15 January 21
Stocks taper off into the weekend, IT & Materials remains firm, Have a great weekend all
15 January 21
Stocks taper off into the weekend, IT & Materials remains firm, Have a great weekend all
15 January 21
3 stocks approaching our long dated “Buy Zones” (XRO, Z1P, CTD, A2M, CSL)
14 January 21
Afterpay leads ASX higher, Financials remain firm (APT, WHC)
14 January 21
Could the Telco’s be the surprise package of 2021? (WHC, AMZN US, TLS, VOC, TPG)
13 January 21
ASX edges higher, Energy the standout (again), dogs Crown & Telstra actually look good (PMV, BPT, CWN, TLS)
13 January 21
Income Note: Reviewing the MM Income Portfolio against our key macro calls (NABHA, CLW, TCL, SUL)
13 January 21
Has Gold et al become simply too hard? (TSLA US, RRL, NCM, EVN, NST)
12 January 21
ASX soft again, Financials rally, Outdoor adventure retailers shine (ALU, SLU, ARB)
11 January 21
ASX grinds lower as we ease into another year, Energy up, Gold down (WPL, PTM)
11 January 21
Market Matters 2021 Outlook Report including our major forecasts for the year ahead (BHP, OZL, CBA, XRO, RIO, MND, VUK)
Happy 2021 to all of our subscribers, we really appreciate the support through what’s obviously been an extremely tough year for so many on both the humanitarian and financial perspective. At MM we are incredibly excited for the new year with 2 major factors putting a distinct spring in our step, after of course the prospect of the COVID-19 vaccine being rolled out over the coming months.
1 – As we will outline shortly bar the extreme volatility caused by the global pandemic early in 2020, MM was on point this time last year and we feel that our market finger remains firmly on the pulse in what looks set to be a great year ahead for active investors like ourselves.
2 – Also MM will be launching our significantly upgraded website in the coming month or so after what feels like an eternity of planning & development. One of our driving goals is to continually improve the MM offering and we believe this will be a huge step forward providing a platform that will allow our subscribers to easily track our calls, understand our views, monitor our performance and follow stocks that interest them.
Since our last note on the 22nd December the ASX has been firm rallying 158pts/2.4% to again be testing recent highs, although while many other markets make new all-time highs, the ASX 200 remains 440pts/6% below our equivalent milestone. As we set below, we believe it’s only a matter of time before that milestone is breached.
S&P/ASX 200 Chart
Zip Co (Z1P) $5.54
Before getting onto today’s note, we’ve had a number of questions about the Z1P Share Purchase Plan (SPP) over the break which closes on Wednesday 13th January. This is a stock held in our Growth Portfolio with a 3% weighting. Shares are being offered at $5.34 and MM will participate in the SPP, although it is fairly marginal given the stock is only trading at a 3.6% premium to the raise price – we’d usually want something north of 5%.
Reviewing MM’s calls for 2020
While most investors know that the global pandemic produced the fastest market decline in history what’s being discussed with much less gusto is how global stocks are now enjoying their fastest rally in history. Through February / March global equities panicked down a scary 35% in aggressive fashion however in less than a year they’ve rallied almost 75% on a diet of unprecedented fiscal and monetary stimulus.
MSCI World Index Chart
There’s a trusted old saying that “if it not’s broken don’t fix it” and we will be applying this to the structure of today’s note which is very similar to our report penned this time last year. Let’s firstly review the calls we made at that time:
1 - Top 3 Macro Economic Drivers:
A – In currencies we called the $US to fall, the Pound as undervalued & the $A was set to rally: The year saw the $US fall -7% after spiking higher as the pandemic erupted, the Pound has rallied +4% after a choppy news driven year where politicians took longer than we anticipated to sort out BREXIT while the “Aussie” was the standout call rallying over +12% for the year and up an incredible +40% from its panic COVID low.
B – We called resources & inflation to rally: The virus and subsequent recession ensured our inflation call was off the mark as global inflation fell from +3.6% to 3% but the Resources Sector has soared. Local heavyweight, the old “Big Australian” BHP is up +20% even before we include some really healthy fully franked dividends – remember stocks usually lead and we believe inflation will pick up this year as the huge stimulus train drives economic recovery both locally and overseas.
