Langers, it seems like you are a pretty astute investor. We will have to wait to see what happens with IOOF as all of these situations involve a probabilistic outcomes with no certainty. As of yet, IFL has been going well on the financial front, but as you said there are risks. CGF is probably a little dearer than IFL, but I do agree that it is unique as the only true annuity provider and deserves some premium. Challenger is a high quality business and I hold it in our other portfolio (though between the two portfolios there are some 30 stocks held).
Someone will make money at some point on the telcos, but I am wary and that is mainly because of upcoming capex and technological change that I don't know enough about. 5G is the great hope, if telcos can bypass the NBN it could be a game changer.
I don't agree with the comparison between BLA and SCG in that BLA is a fund manager with soft assets like early venture businesses full of intangibles, where as SCG has hard assets like busy shopping centres built on prime real estate. The market is a bit spooked because of the shopping centre trust problems in the US (basically overbuilt in poor locations). My assessment is that SCG doesn't face the same problems - but then again all investing is a risk.
Anyway great to chat to you and I will look into SHL.
AMC Price at posting:
$13.73 Sentiment: Buy Disclosure: Held
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