“We’re buying”: Emma Fisher spots a rare chance to upgrade the portfolio

LiveWire

04-11

Note: This podcast was recorded on the 9th of April 2025 Monday the 7th of April 2025 is a day few Aussie investors will forget, as the ASX 200 opened more than 6% lower on fears of escalating trade ...

网页链接

免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。

热议股票

1
2
3
4
5
6
7
8
9
10

{"basename":"/hans","ssrTDKData":{"titleTemplate":"%s - 老虎证券","title":"老虎证券全球投资理财平台| 一站式投资美股新股港股A股","description":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","keywords":"老虎证券,老虎证券开户,老虎券商,老虎证券官网,老虎证券app,tigertrade老虎证券,股票,炒股,新加坡股票交易平台,投资,投资理财","social":{"ogDescription":"老虎证券助您一站式投资美股，新股，港股，A股等全球金融理财产品。新加坡华人最信赖的在线投资平台，现在加入即享低费用，24/5 无时差炒美股投资理财！","ogImage":"https://c1.itigergrowtha.com/portal5/static/media/og-logo.be62fbe1.png","ogUrl":"https://www.itiger.com/hans/news/2526050775"},"companyName":"老虎证券"},"pageData":{"isMobile":false,"isTiger":false,"isTTM":true,"region":"SGP","license":"TBSG","edition":"fundamental"},"__swrFallback__":{"@#url:\"https://stock-news.skytigris.cn/v3/news\",params:#id:\"2526050775\",edition:\"fundamental\",,,undefined,":{"share":"https://ttm.financial/m/news/2526050775?lang=zh_CN&edition=fundamental","thumbnail":"","is_english":true,"pubTime":"2025-04-11 13:30","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2526050775","market":"us","top_or_hot":-1,"title":"“We’re buying”: Emma Fisher spots a rare chance to upgrade the portfolio","media":"LiveWire","content":"<div>\n<p>Note: This podcast was recorded on the 9th of April 2025\nMonday the 7th of April 2025 is a day few Aussie investors will forget, as the ASX 200 opened more than 6% lower on fears of escalating trade ...</p>\n\n<a href=\"https://www.livewiremarkets.com/wires/we-re-buying-emma-fisher-spots-a-rare-chance-to-upgrade-the-portfolio\">网页链接</a>\n\n</div>\n","source":"livewire_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>“We’re buying”: Emma Fisher spots a rare chance to upgrade the portfolio</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“We’re buying”: Emma Fisher spots a rare chance to upgrade the portfolio\n</h2>\n\n<h4 class=\"meta\">\n\n\n2025-04-11 13:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.livewiremarkets.com/wires/we-re-buying-emma-fisher-spots-a-rare-chance-to-upgrade-the-portfolio><strong>LiveWire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Note: This podcast was recorded on the 9th of April 2025\nMonday the 7th of April 2025 is a day few Aussie investors will forget, as the ASX 200 opened more than 6% lower on fears of escalating trade ...</p>\n\n<a href=\"https://www.livewiremarkets.com/wires/we-re-buying-emma-fisher-spots-a-rare-chance-to-upgrade-the-portfolio\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":null,"symbol_name":null,"start_time":0,"source_url":"https://www.livewiremarkets.com/wires/we-re-buying-emma-fisher-spots-a-rare-chance-to-upgrade-the-portfolio","article_id":"2526050775","we_media_id":null,"thumbnails":[],"rights":{"source":"livewire_stock","url":"https://www.livewiremarkets.com/wires/we-re-buying-emma-fisher-spots-a-rare-chance-to-upgrade-the-portfolio","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2526050775","pubTimestamp":1744349406,"columns":[],"sourceInfo":{"source_id":"livewire_stock","name":"Livewire Markets"},"weMediaInfo":null,"summary":"Note: This podcast was recorded on the 9th of April 2025. Monday the 7th of April 2025 is a day few Aussie investors will forget, as the ASX 200 opened more than 6% lower on fears of escalating trade wars. The drop followed a sharp fall on US markets, capping what was the worst two-day period since March 2020.The moves took US stocks into bear market territory, leaving investors asking the question: “How low can this go?”For Emma Fisher, Deputy Head of Equities at Airlie Funds Management, it was a phone call from her mum that delivered a ‘soft signal’ that the worst of the selling may be behind us.Fisher, a self-confessed optimist, has been making the case for some time that equities were expensive and susceptible to a drawdown. Earnings and dividends on the ASX have been flat for the past two years, with equity returns driven largely by multiple expansion - often used as a proxy for investor exuberance.","collect":0,"end_time":0,"defaultTopTitle":"livewiremarkets.com","property":[],"viewcount":null,"language":"en","relate_stocks":{},"translate_title":"“我们正在购买”：艾玛·费舍尔发现了升级投资组合的难得机会","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"AASF.AU":1,"ALL.AU":1,"JBH.AU":1,"RMD.AU":1,"SIG.AU":1,"XAO.AU":0.9,"XJO.AU":0.9,"XKO.AU":0.9},"content_text":"Note: This podcast was recorded on the 9th of April 2025\nMonday the 7th of April 2025 is a day few Aussie investors will forget, as the ASX 200 opened more than 6% lower on fears of escalating trade wars. The drop followed a sharp fall on US markets, capping what was the worst two-day period since March 2020.\nThe moves took US stocks into bear market territory, leaving investors asking the question: “How low can this go?”\nFor Emma Fisher, Deputy Head of Equities at Airlie Funds Management, it was a phone call from her mum that delivered a ‘soft signal’ that the worst of the selling may be behind us.\n“When you’ve got family members that know you work in markets and they’re getting worried about your mental health, that’s maybe a sign that things have moved too fast and too hard.”\nFisher, a self-confessed optimist, has been making the case for some time that equities were expensive and susceptible to a drawdown. Earnings and dividends on the ASX have been flat for the past two years, with equity returns driven largely by multiple expansion - often used as a proxy for investor exuberance.