Buckling up for 2012

Nicholas Grove  |  13/12/2011Text size  Decrease  Increase  |  

Nicholas Grove: 2011 is a year many investors would probably rather forget, but what can they expect from the equities market in 2012. Here to help us prepare, I'm joined on the line by Morningstar Head of Equity Strategy, Ross Bird. Ross, thanks very much for joining us.

Ross Bird: Good morning, Nick. How are you?

Grove: I'm well, thanks Ross. First of all, what are going to be the most important influences, both positive and negative and external and internal, on our share market in 2012?

Bird: Yes, look I think 2012 is going to be another interesting year. In many ways, just a continuation on from 2011. I think some of the major themes that we had to grapple with this year are going to continue on next year and remain as the major themes. Let's go through the list. First of all, we start with sort of China and India, which are both important trading nations for Australia.

Their GDP growth has been quite strong of late. We expect GDP growth in both countries to slow somewhat a little bit next year. Not to say that�s doom and gloom, it's more just the rate of growth, not be absolute; whether it�s going to grow or not, and we still expect them to grow strongly, but just maybe sort of slowing a bit from current levels.

So, some slowing there, but in absolute terms still very robust growth numbers that will require ongoing higher volumes of raw materials and energy from countries such as Australia. So, overall good, but just some moderate slowing from what we have seen this year and any past years.

For Europe, unfortunately, I think it's going to continue to be very much the same as this year. It is going to continue to struggle through, and we would not be surprised to see Europe go back into recession, at least for part of next year. Very difficult to sort of say for how long with what's going on there, but overall very, very weak growth if any growth at all for next year. No magic wand in Europe. It's going to take some years for them to sort their issues out, so in the meantime, relatively weak growth, if indeed possibly negative for a while there.

In the U.S., again, some of the recent economic data has been a little bit more positive than we were counting on, so that�s the good news, but nevertheless we still expect to see a bit of a muddle through recovery in the U.S. next year, similar to this year. GDP growth currently at 1.5% year-on-year for the third quarter there, somewhere around sort of 1.5%, 2%, is sort of where we're looking for the U.S.

So, again, a very slow recovery in this cycle compared to previous cycles coming out of a downturn and the key there is sort of jobs growth and housing activity, which is just taking a very long time to recover.

I think moving on domestically to Australia; look, general economic activity overall is quite solid, but we are still very much in our two-speed economy as we have discussed previously. So look overall, Nick, in many cases, similar conditions to what we've seen in 2011. I think, the broad themes currently out there are going to continue. However, Australia is likely to perform quite well in a relative sense compared to many of its other OECD peers, which is good news domestically, but I�d say challenges remain overseas.

Grove: Ross, which sectors of the share market are you most bullish about?

Bird: Yes, look, it's an interesting topic given the framework we've just discussed from a very broad macroeconomic basis. Obviously, investors, not just here, but around the world are going to remain very cautious and very nervous about challenges ahead that we've just discussed. So, I think in that environment, we need to continue to look at those sectors that are sort of effectively,  non-cyclical, very essentially related to either services or products that we need in our everyday lives, things that we can't do without so to speak, and businesses that are not too dependent on growth from overseas, particularly in overseas, western economies.

So, really, we are looking at those defensive industrial sectors, such as: consumer staples, healthcare, utilities, and some infrastructure companies; telecommunications looking good, and we're also � from a medium-term perspective, while we sort of maintain a positive view on China and India in the medium term, notwithstanding a few little challenges just in the shorter-term, we continue to have a favorable view on energy and the resources component of the material sector, you know, the production of iron ore, coal, base metal, such lot. But, just noting that the short-term is going to be a little bit challenging as China and India, sort of, overcome their inflation challenges there, but from a medium term point of view still very positive on those segments.