BHP Group (BHP) Chart
C – We suggested bond yields were looking for a low: What a fascinating year with this call as the yield curve has steepened since March i.e. longer dated US 10-year bond yields have risen while the shorter dated 2-years remain suppressed as the Fed maintains the discount rate at an all-time low of 0.25% plus also adding unprecedented levels of economic stimulus / QE. We will look at the Australian equivalent later buts its even more pronounced.
Importantly a steepening yield curve historically implies a growing economy and potentially rising inflation looming on the horizon.
MM continues to believe that longer dated bond yields have found a very meaningful low.
US 2 & 10-year Bond Yield Chart
2 - Top 3 Sector Calls:
A – We called Materials / Resources Sector to make fresh multi-year highs: This one was right on the money with heavyweights BHP Group (BHP), RIO Tinto (RIO) and Fortescue Metals (FMG) all soaring to fresh all-time highs and significantly outperforming the market in the process.
B – US banks & yields to drag counterparts higher: This was off the money as the Bank Sector let us down thanks to recession fears however heavyweight Commonwealth Bank (CBA) has still outperformed the market by ~10% if we include attractive fully franked dividends. More recently (i.e. the last 3-months) the Australian banks have significantly outperformed as market participants embraced the economic / inflation recovery e.g. ANZ has rallied over 28%
C – We suggested to avoid yield sensitive sectors: Overall a mixed result but the classic “yield play” stocks such as the Transport & Utilities Sectors have struggled but in many cases, they are directly impacted by the COVID restrictions, so a bit too hard to call this one.
RBA Cash Rate Chart
3 - MM’s top 3 stock picks:
Over the last 12-months the MSCI World Index has rallied +14.5% while the local ASX200 has fallen over -2%, hence when you read the results below its easy to understand why we are extremely proud of last year’s 3 picks which has all stormed higher.
MM’s top 3 stock picks this time last year were:
A – OZ Minerals (OZL) was at $10.76, it closed on Friday at $21.02, a gain of more than +95%.
B – Sims Metal (SGM) was also at $11, it closed on Friday at $14.19, up almost +30%.
C - Tencent (700 HK) was at HKD390, it closed on Friday at HKD573, up +47%.
OZ Minerals (OZL) Chart
Moving into 2021 MM is assuming, which we all know is an extremely dangerous word, that the COVID vaccines will be rolled out in relatively orderly fashion and of course they work.
Our view remains that a number of major inflexion points ‘showed their hand’ in 2020 and will see the continuation of some of these significant trend changes, particularly in the 3 key areas of Currencies, Commodities & Interest Rates. Equities have powered their way higher since the COVID panic lows back in March and at MM we remain bullish equities through 2021 and probably into 2022 but volatility appears likely to remain elevated in both directions. Our core view towards stocks in general can be summed up below:
1 – We believe the bull market which began back in 2009 following the GFC has further to run and 2021 could well be one of those rare pockets where the stars align for equities, and we see an aggressive move on the upside, a typical phenonium in maturing bull markets.
2 – If we are correct and this is the last chapter for the bulls, which has seen the S&P500 rally almost 5-fold in 11-years, volatility should continue to increase as warning signs get erected but we remain buyers of descent pullbacks at this stage.
3 – Again if we are correct this last leg higher for stocks should be characterized by increasing stock, sector and index selectivity – an exciting time for active investors.
I sat down with Livewire Markets at the end of 2020 and discussed MM’s Outlook for the year ahead in a short video.
Today’s note will firstly look at the macroeconomic back drop which MM believes will drive financial markets and equities. Next, we will move onto the sectors which MM wants to be over / underweight during the year and lastly our 3 top stock calls for the next 12-months - I’m pretty apprehensive after enjoying an average 57% return on last Januarys picks!
US S&P500 Index Chart
1 MM’s Top 3 Macro Economic Drivers for 2021
The following 3 points should shed the most light / reasoning on what MM envisages unfolding through 2021 and into 2022.
1 – The “Free money” should remain for at least 2021.
The Reserve Bank of Australia (RBA) has pledged to keep interest rates lower for longer in an effort to aggressively kick start our economy post the virus, their rhetoric should leave investors with no doubt to their intentions, in essence it’s clear the RBA is committed to do whatever it can with the tools at its disposal to support the recovery of the Australian economy. Its our opinion that while the RBA / government focus on unemployment they will again let the inflation gene out of the bag but that’s probably not an issue until next year.
