westpac Banking Corporation's chief executive officer.

Good morning, Brian and thank you very much, and we appreciate your time.

Brian Hartzer: Pleased to be here.

Ellis: Congratulations on Westpac 200th year anniversary. So how do you see your role as a CEO of Australia's oldest bank and oldest company, and in particular, custodian of the institution's future.

Hartzer: Well, it's an incredible honour. And the role that Westpac or the Bank of New South Wales as it was originally known has played in this country for the last 200 years is really extraordinary. Our history is really the history of the Australian economy and we really take that to heart. There is this recognition that we are stewards of the company more than anything.

When we look back at that history, and there are not many banks in the world that are 200 years old. Let alone a new world organisation.

The lessons that are really taken from that are that we have an obligation that banks exist to support economic growth and in our case that is fundamentally why the bank was created. We were created to create a private economy in Australia, before that there was no currency. There were no banks. And the Governor at the time saw the need for a bank to support economic growth. So, we try and stay focused on the fact that our job is to support economic growth of the nation. To build long term relationships and to be willing to adapt over time to the many changes that come and go through an economy.

Ellis: Let's turn to the bank's multi-faceted responsibilities. So how do you rate the bank's long-term performance in balancing responsibilities of shareholders, customer, staff, regulators and particularly the bank's social responsibility funding the economy.

Hartzer: Well, I go back to that first point about why the bank exists. We really believe at Westpac that our fundamental purpose is to support the economic growth and sustainability of the country and our customers.

So, we think about how we run the company very much from a long-term perspective. Ironically, I think about it as being entirely consistent with shareholder value. And when I was studying and learning about how you think about value creation in the bank. One of the things that you realise very quickly is that most of the value in a bank like Westpac is about our ability to sustain returns over time. And that – so we – I like to describe our job as management as being about growing the long-term value of the company, within the constraint of acceptable returns along the way.

So, we need to maintain credibility with the markets. We need to show that we are managing the environment well year-in, year-out. But our primary obligation is to grow the customer franchise, make the business efficient, build relationships that can last the test of time. And when you start to think about that growing the value over time you realise that there is no conflict between doing the right thing for customers, doing the right thing for the community and doing the right thing for shareholders. It's actually a myth that those things are in fundamental conflict. Maybe in the short term they are, but that’s not really how you grow value in the long term.

Ellis: You mentioned when you were studying, and I understand you studied at Princeton University in the US and you've obviously worked in a number of different senior banking roles around the world. So, with your experience, what do you see differentiates Australia compared to many other countries in the world.

Hartzer: Well, Australia is a wonderful place. It's a country with vast resources, it's a country with a very welcoming and open and industrious people. And a place where innovation is appreciated. And where there is a real – I think because of the distance of getting here -- I mean anyone who's traveled to Australia knows it takes a long time to get here. But what that meant is that the business community has always been very interested in what's going on in the rest of the world.

So, this is a recognition that we're at a bit of distance. So Australian business people tend to travel a lot – Australians tend to travel a lot, as many people would know. So, over the years we've constantly been curious to learn from the US, to learn from US banking system to more recently to go to Silicon Valley and understand what's going on there. To go to the UK and see what's happening there, to look at Scandinavia, to look at Canada which is a similar market.

We've been very keen to import ideas. Not necessarily without changing them a little bit, but to be alert to the need to not be insular. And I think that’s led to a pretty vibrant financial system here and it's meant that in many respects the banks have ended up being quite innovative as well.

Ellis: Now let's turn to sustainability and Westpac is a world leader in sustainability and is ranked highly by the Dow Jones Sustainability index and Sustainalytics and other global ratings businesses. So, what do you see is the importance in that. What's the importance of embedding sustainability in Westpac's business model?

Hartzer: Well, it's been a long-term commitment of the bank. I think we had our first statement on sustainability in the early 90s. We were one of the first banks in the world and the first bank in Australia to sign the Equator Principles back in 2002.

We've had a climate policy since 2008 and we continue to update that every three years. But we also focus on engaging with the community, support for indigenous Australian advancement. Lots of other aspects of what we think about sustainability. The philosophy really comes back to the idea that it is part of our business strategy and that we are, we see ourselves and our ability to be successful and create value in the long term as being a pillar of supporting the economic advancement of Australia.

And when you approach it in that way, you realise that a commitment to advancing the community and a commitment to healthy environment. And we have made a virtue out of recognising that broader obligation, and demonstrating we are taking long term view of our future, not just being a profit seeking company that also has a social responsibility thing that we do off on the side. What I always say to people is that at Westpac, it's part of who we are. We attract people who want to work for a company that has a long-term perspective.

Ellis: Looking at getting the Westpac message across globally. Obviously, Westpac has US listed ADRs sponsored by BNY Mellon, in New York. How do you see the role of those securities in getting the investment case across to on a wider scale to international investors?

Hartzer: Well, it’s very important and we're very proud of being the only SEC registered Australian bank in the US and that is an important piece for us. I know as an American myself that investing overseas has this kind of element of fear and concern about it and lots of people view it as very risky.

And of course, there is always currency risks that you take when you invest outside U.S. But it gives us, it forced us to a high standard of reporting and it gives us a vehicle to talk to potential investors and help them understand, actually, this is a very solid country with an incredible track record of economic growth. And we have as the oldest company in that country and as the second largest bank with a massive market share and a number one and number two position in every one of our businesses. We've got a low risk strategy. We're a very I would argue compelling long-term investment for people who are looking for a safe reliable well positioned financial services entity. We try and keep ourselves nice and simple and easy to understand and we think that access to the US market and sophisticated investors is important to us.

/video/transcript/2724 mailto: ?subject=Exclusive: An interview with Westpac CEO, Brian Hartzer - Part 1&body= Self-managed super is not Do-it-yourself
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Investing to protect on the downside
30/06/2017  There are investment strategies you can adopt to mitigate volatility-linked fear and uncertainty in markets, explains Roy Maslen, chief investment officer – Australian equities, AllianceBernstein.
Don’t overdo benchmark consideration
28/06/2017  Being benchmark agnostic is the most effective approach to fixed income investing, according to Anujeet Sareen, portfolio manager, Brandywine Global.