I think the domestic banks, again are in very good shape, and fundamentally we maintain a positive view on the banks as well. Nick, however, as we have seen this year sometimes investors view global banks as global banks and banks tend to get tarnished with a very broad brush when something bad happens overseas. Not that it has anything directly to do with our banks, but it's just the way investors behave. So, probably banks are going to continue to trade on very attractive looking multiples, but in an operating sense they're going to perform � continue to perform well. So, we do love them fundamentally, but we just have to be a little bit patient in terms of, sort of I think, seeing the full results, come through from the good work that those banks are doing.

Grove: On the flip side, Ross, which sectors of our share market are you most bearish about?

Bird: We continue to be sort of fairly cautious towards the more cyclical sectors, ones that are just reliant on strong economic growth to see businesses do well. So, we continue to be cautious on the consumer discretionary sector, where I discussed the retailing situation just prior. Just to say, I don�t think the interest rate cuts we've seen from the RBA today is sufficient to really sort of kick start the consumer and getting them back into the store per se, overlaying that of course with the structural changes we're seeing in retailing with online sales and the strengths of the A$ making overseas purchases sort of cheaper and even sort of traveling overseas and people spending their money overseas rather than here.

I still think that those sort of influences are still going to be around to make life tough for the discretionary retailer. Also cyclical industrials, companies in the building materials trade, non-mining construction sort of areas, I mentioned the non-essential retailing sort of areas, manufacturing businesses with the strong A$, likely to continue to find the going tough in 2012.

Grove: Finally, Ross, what is the most important thing investors should bear in mind when heading into the New Year?

Bird: I think, we are in an environment where there are ongoing challenges ahead at very much a global level. We always sort of have to come back to the principles of sound portfolio management, and of course, that is always choosing high quality companies. At Morningstar we have what we call �moat ratings�, which try and reflect the qualities of companies, so we would certainly suggest that portfolios should have preponderance of moat-rated companies in their portfolios, which the moat ratings can be found on the Morningstar website of course.

Companies with strong track records through a range of economic scenarios, not just companies that could do well in good times; we need to be comforted by holding companies that can perform well in challenging times, because no doubt we are in the midst of that sort of situation at a very broad level.

Also, I just mentioned in the previous question focusing on those companies that offer essential services or products for our everyday life, so companies involved in the utilities industry, telecommunication industry, things that we can't live without basically. I think, there it's important that the companies in those sectors that are well run, I think will be well supported by investors.

We also, I think, just need to keep in mind that while we are expecting more ongoing, if you like, bad news out of Europe and from time-to-time maybe from the U.S., we just always have to keep in mind that equities as an investment class are for the medium to long-term, and we � we don�t want to get too caught up in headlines and get too nervy. Indeed these conditions often present the best of buying opportunities for the right sort of stock.

So, we always have to maintain those disciplines of sound portfolio management, maintain diversity through portfolios, maintaining a sense of where fundamental value is, and if the market gets too sort nervous or bearish on particular sectors or stocks that can represent good fundamental buying to the medium term.

I also think, again what's emerging from 2011 and will continue next year, is that the importance of dividend yield as part of the overall investment returns in the portfolio. So again, looking for companies that have strong, reliable, dependable dividends, I think with a good franking component ideally is very much the focus as well, and really just being prepared to take that medium-term approach to portfolio management.

Grove: Ross, thanks very much for joining us.

Bird: Thank you, Nick. It's a pleasure.

Video Archive...