The chart below illustrates that investors indeed remain confident that the RBA will maintain interest rates around zero for the next few years i.e. the 3-year bond yield continues to hug the RBA’s 0.1% cash rate hence why hold cash!
Australian 3-year Bond Yield v RBA Rate Chart
Markets usually repeat themselves and history tells us that investors rarely learn their lesson. We only have to look at the performance of 3 hot stocks just 12-months ago to remind ourselves that the elastic band of both optimism and pessimism regularly stretches way too far i.e. a2 Milk (A2M) -24%, Cochlear (COH) -19% and Altium (ALU) -12%. As we constantly repeat at MM remain open-minded, even the best stocks only have a certain value and vice versa.
The market currently believes we will have free money for at least 3-years hence a blow-off in risk assets feels highly likely, looking at the chart of the NASDAQ below and considering that Bitcoin is up ~400% in less than 4-months its not unreasonable to assume it’s already well and truly underway. A couple of calls from the stalls – through 2021 pullbacks of both 10% and 20% by global equities feels a strong possibility, at this stage for the NASDAQ that’s only back to the levels of last July, hardly a dent in the vertical ascent shown below.
MM remains bullish equities but we believe the volatility is likely to increase as assets rally.
US NASDAQ 100 Index Chart
Historically inflation kills bull markets hence until we see any meaningful inflation and / or central banks turning hawkish, there is no reason to be worried about this bull market, hence any decent correction should still be a decent buying opportunity. We think that future pullbacks are most likely to be caused by market concerns the Fed, RBA et al will be reassessing their stimulative stances as financial markets continue to enjoy the sugar hit of mass liquidity injections, simply whenever required – one day it won’t be forthcoming and some degree of 2nd guessing is likely to spook investors as it did back in late 2018.
We think there’s a high risk that central banks will start feeling uncomfortable about the momentum in asset prices, it felt like they largely pumped money into the financial system to stop assets like housing prices falling into the abyss during the early stages of the pandemic, but they may have gone too far and prices have actually rallied. A remote change in rhetoric could create a classic “Taper Tantrum”, guessing when such pullbacks is likely to unfold is akin to tossing a coin – we’ll wait an let the market guide us on this one.
Obviously apart from bond yields we will continue to have policy decisions out of the US & China impacting stock valuations but it’s the former MM believes will primarily drive prices through 2021/22.
US S&P500 Growth Index Chart
Any doubters that inflation is percolating below the surface of the global economy should simply look at the CRB Index’s rally in 2020, its poised to make fresh 5-year highs. The last time commodities were at these levels the RBA Cash Rate was at 2.5% significantly higher than today’s 0.1%.
CRB Index Chart
2 - The yield curve will continue to steepen – for now.
As we said previously the RBA has pledged to keep interest rates lower for longer in an effort to aggressively kick start our economy post the virus, their rhetoric should leave investors with no doubt to their intentions – like the government nobody wants to be caught on watch when Australia does eventually endure a meaningful and prolonged economic downturn.
Hence, we believe Australian 3-year bond yields will remain fixed down around 0.1% while we believe the 10-years are slowly but surely headed back towards 2.5%. At some stage when the market starts believing the local economic strength we will see rate hikes being priced into markets, we should always remember equities generally trade 6-12 months ahead of economic fundamentals.
Australian 3 & 10-year Bond Yields Chart
3 – The Australian Dollar $A to remain firm.
MM has been bullish the $A targeting ~80c for over a year, it’s basically arriving now and a period of consolidation would not surprise but on balance we remain positive feeling the surprises will remain to the upside although the “easy” money is probably behind us at least for a few months.
Hence through 2021 we will remain very cautious when investing in companies with a large percentage of their earnings from overseas.
The Australian Dollar Chart
2 - Top 3 Sector Calls for 2021
Following on from our macro views our sector preferences should contain no great surprises, through 2020 we’ve already started to skew our portfolios towards these themes. Until further notice we see no reason to change our adopted stance, while we remain bullish equities, from a risk / reward perspective as the yield curve steepens, we prefer to be overweight the previously out of favour Value Stocks.