\n\n\n\n\n\n\n\n\n\nEmma Fisher, Airlie Funds Management\nSell-offs and volatility are part of the journey when investing in equities. We’d all love a smooth ride while compounding +9% annual returns — but that’s not reality. What is true, however, is that if you zoom out and take a long-term perspective, these blips have always faded into obscurity.\nFisher argues there’s no signal in the extreme volatility — it’s simply a symptom of today’s market structure and participants. Her take is that we should expect drawdowns to be short, sharp, and highly volatile.\nNo tariff experts at Airlie\nJust about everyone has a theory on President Trump’s tariff policies and the potential implications for everything from inflation to growth forecasts. It’s almost irresistible not to get drawn in.\n“There’s a great saying: In bull markets, everyone becomes a long-term investor; in bear markets, everyone becomes a macro economist.”\nFisher argues that predicting the flow-on effects of tariffs is near impossible given the complexity of the global economy. Worse still, it can distract from what really matters.\n“We saw it in COVID. A lot of people focused on ‘hey, I’m going to figure out where the virus is going next and become an expert in virology.’”\nFisher believes those investors potentially missed the real story: just how cheap businesses became during that sell-off - and how cheap money got.\nHer advice? Resist the urge to become a tariff expert. The world is complex, and isolating one variable is incredibly difficult.\nInstead, she’s focused on making the most of this once-in-five-year opportunity to high-grade the Airlie portfolio by buying great companies at great prices.\nTwo buckets brimming with opportunity\nThe team at Airlie has identified two distinct areas of opportunity in the Australian market.\nIronically, one of them is Australian companies with US earnings. These businesses have been some of the market’s best performers - and some of the hardest hit. But Fisher argues it would be a mistake to ignore the innovation and growth mindset that define the US economy.\n“That entrepreneurial force in the US is something you don’t want to bet against in the long term.”\nShe’s been adding to Aristocrat (ASX:ALL) and ResMed (ASX:RMD) — two stocks that meet Airlie’s criteria of strong balance sheets, high returns, and quality management, and which have dipped into value territory.\n“ResMed in the next couple of months is going to be net cash. They have very little capex and they throw off huge amounts of cash.”\n“What do you know for sure long term? There’s going to be a lot of people with sleep apnea, and a lot of them are going to need CPAP devices.”\nThe second area of opportunity? Businesses exposed to the Australian consumer. It’s been a tough few years on the home front, with cost-of-living pressures hitting discretionary spending hard.\nBut the RBA’s February rate cut suggests there may finally be some light at the end of the tunnel, and markets are pricing in a further 100 basis points of cuts between now and December 2025.\nFisher also believes that disrupted trade relations with the US could see more products making their way to Australian shores. Her pick here is JB Hi-Fi (ASX:JBH), which has been added to the Airlie portfolio for the first time ever.\nNo cash? Funding new ideas in a sell-down\nAs a direct investor, you might have some cash on the sidelines. If you’re running a multi-asset portfolio, maybe you’ve got some bonds or gold to draw on.\nBut professional equity managers tend to be fully, or close to fully, invested - which means there’s often less cash available to deploy during a sell-off. So where do you find funds?\nFisher says the most resilient stocks in a downturn become her source of funding for new ideas.\n“We get a million emails from brokers telling us what to buy in a downturn. It’s things like Woolworths - it’s all the defensive names.”\n“That’s your list of funding stocks - ironically, because they’re sending it around as a buy list, but in my mind, that’s your list of funding stocks.”\nThese moves aren’t about trying to pick the bottom. They’re slow, methodical tilts toward the most attractive opportunities.\nA stock for the next five years\nFisher’s last appearance on The Rules of Investing was in October 2023. Her long-term pick? ResMed - when shares were trading at around $22.\nThis time, she tips Sigma Pharmaceuticals (ASX:SIG), the new owner of Chemist Warehouse. Sigma trades on a lofty one-year forward PE of 53x, with the share price up 130% over the past year.\nBut it’s the longer-term view that matters to Fisher. Her expectation is that Chemist Warehouse will nearly double its store count in Australia — to somewhere between 900 and 1,000 stores.\nThe disruptive ‘big box’ format has also gained traction in New Zealand and Ireland, adding to the company’s growth runway.\n“Our analyst just went to Ireland and spent some time with the CEO of the Irish business and visited the stores. It’s the exact same playbook as Australia.”\n“It really is a different model. It’s one we’ve seen become incredibly successful in Australia. It’s created a lot of wealth for shareholders - and now we get the chance to be shareholders too.”\n\n\n\nETF\nAirlie Australian Share Fund (Managed Fund) (AASF)\nAustralian Shares\n\n\nView\n\n\n\n\n\n\n\nNever miss an update\n\n    Enjoy this wire? Hit the ‘like’ button to let us know. \n    Stay up to date with my current content by \n    following me below and you’ll be notified every time I post a wire","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"code":"91000000","status":"200"}}}