Energy fundamentals feed market volatility
11/05/2016  Oil price volatility and global energy fundamentals are impacting stocks across the board, according to Morningstar's energy analyst Mark Taylor.
Does dollar-cost averaging improve returns?
04/05/2016  Dribbling money in over time can effectively minimise risk, but it's not a wealth-creating process, according to US-based financial planning expert Michael Kitces.
Big bank dividends are sustainable
29/04/2016  Westpac, ANZ and National Australia Bank report half-year earnings in the week commencing 2 May and Morningstar's David Ellis gives investors a taste of what to expect.
Don't expect iron ore rally to continue
26/04/2016  Investors are underestimating how much steel demand could decline, says Morningstar's David Wang.
Where should you invest in Australian media?
15/04/2016  MandA fever may be building towards a "Groundhog Day" ahead of a potential relaxation of media ownership laws in Australia, as structural headwinds continue to intensify.
Where should you invest in Australian media?
15/04/2016  M&A fever may be building towards a "Groundhog Day" ahead of a potential relaxation of media ownership laws in Australia, as structural headwinds continue to intensify.
The Morningstar Economic Moat Rating
01/04/2016  The Morningstar Economic Moat Rating represents a company's sustainable competitive advantage. A company with an economic moat can fend off competition and earn high returns on capital for many years to come.
Why you should shun popular stocks
31/03/2016  Investors cannot all buy the same stock at the same price--popularity affects price and leads us to buy high and sell low, obliterating any profit we could have gained.
Don't lose the overconfidence game
22/03/2016  Investors who are overconfident in their abilities may trade more often and hurt themselves in the end, says UC Berkeley professor Terry Odean.
What's in store for Telstra shareholders?
18/03/2016  Morningstar's Brian Han talks investors through Telstra's half-year result and why the telecoms giant has been trailing the market since the start of 2016.
Preparing for lower long-term returns
10/03/2016  Investors may not be rewarded for risk-taking during the next several years, so they should tweak their spending and saving patterns instead, says US-based financial-planning expert Michael Kitces.
Why you should not fear a US recession
03/03/2016  The S&P 500 is back into positive territory for the year, although losses in the UK and Europe are still in the high-single-digits, but investors should stay positive.
Are markets overreacting to China?
02/03/2016  Considering the global importance of China's economy, the country's troubled growth prospects are likely to weigh heavily on the world for years to come.
Earnings season better than expected
26/02/2016  Morningstar's Peter Warnes shares his views on the latest batch of results from the likes of QBE Insurance, BHP Billiton and Wesfarmers.
Telstra not a sitting duck
19/02/2016  Morningstar's Peter Warnes shares his views on the latest batch of results from the likes of Telstra, National Australia Bank, ANZ and Woodside.
Should prudent investors be near Rio Tinto?
12/02/2016  Morningstar's Peter Warnes gives his take on the latest batch of results from the likes of Commonwealth Bank of Australia, Cochlear and Rio Tinto.
Building wealth with building materials
09/02/2016  Morningstar's Tim Mann examines those stocks poised to benefit from strong housing activity and a strengthening US economy.
Key factors for picking dividend-payers
01/02/2016  The income stream from dividend-payers can play a special role in funding portfolio withdrawals, says Morningstar's Josh Peters.
What's fueling the volatility in China?
21/01/2016  Fundamental, technical, and behavioural factors are all at play in sending Chinese and global shares lower, says Morningstar's Dan Rohr.
China woes to cause market volatility
21/01/2016  The US economy is mostly insulated from a slowing China, but that doesn't mean a smooth ride ahead for global stock markets, says Morningstar's Bob Johnson.
Credit securities: The good, the bad and the ugly
14/01/2016  The ability to meet payments and obligations to investors is what separates a good credit security from a bad one, and moat-rated issuers have a stronger ability in this regard.
Why the world is worried over China
13/01/2016  Knock-on currency effects and trade concerns are weighing on, in some cases, fully valued global markets. The result: a rocky ride for investors.
What's fueling the volatility in China?
08/01/2016  Fundamental, technical, and behavioural factors are all at play in sending Chinese and global shares lower, says Morningstar's Dan Rohr.