US S&P500 Value v Growth Indices Chart
1 – The Materials / Resources Sector looks awesome.
There’s no need for any in depth explanations here we believe the Resources Sector will make fresh all-time highs in 2021 and our preference is the likes of BHP & RIO are already accelerating to the upside, we wouldn’t be vaguely surprised to see another 10% upside in the coming weeks i.e.be long and stay long until further notice.
MM remains bullish the Resources / Materials Index in 2021.
ASX200 Materials Index Chart
2 – Banks should maintain their recent strength.
Commonwealth Bank (CBA) led the Australian Banking sector in 2020 which included a 26% advance over the last 3-months as the “Value Trade” gathered momentum. We can envisage a test of $100 in 2021 but as the chart below illustrates pullbacks are commonplace, even since the sector / market bottomed in March. With Australia’s leading bank expected to trade ex-dividend $1.40 this time next month a squeeze higher feels likely, if you buy today the anticipated yield over the next 13-months is ~5% fully franked making it unlikely many investors who can utilise the franking credits will be sellers into February.
MM remains bullish banks from current levels
Commonwealth Bank (CBA) Chart
3 – Be selective with the Growth Sector.
At MM we remain bullish stocks but in 2020 57% of the IT Sector closed lower although of course stellar performances from the likes of Xero (XRO) and Afterpay (APT) enjoyed most of the headlines. Even during its ~50% rally in 2020 XRO has pulled back -13.5% and -11.3% illustrating perfectly the rising volatility across our market. If / when we see a sharp rally to fresh all-time highs MM will be watching XRO for signs of failure, it might give us a indicator for the first pullback for stocks in what we believe will be a volatile year.
In general MM is a seller of strength and buyer of weakness in the IT and Healthcare stocks as opposed to the Resources where we have no interest in losing our core long position.
Xero Ltd (XRO) Chart
3 - MM’s top 3 stock picks for 2021
After last year’s success I am starting this weeks selection with a cautionary note that I doubt if we can average well over 50% from todays 3 but lets give it a go. We’ve pulled out three stocks from three sectors we are bullish on for the year ahead, however we must stress that actively managing a portfolio of stocks consistently over time is the real key to generating strong returns in the market, picking three stocks and betting the house on them is not the way to go. But alas, here goes!
1 – RIO Tinto (RIO) $124.01
No surprise that one of our choices is a large, diversified miner which we hold in our Income Portfolio however there may easily be a place for it at some stage in our Growth Portfolio. RIO looks great benefitting from rising commodity prices as central banks stimulate their economies while it also yields 3.5% fully franked, a perfect candidate for a squeeze higher.
MM is bullish RIO initially looking for ~20% upside.
NB We could easily have had BHP Group (BHP) in this position, which is a large overweight position in our Growth, Income & International Equities Portfolios.
RIO Tinto (RIO) Chart
2 – Monadelphous (MND) $14.13
As commodity & energy prices rise, new mine development will be incentivised after a period of underdevelopment in many areas. Overlay that with the fast tracking of large-scale infrastructure projects to support the economic rebound post COVID and the service providers into these areas are in a sweet spot. While MND has rallied from recent lows, we expect further upside for this leading engineering & industrial services provider.
MM is bullish MND initially looking for ~25% upside.
NB The higher risk / reward alternative here is NRW Holdings (NWH).
Monadelphous (MND) Chart
3 – Virgin UK (VUK)
A steepening yield curve as discussed above is bullish for banks given they borrow short and lend long benefitting from the differential. As the UK remains in the gips of COVID, Virgin has suffered as a consequence and the share price has struggled. While a low-quality operator, it’s priced accordingly and has significant upside potential on an economic recovery in the UK, a move into ‘perceived value’ stocks and a degree of catch up to other banks.
MM is bullish VUK targeting $4
Virgin UK (VUK) Chart
2021 is setting up to be a big year in markets providing the perfect backdrop for the Active Investor, 3 major takeout’s:
1 – MM remains very bullish equities through 2021 but we believe the 11-year old bull market is maturing fast hence volatility will be high through the year.
2 – Hence we still believe decent pullbacks can be bought but blowoffs in stocks / sectors should be considered as profit taking opportunities.