China woes to cause market volatility
08/01/2016  The US economy is mostly insulated from a slowing China, but that doesn't mean a smooth ride ahead for global stock markets, says Morningstar's Bob Johnson.
The most important statistic for dividend investors
03/12/2015  The payout ratio--the dividend rate divided by earnings--can give you an idea of how well covered the dividend is, and how likely it is to grow, says Morningstar's Josh Peters.
Moats, stewardship and managing volatility
12/11/2015  Morningstar's Mathew Hodge looks at how moat ratings complement an income strategy and can steer investors away from a range of problems.
Biotechs under the microscope
05/11/2015  Morningstar's Chris Kallos explains why all biotech companies are not the same and how this can affect the number of risks a certain company can carry.
Health stocks in the green zone
29/10/2015  Morningstar's Peter Warnes looks at an area of the market where the recent volatility has created opportunities, while also reiterating the importance of moats and stewardship.
What is an economic moat?
19/10/2015  Businesses with a Morningstar economic moat rating are positioned to generate excess returns over an extended period.
What is the Morningstar Stewardship Rating?
15/10/2015  There are seven key factors Morningstar considers when evaluating how well a company is managed.
Best ideas in credit
06/10/2015  Morningstar’s John Likos discusses what types of securities are included in the Moat-Focused Credit Best Ideas list.
Global economic worries stall Fed
18/09/2015  Although overseas concerns halted Fed action this month, a hike is still in the cards this year--but it shouldn't derail the economy, say Morningstar's Bob Johnson.
M&A outlook for energy and resources
16/09/2015  Further acquisitions are expected following Woodside’s bid for Oil Search as the sectors face weak commodity prices, says Morningstar’s Mark Taylor.
Why China matters to the world economy
11/09/2015  A slowing China will have a profound impact, but it isn't the be-all and end-all to the health of the global economy, says Morningstar's Bob Johnson
Where to shop for quality stocks
31/08/2015  Morningstar's Peter Warnes gives his take on the recently concluded earnings season and gives investors some advice for coping with the recent volatility.
Market overreacting to China news
26/08/2015  The depth of the market sell-off isn’t justified by the data out of China, says Morningstar’s Francisco Torralba
What to make of the market mayhem
25/08/2015  As the market focuses on China and the Fed, investors should keep an eye on the long term.
QBE emerges from rough patch
19/08/2015  As the fiscal 2015 earnings season rolls on, Morningstar's Peter Warnes gives investors his view on results from QBE, ANZ and Newcrest, while also sharing his thoughts on the Asciano takeover.
Telstra makes a statement
14/08/2015  Morningstar's Peter Warnes gives investors his take on the full-year results from the likes of Cochlear, CSL, the Commonwealth Bank and Telstra.
What are the priorities for retail shareholders?
11/08/2015  The Australian Shareholders’ Association will be keeping a close watch on the current reporting season to ensure companies are balancing growth with regular dividend payments.
Introducing Morningstar's new stock screener
04/08/2015  Morningstar's new stock screener allows exclusive access to our analyst ratings, including recommendation, economic moat, stewardship and fair value uncertainty ratings.
An insight into the Chinese market fall
31/07/2015  The Chinese market has been on a rollercoaster ride over the past year, particularly in recent weeks.
How safe are the banks? Part 2
24/07/2015  Mortgage risks, new capital requirements and the role of technology giants in the provision of payment systems continue to pose challenges for the big banks.
How diversified is your portfolio?
23/07/2015  Morningstar’s Tim Murphy talks about an effective investment tool that helps investors achieve a diversified portfolio.
Your Money Weekly Forecast 2015-16
17/07/2015  Morningstar's Peter Warnes discusses the Your Money Weekly biannual Forecast and what investors can expect as they head into the new financial year.
Identifying quality fund managers
20/07/2015  Morningstar’s Kathryn Young discusses the key attributes behind a quality investment manager and why past performance is not a good indicator of future performance
How safe are the banks?: Part 1
14/07/2015  A closer look at the strengths and weaknesses of bank profits around the world following Morningstar’s recent study on the sector.
Introducing new stock charts
01/07/2015  Get an in-depth analysis of a stock using Morningstar's new powerful chart tool including company and benchmark comparisons.
Moat upgrades for 8 banks
18/06/2015  Morningstar has undertaken a more detailed analysis of the systems in which banks operate and the 'moatiness' of their fee-earning businesses.
4 keys to fixed-income investing
16/06/2015  Morningstar's John Likos scrutinises the risks that hybrids, bonds and other forms of credit carry and suggest ways in which investors can choose quality assets.
Good values are harder to find
28/05/2015  A run-up in European stocks has left the region moderately overvalued, while Asia market valuations are even more stretched; according to Morningstar's fair value metrics.
A stock with a unique growth opportunity
25/05/2015  The largest law firm in Australia provides a good investment opportunity for long-term investors.
Be selective, exercise caution
18/05/2015  While value may not seem to be in abundance there are still opportunities to be found in the local market, as Morningstar's Peter Warnes explains.
A better deal for retail investors
14/05/2015  Enduring dividend imputation is not abolished and fairer capital raisings are among the items on the policy agenda for the Australian Shareholders’ Association.
The growth outlook for Wesfarmers
11/05/2015  Wesfarmers' Richard Goyder talks about managing a diverse business and the growing number of "serious players" in the supermarket sector.
Big bank earnings wrap
08/05/2015  Morningstar's David Ellis gives investors the lowdown on the half-year results from Westpac, ANZ and NAB, as well as his view on CBA's trading update.
Where Buffett sees value
06/05/2015  Morningstar's Matt Coffina discusses Buffett's view of stock valuations, cost-cutting, and more while attending the recent Berkshire Hathaway annual general meeting.
1 top stock set to open doors
27/02/2015  Morningstar's Peter Warnes shares his thoughts on results from the likes of QBE, BHP, Ramsay Health Care and Woolworths as the curtains close on the half-year earnings season.
Telstra picks right man for top job
20/02/2015  Morningstar's Peter Warnes gives his take on the most recent batch of corporate earnings, while also sharing his views on the appointment to the top job at Telstra.
2 stocks in earnings sweet spot
13/02/2015  Morningstar's Peter Warnes takes a look at the latest results from two big names in healthcare, as well as earnings from CBA and Telstra.
Get your game on with this stock pick
05/01/2015  Crown's long duration licenses will allow the casino operator to continue to earn returns above its cost of capital over the next decade and beyond.
Opportunities in internet stocks
23/12/2014  Focused on sustainable competitive advantages, Morningstar StockInvestor's Matt Coffina sees potential in a handful of Internet stocks today.
Market outlook for 2015
18/12/2014  Morningstar's Peter Warnes gives investors an idea of what to expect from the Australian share market over the coming year, while also providing some tips for a stronger portfolio.
Top opportunities in hybrids
09/12/2014  After a recent broad widening in pricing, investors may find opportunities in some of the older-style bank notes and high-quality corporate issuers.
Iron ore's changing landscape
03/12/2014  With small, high-cost miners set to struggle, Chinese growth to flatten and the low-cost majors pushing hard on expansion, the face of iron-ore mining is set to look very different.
Medibank: A quality business at the right price?
13/11/2014  The health insurer is a quality business but it will all come down two the price, according to two fund managers.
Telstra and sustainable returns
12/11/2014  The Australian telecoms giant has some exciting growth opportunities ahead of it and will continue to provide sustainable returns over the longer term.
Bank earnings wrap-up
07/11/2014  Morningstar sector head of financials David Ellis gives investors the lowdown on the most recent batch of earnings from Australia's major banks.
Medibank IPO Report
29/10/2014  While there were a few "surprises" in the prospectus, health insurer Medibank Private is still on track to deliver growth, according to Morningstar's Peter Warnes and David Ellis.
Medibank IPO Preview
25/09/2014  Morningstar's Peter Warnes and David Ellis preview the upcoming initial public offering of health insurance giant Medibank Private.
Building a moat in foreign exchange
03/09/2014  OzForex’s low-cost, online business model could prove to be a meaningful market disruptor, and the shares look like a bargain today.
1 stock that's close to perfection