3 – Our favourite investment space for 2021 is the Resources Sector.
MM will continue to remain relatively active in our portfolios, increasing cash when prudent while we also expect to have some ‘short exposure’ at times throughout the year given the increasing maturity of this bull market. We hope you found our thoughts and predictions thought provoking for the year ahead. As always, we’ll continue to pen our daily notes to subscribers, manage our portfolios of shares and importantly, present our views in the usual straight talking Market Matters way.
Here's to a cracking 2021 for us all!
James & the Market Matters Team
Market Matters may hold stocks mentioned in this report. Subscribers can view a full list of holdings on the website by clicking here. Positions are updated each Friday, or after the session when positions are traded.
All figures contained from sources believed to be accurate. All prices stated are based on the last close price at the time of writing unless otherwise noted. Market Matters does not make any representation of warranty as to the accuracy of the figures or prices and disclaims any liability resulting from any inaccuracy.
Reports and other documents published on this website and email (‘Reports’) are authored by Market Matters and the reports represent the views of Market Matters. The Market Matters Report is based on technical analysis of companies, commodities and the market in general. Technical analysis focuses on interpreting charts and other data to determine what the market sentiment about a particular financial product is, or will be. Unlike fundamental analysis, it does not involve a detailed review of the company’s financial position.
The Reports contain general, as opposed to personal, advice. That means they are prepared for multiple distributions without consideration of your investment objectives, financial situation and needs (‘Personal Circumstances’). Accordingly, any advice given is not a recommendation that a particular course of action is suitable for you and the advice is therefore not to be acted on as investment advice. You must assess whether or not any advice is appropriate for your Personal Circumstances before making any investment decisions. You can either make this assessment yourself, or if you require a personal recommendation, you can seek the assistance of a financial advisor. Market Matters or its author(s) accepts no responsibility for any losses or damages resulting from decisions made from or because of information within this publication. Investing and trading in financial products are always risky, so you should do your own research before buying or selling a financial product.
The Reports are published by Market Matters in good faith based on the facts known to it at the time of their preparation and do not purport to contain all relevant information with respect to the financial products to which they relate. Although the Reports are based on information obtained from sources believed to be reliable, Market Matters does not make any representation or warranty that they are accurate, complete or up to date and Market Matters accepts no obligation to correct or update the information or opinions in the Reports. Market Matters may publish content sourced from external content providers.
If you rely on a Report, you do so at your own risk. Past performance is not an indication of future performance. Any projections are estimates only and may not be realised in the future. Except to the extent that liability under any law cannot be excluded, Market Matters disclaims liability for all loss or damage arising as a result of any opinion, advice, recommendation, representation or information expressly or impliedly published in or in relation to this report notwithstanding any error or omission including negligence.
Financial Services Guide
Date prepared: Wednesday, 22 November 2017
Last update: Friday, 25th October 2019
About this Financial Services Guide (FSG)
This FSG provides you with key information about a range of subscription services offered by:
Marketmatters Pty Ltd (Market Matters) Australian Financial Services Licence No. 488798 ABN (20 137 462 536)
Level 29, Chifley Tower, 2 Chifley Square Sydney 2000
T: 1300 301 868
E: [email protected]
In this FSG, “we”, us” and “our” refer to Market Matters.
Market Matters holds Australian Financial Services Licence No. 488798 (AFSL) and is responsible for any financial services that we provide to you.
This AFSL was issued on 8th September 2016.
The purpose of this FSG is to provide you with information about:
Market Matters operates a website, www.marketmatters.com.au (Website), where customers may, for the payment of a subscription fee, access certain financial information and general advice. In particular, the Website provides:
This FSG relates only to the Website Services.
What financial services we can offer in connection with the Website Services
As holder of AFSL number 488798, in connection with the Website Services we are authorised to provide general financial product advice to both retail and wholesale clients in relation to the following financial products:
The Website Services are comprised of general advice only. That is, none of the advice given on the Website or by provision of the Website Services takes into account any of your objectives, financial situation or needs (Your Personal Circumstances). Before acting on any of the information, advice or Website Services, you must consider the appropriateness of this information in light of Your Personal Circumstances and, if necessary, consult a financial adviser before making any investment decision.