29/08/2014  Morningstar head of equities research Peter Warnes discusses results from the likes of Ramsay Health Care and Woolworths as the curtains close over the fiscal 2014 earnings season.
BHP, Wesfarmers and investor returns
22/08/2014  Morningstar's Peter Warnes takes a look at the latest results from BHP Billiton, QBE Insurance, as well as a "shareholder's dream," Wesfarmers.
Why moats matter
26/08/2014  Morningstar Australasia's co-chief executive Heather Brilliant talks about finding great companies in a new book she co-authored titled Why Moats Matter.
CBA stands out, Telstra gives back cash
15/08/2014  Morningstar's Peter Warnes takes a look at the latest earnings results from the likes of Commonwealth Bank, CSL, Telstra and ANZ, and gives investors an idea of what to expect from these companies going forward.
2 energy stocks with strong returns
08/08/2014  These two Australian energy companies should see strong returns over the next decade.
This wide-moat stock has been a star performer
05/08/2014  With its record of high profitability and very strong shareholder returns, this banking firm stands out.
Top investment prospects in 2014
16/07/2014  Morningstar's Peter Warnes explores the key issues, trends, risks and opportunities that lay ahead for investors over the next year.
Woodside, Santos in solid position
02/07/2014  Morningstar's Mark Taylor shares his views on future global energy demand and explains why Australia's major gas companies are well-positioned to benefit from favourable market dynamics.
Stockland poised for growth
30/06/2014  Stockland’s managing director Mark Steinert outlines the company’s growth strategy and gives his outlook for the housing sector.
Maximise quality, minimise risk
11/06/2014  Morningstar's Mathew Hodge shares some insights into the portfolio construction process, as well as the role of stewardship in stock selection.
Keeping bullish amid volatility
23/04/2014  Morningstar's Peter Warnes remains comfortable with his market forecast but still expects volatility to remain a constant companion.
Why moats matter
04/04/2014  An economic moat provides a gauge of a company's competitive advantages and overall strength, and it is a highly valuable tool for investors of all levels.
Getting a better deal on capital raisings
09/01/2013  A new service being offered by the ASX aims to give investors better access to capital raisings such as IPOs.
Huntleys' Forecast 2014
19/12/2013  Morningstar's head of equities research Peter Warnes provides an outlook on the key investment issues for 2014.
Are big bank dividends sustainable?
05/12/2013  At the recent Morningstar Individual Investor Conference, head of banking research David Ellis gives investors an idea of where he thinks the big four are headed in 2014.
Finding quality in resources
29/11/2013  At the Morningstar Individual Investor Conference, sector head of basic materials and energy Mathew Hodge shares his thoughts on where resources are headed in 2014.
Keeping faith in QBE Insurance
28/02/2014  Morningstar's Peter Warnes takes a look at the latest earnings results from QBE, Woolworths and Westfield Group and gives investors an idea of what to expect from these companies down the track.
Dividend upside for Rio Tinto
14/02/2014  Morningstar's Peter Warnes takes a look at the latest earnings results from ANZ, CBA, Telstra and Rio Tinto and gives investors an idea of what to expect from these companies going forward.
A buyback for BHP?
21/02/2014  Morningstar's Peter Warnes takes a look at the latest earnings results from the likes of BHP and Wesfarmers, and gives investors an idea of what to expect from these companies going forward.
Making money with Ian Huntley
21/11/2013  Veteran investor Ian Huntley waxes lyrical on healthcare stocks and specs, while also offering some simple but sage advice as we head into 2014.
Gail Kelly on Westpac's growth
14/11/2013  Westpac chief executive Gail Kelly talks to Morningstar about the growth outlook for the bank.
Gail Kelly on Westpac's growth: Part 2
19/11/2013  Westpac chief executive Gail Kelly talks to us about superannuation as a key growth driver for the bank in the second part of our interview.
Banking on big dividends
15/10/2013  Morningstar's David Ellis gives investors an idea of what to expect from three of the big four banks' upcoming full-year results, while also sharing some insights into a recent moat upgrade.
Does BHP have the edge over Rio?
17/10/2013  Morningstar's latest report compares the performance of BHP and Rio over the past decade.
Utility stocks and strong returns
08/10/2013  Australian-listed utilities have given investors a strong return in recent years and Morningstar's Adrian Atkins gives investors an idea of what to expect from these companies down the track.
Opportunities in Australian property
03/10/2013  Although property still offers opportunities, only a number of property sectors are well-placed to withstand industry pressures.
The shutdown's impact on the US economy
04/10/2013  A prolonged government closure could subtract half a per cent from US GDP growth based on the impact from the 1990s shutdown and the number of furloughed government workers today.
How safe is your money?
01/10/2013  Trust in our online broker is not enough. Investors need to understand how their money is being used when they invest and trade.
6 reflections after Lehman
17/09/2013  On the fifth anniversary of Lehman's collapse, Morningstar experts highlight the roles emotion, liquidity, leverage, and a sound gameplan played in the fortunes of investors through the global financial crisis.
Suncorp's focus on capital return
11/09/2013  Suncorp deputy chief financial officer Steve Johnston discusses the group’s capital management and growth initiatives.
5 gifts from Warren Buffett
04/09/2013  On the occasion of his 83rd birthday, we examine how the Berkshire chairman's principles help investors succeed, too.
QBE Insurance set for turnaround
23/08/2013  Morningstar's Peter Warnes lauds BHP's potash investment, while also affirming expectations for new management to turn around QBE's critical US and European operations.
Wesfarmers powers on after CBA "cracker"
16/08/2013  As the 2013 earnings season continues in earnest, Morningstar's Peter Warnes shares his thoughts on the results from Commonwealth Bank of Australia and Wesfarmers.
Telstra versus Rio Tinto
09/08/2013  As the full-year earnings season gets under way, Morningstar's Peter Warnes helps investors separate the wheat from the chaff.
What the bank levy means for investors
06/08/2013  What is the outlook for banks following the government’s decision to impose an insurance levy on the industry?
When's the right time to sell a stock?
04/07/2013  --
What to expect in 2014
26/06/2013  Huntleys' Your Money Weekly will shortly release its rolling six-month forecast and Morningstar's Peter Warnes gives investors an idea of what to expect as we head into the 2014 financial year.
The future News Corp
24/06/2013  Morningstar's Michael Corty looks at investor implications following the recent split of News Corp.
QBE Insurance poised for growth
11/06/2013  QBE is coming up on the halfway mark of its financial year and there are a number of external factors that bode well for the insurer, according to Morningstar's David Ellis.
Searching for sustainable dividends
03/06/2013  At the 2013 Morningstar SMSF Trustee Strategy Day in Sydney, Peter Warnes helps investors separate the wheat from the chaff when it comes to high-yielding equities.
Choosing high-quality companies
24/05/2013  Morningstar’s Mathew Hodge provides insights into what makes a business valuable for the long-term.
ASX and the retail investor
10/05/2013  ASX chief executive Elmer Funke Kupper talks about the market outlook, listed bonds, and why retail investor confidence is everything.
Can ANZ sustain its dividends?
09/05/2013  ANZ deputy chief executive Graham Hodges discusses the bank's recent dividend increase and its growth initiatives
BHP and Rio head to head
19/04/2013  After the big two miners released their quarterly production numbers earlier this week, Morningstar's Mark Taylor give investors an idea of which company put in the best performance.
A closer look at an outperforming LIC
17/04/2013  WAM’s Geoff Wilson provides an insight into the type of companies that have driven performance for the listed investment company.
Woolworths versus Wesfarmers
12/04/2013  With Woolies having released its quarterly sales and Wesfarmers set to announce its figures next week, Morningstar lets investors know how these companies are faring as we head towards the end of fiscal 2013.
Is NAB set for a turnaround?
11/03/2013  National Australia Bank is set to surprise investors with strong earnings growth, signalling a turnaround for the bank.
Paying dividends in gold
08/03/2013  Evolution Mining's Jake Klein talks about the company's new dividend policy that aims to give investors greater exposure to the production of gold.
Top stocks from earnings season
01/03/2013  As the curtains are drawn across the half-year earnings season, Morningstar's Peter Warnes helps shed some light on what can often be a confusing time for investors.
Earnings season winners and losers