If you are seeking to acquire a specific financial product or security, you should obtain a copy of and consider the Product Disclosure Statement or Prospectus for that product before making any investment decision.
The Website does not provide a trading platform or access to a trading platform. There is no ability to purchase or sell financial products through the Website.
How do I access these services?
You can access these services by going to www.marketmatters.com.au and following the prompts and steps required to sign up for membership. Please read all terms and conditions carefully.
Fees and benefits payable to us and our associates
The Website is a subscription-based service. A yearly fixed subscription fee is payable to Market Matters when you subscribe to the Website which will vary depending on the type of subscription for which you subscribe. At the date of this FSG, the yearly subscription fees are as follows:
Platinum: $1,238 for 12 months
Platinum: $1,993 for 24 months
Subscription fees vary from time to time and are provided on the Website.
The Website does not currently feature third party advertising. Market Matters reserve the right to advertise at a future time for which they may receive remuneration. Any such advertising will be independent of any other content on the Website.
All representatives of Market Matters (Market Matters Staff) receive a salary paid by Market Matters. Market Matters Staff may also receive performance-based bonuses which are based on profitability, the number of subscribers and subscription renewal rates.
Where we refer you to a third party financial services provider, we may receive a referral payment. This referral payment may be a percentage of the fee’s charged by the financial services provider between 0% and 25%, or a fixed amount. These referral payments are made by the financial services provider to Market Matters and are not an additional cost to you.
How do we manage potential conflicts of interest?
Market Matters have implemented policies and procedures to mitigate the risk of conflicts of interest. These include:
Market Matters Staff and Contributors are encouraged to express independent views and opinions on the topics they write about. This is established through ongoing training, external audits and our conflict of interest and staff trading policies. Market Matters Staff are required to serve the best interests of the subscribers, without consideration of any commercial or personal interests.
How is my personal information dealt with?
If you have a complaint about our services, you should take the following steps:
Contact us and discuss the complaint directly. If you do not feel comfortable discussing the complaint with us or your complaint is not satisfactorily resolved within 2 business days, please telephone Market Matters, on 1300 301 868 and ask to speak with the Complaints Officer. We suggest you put your complaint in writing at this time so that the issues are fully documented and understood by the parties. Your complaint should be addressed to:
The Complaints Officer
Level 29, Chifley Tower,
2 Chifley Square Sydney NSW 2000
Market Matters will review your complaint within 45 days and attempt resolution. If you are still not satisfied with the outcome, you may take your complaint to an external dispute resolution scheme. Market Matters is a member of the scheme operated by the Financial Ombudsman Service. You should write to:Australian Financial Complaints Authority Limited (AFCA)
You may also wish to consult ASIC in relation to your complaint. ASIC’s website contains information on complaining about companies and people and describes the types of complaints handled by ASIC. You can contact ASIC on its free call infoline:
Tel: 1300 300 630 or email [email protected]
We maintain professional indemnity insurance to cover our employees and Authorised Representatives (including us) for the financial services they provide, having regard to the following:
If you require further information about these compensation arrangements please contact us.
Terms and Conditions
This website, www.marketmatters.com.au, is published by Marketmatters Pty Limited (ABN 20 137 462 536) ('Market Matters', 'MM', 'us', 'we', 'our') Australian Financial Services Licence 488798
Financial Services Guide
Market Matters Financial Services Guide (FSG) is located here, and contains important information about the financial services provided by Market Matters. You must read our FSG and consider it in the context of your Personal Circumstances before acting on any advice. By accepting the terms and conditions you are acknowledging that you have read the FSG.
Provision of the Reports
Reports and other documents published on the Market Matter’s website (‘Reports’) are authored by Market Matters. The Reports represent the views of Market Matters based on technical analysis of companies, commodities and the market in general. Technical analysis focuses on interpreting charts and other data to determine what the market sentiment about a particular financial product is, or will be. Unlike fundamental analysis, it does not involve a detailed review of the company’s financial position.
The Reports contain general, as opposed to personal advice. That means they are prepared for multiple distribution without consideration of your investment objectives, financial situation and needs (‘Personal Circumstances’). Accordingly, any advice given is not a recommendation that a particular course of action is suitable for you and the advice is therefore not to be acted on as investment advice. You must assess whether or not any advice is appropriate for your Personal Circumstances before making any investment decisions. You can either make this assessment yourself, or if you require a personal recommendation, you can seek the assistance of a financial advisor.