15/02/2013  For the week ending 15 February, Morningstar head of equities research Peter Warnes lets investors know which companies' earnings impressed and which did not.
Earnings season winners and losers
08/02/2013  For the week ending 8 February, Morningstar head of equities research Peter Warnes lets investors know which companies' earnings impressed and which did not.
Banks and financials outlook 2013
20/12/2012  Morningstar's David Ellis tells investors what issues to keep an eye on and gives them an idea of what to expect in terms of earnings from the financials sector in 2013.
Consumer, health and industrials in 2013
21/12/2012  Morningstar's Peter Rae lets investors know what to expect from the consumer, healthcare, industrials and telco sectors in the coming year.
Huntleys' 2013 forecast
07/12/2012  Morningstar’s head of equities research Peter Warnes provides an outlook on the key investment issues for 2013.
Is the IMF wrong on banks?
22/11/2012  The International Monetary Fund has called for greater capital controls in Australia's banking sector but are their concerns justified?
Westpac full-year earnings snapshot
05/11/2012  Westpac has delivered pleasing earnings and dividends for fiscal 2012 and Morningstar's David Ellis lets investors know what he expects from the bank down the track.
NAB full-year earnings snapshot
31/10/2012  Morningstar's David Ellis gives investors a breakdown of NAB's fiscal 2012 earnings and also discusses the bank's beleaguered UK operations.
ANZ full-year earnings snapshot
25/10/2012  Morningstar’s David Ellis gives a rundown of ANZ's fiscal 2012 earnings and gives investors an idea of what to expect from the bank in terms of capital management.
Investing in Suncorp CPS2
12/10/2012  Morningstar provides investors with its insights into the latest hybrids issue from Suncorp Group.
When mining services music stops
10/10/2012  Now that the spending spree by Australia's resources sector appears to have stopped for the time being, Morningstar takes a look at those companies that are best prepared for slower activity.
Investing in a piece of the Patties pie
25/09/2012  Patties Foods managing director Greg Bourke gives investors an idea of what to expect from the frozen food manufacturer in the year ahead.
Are banks on track to pay good dividends?
18/09/2012  The four major banks reported only moderate earnings growth, however, they may still be positioned to sustain their high-dividends.
Investing in CBA PERLS VI
05/09/2012  Commonwealth Bank of Australia is looking to raise around $750 million through an issue of hybrids and Morningstar helps investors decide whether or not the security is suitable for them.
Keeping faith in the big miners
04/09/2012  BHP and Rio have come under pressure amid the recent significant fall in iron ore prices but it’s crucial investors keep their long-term perspective when it comes to investing in resources.
Reporting season: Harvey Norman
31/08/2012  Morningstar analysts provide investors with their earnings season insights in these concise, timely video snapshots.
Turning NAB around
29/08/2012  NAB chief executive Cameron Clyne talks about how the bank embraced a number of initiatives to grow its businesses and the key challenges ahead.
Reporting season: BHP Billiton
23/08/2012  Morningstar analysts provide investors with their earning season insights in these concise, timely video snapshots.
Reporting season: Origin Energy
23/08/2012  Morningstar analysts provide investors with their earning season insights in these concise, timely video snapshots.
Wesfarmers keeps long-term focus
24/08/2012  Wesfarmers chief executive Richard Goyder talks about the importance of keeping focused during tough times.
Reporting season: Woolworths
24/08/2012  Morningstar analysts provide investors with their earning season insights in these concise, timely video snapshots.
Reporting season: Wesfarmers
17/08/2012  Morningstar analysts provide investors with their earning season insights in these concise, timely video snapshots.
Reporting season: Brambles
16/08/2012  Morningstar analysts provide investors with their earning season insights in these concise, timely video snapshots.
Reporting season: CBA
15/08/2012  Morningstar analysts provide investors with their earning season insights in these concise, timely video snapshots.
Reporting season: Newcrest
13/08/2012  Morningstar analysts provide investors with their earning season insights in these concise, timely video snapshots.
Reporting season: Telstra
10/08/2012  Morningstar analysts provide investors with their earning season insights in these concise, timely video snapshots.
Reporting season: Rio Tinto
09/08/2012  Morningstar analysts provide investors w