The Reports are published by Market Matters in good faith based on the facts known to it at the time of their preparation and do not purport to contain all relevant information with respect to the financial products to which they relate. Although the Reports are based on information obtained from sources believed to be reliable, Market Matters does not make any representation or warranty that they are accurate, complete or up to date and Market Matters accepts no obligation to correct or update the information or opinions in the Reports.
If you rely on a Report, you do so at your own risk. Any projections are estimates only and may not be realised in the future. Except to the extent that liability under any law cannot be excluded, Market Matters disclaims liability for all loss or damage arising as a result of any opinion, advice, recommendation, representation or information expressly or impliedly published in or in relation to this report notwithstanding any error or omission including negligence.
Past performance is not a reliable indicator of future results. Brokerage costs have not been included in the calculation of performance. As financial products rise and fall in value, returns may be negative. Performance figures are not intended to be a forecast. Market Matters does not guarantee the performance of or returns on any investment.
Employees and/or associates of Market Matters may hold one or more of the stocks reviewed on this website.
Subscriptions and Subscription Prices
To access premium content available on the Market Matters website you may initially subscribe through the complimentary trial which provides you full access to all services for the trial period. You are limited to two trials after which you must subscribe to one or more membership categories available on the website or direct with Market Matters before you can trial the service again, three months after the expiry of your second trial.
To subscribe to Market Matters services and access to the website you may go to the Memberships page of the website, provide the information marked as ‘Mandatory’ and select the payment option for the price quoted (at the time of your transaction) or contact the team directly at Market Matters by phone or email. You will then receive a verification email from Market Matters indicating that your subscription and payment have been accepted and you will be able to access the premium content.
Prices published on the Market Matters website are quoted in Australian Dollars (AUD) and are inclusive of GST and/or all other duties and taxes. Market Matters has used reasonable endeavours to ensure that prices for subscription to its services are published accurately on the website but these prices are subject to change and Market Matters reserves the right to change these prices and will notify you of any increase by email (with the price increase to apply from the time the next payment is due).
Marketmatters Pty Ltd (ABN 20 137 462 536) will issue a tax invoice to paying subscribers in relation to any supply that is subject to GST in accordance with A New Tax System (Goods and Services Tax) Act 1999.
Any member is entitled to cancel their membership at any time. In the event a member does wish to cancel their subscription, cancellations must be notified in writing to:
Level 29, Chifley Tower, 2 Chifley Square, Sydney NSW 2000
or by email to: [email protected]
All cancellations of month-by-month subscriptions will be cancelled and not billed again the following month.
All cancellations within 14 days we be entitled to a full refund. Any introductory gifts, such as, but not limited to; iPads, Fitbit watches, Apple watches, Google Homes, must be returned in their original condition before a refund will be made.
All cancellations made after 14 days of subscription commencement will not be entitled to a refund unless in the event of extenuating circumstances, at the sole discretion of Market Matters.
Subscriptions will automatically renew on the expiry date of current subscription. In these instances the subscription will be renewed at the current rate published on the Market Matters web site, using the same credit card that paid for the initial subscription, unless otherwise requested by the subscriber. A subscriber who wishes to cancel after being renewed in this way will have a “14 day cooling off period” in which they can request to discontinue and will receive a full refund for the renewal payment, this can be done in writing to:
Level 29, Chifley Tower, 2 Chifley Square Sydney 2000
or by email to: [email protected]
Market Matters has not reviewed any of the websites which link to this website or to which this website links. Market Matters is not responsible for the content of any other website or pages linked to or linking to its website. Following links to any other websites or pages shall be at the user’s own risk.
Copyright © 2018 Marketmatters Pty Ltd (ABN 20 137 462 536). No part of this website, or its content, may be reproduced in any form without the prior consent of Market Matters.
This Agreement is governed by and is to be construed in accordance with the laws of New South Wales, Australia. You agree to the non-exclusive jurisdiction of the courts of New South Wales, Australia in respect of any proceedings concerning this Agreement. This website is not available to US and/or EU persons and by accepting these terms you confirm that you are not a US and/or EU person.