This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Bear markets are pivotal times that can completely change long-term investing performance. Obviously, a market crash can erase years of diligent savings and shrewd investing in the course of a few months. On the other hand, pulling out of the stock market now can prevent you from getting big returns when it recovers. There are a few factors to consider before you can determine which route is safer.

The state of the stock market

By most people’s definitions, we’re in a bear market. The S&P 500 is down 20% year to date while the NASDAQ has fallen 30%. These sorts of declines are typically associated with stocks that have become very cheap, but that’s not exactly the case right now.

Stock valuations were near all-time highs in 2021, so the recent downturn has simply dropped those valuations in line with historically normal levels. The average dividend yield for the S&P 500 still hasn’t recovered to pre-pandemic levels.

SPY Dividend Yield data by YCharts.

Meanwhile, the forward PE ratio for the S&P 500 recently fell below 18. That’s slightly below the pre-pandemic level — which itself came at the end of one of the best decades in stock market history.

The rise of high-growth, low-dividend tech stocks within major stock indexes certainly plays a role in those metrics, but that doesn’t explain everything going on. We can still conclude that stocks aren’t particularly cheap across the board. They just aren’t prohibitively expensive anymore.

Personal circumstances

That context is important. We can’t make blanket statements about the market being cheap or expensive today. We can make educated guesses about the future of the market, but that’s even more difficult to forecast when valuations aren’t abnormally high or low.

This means that the safety of stock investing depends heavily on your own personal circumstances. Risk tolerance, investment time horizon, and financial goals all play important roles in determining the best course of action. Investors with short time horizons and low risk tolerance need to be much more careful about short-term risks. Investors with high risk tolerance and long-time horizons need to think very carefully about long-term opportunity costs if they refrain from investing.

It’s probably a bad time for you to sell stocks

That said, it’s a horrible time to sell for the vast majority of investors. It’s easy to feel the sting from the most recent market crash, but pulling money out of the market at this time is just a reaction that’s coming too late.

Humans are prone to a common mistake that can really complicate investment analysis. We tend to look at recent trends and assume that they’ll continue. In reality, circumstances have changed drastically in capital markets. Some of the forces that were present at the start of the 2022 market crash are far less potent today.

The prospect of interest rate hikes by the Fed rippled through the market. Investors recognized opportunities for higher yields and grew fearful of an economic slowdown. After the Fed’s aggressive hike in June, the market actually rose, indicating that these fairly extreme monetary policy changes were fully reflected by Wall Street. Expectations have come more in line with reality. Falling stock valuations also removed fuel for the sell-off. Huge quantities of growth investors who piled into tech stocks over the past two years have since closed those positions as the party ended. There’s just not as much room to the downside.

That’s a long way of saying that the market isn’t bound to keep falling just because it’s had a rough six months. If you pull money out of the market right now, you’re simply locking in those losses. This isn’t to say that the market won’t fall further — it definitely could. A recession looks imminent, consumers are still feeling the sting from high inflation, and global supply chains are still recovering from the COVID-19 disruption. It’s hard to see a catalyst today that is going to drive valuations higher, and corporate earnings might be weak for the next few quarters.

When you should consider pulling money out of the market

The only people who should seriously consider selling are those who are too exposed to equities. People who are approaching retirement should have a balanced portfolio with both stocks and bonds. That’s similarly true for investors who have relatively short-term cash needs or a personal aversion to risk. If your investment allocation is misaligned with your personal circumstances, then it might be wise to limit your volatility — even if it means locking in some of your recent losses.

It’s still not wise to completely abandon stocks in this extreme case. Stocks have a role in most portfolios well into retirement; they just need to be properly balanced.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Is it safer to pull your money out of the stock market or keep investing for now? appeared first on The Motley Fool Australia.

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• Whitehaven share price takes off despite climate legal challenge
• The surprising ASX shares to buy as interest rates rise: expert
• CBA share price slips as analyst warns of $2 billion Klarna scratch
• Why Regis Resources, Sayona, Woodside, and Xero shares are pushing higher

The Motley Fool has a disclosure policy.

 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Whitehaven Coal Ltd (ASX: WHC) share price is among the leaders of the S&P/ASX 200 Energy Index (ASX: XEJ) on Tuesday. That’s despite news a planned extension at the company’s Narrabri underground mine is being challenged in court by Bushfire Survivors for Climate Action.

At the time of writing, the Whitehaven share price is $4.88, 1.67% higher than its previous close.

Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is gaining 0.25% and the energy sector is up 2.51%.

Let’s take a look at why the company’s planned project – set to cost more than $400 million – is hitting headlines.

Whitehaven share price gains despite legal challenge

The Whitehaven share price is outperforming on Tuesday. Meanwhile, the company has declared it will “vigorously defend” against proceedings brought against its Narrabri Stage 3 Extension Project.

The project was given the tick of approval from the NSW Independent Planning Commission (IPC) earlier this year. But that’s being challenged in the NSW Land and Environment Court.

Bushfire Survivors for Climate Action has initiated judicial review proceedings. It’s seeking to have the project’s approvals revoked on climate change related grounds.

In an ASX release today, Whitehaven noted the mine’s approval process involved the evaluation of 1,775 submissions from stakeholders. Around a third of those addressed the topic of climate change.

The company also said the IPC granted the project approval after finding that emissions resulting from the extension were “permissible in context of the current climate change policy framework”.

Finally, the company commented, “high quality thermal coal has an important role to play in providing energy security during the decarbonisation transition”.

The Woodside share price has gained 77% over the course of 2022 so far. It’s also a whopping 138% higher than it was this time last year.

The post Whitehaven share price takes off despite climate legal challenge appeared first on The Motley Fool Australia.

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• Why did ASX 200 energy shares soar today?
• ‘Well progressed’ share buyback puts Whitehaven Coal shares on the front foot
• Why are ASX 200 energy shares dragging on the market today?
• I loved this ASX share a year ago, and it’s still my long-term pick: expert
• How did ASX energy shares perform in June?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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While no one has a crystal ball, the prospect of further interest rate rises now seems to be as certain as the sun rising each day.

The Reserve Bank of Australia board met Tuesday afternoon and, as many experts forecasted, it raised the cash rate by 50 basis points.

That makes it a whopping 125 basis point jump over just a few months. But inflation remains rampant and central banks around the world are determined not to let it get out of hand, as it did in the awful 1970s.

Finder head of consumer research Graham Cooke said it’s a tough time for home-owning Australians.

“There’s no light at the end of the tunnel just yet, with our panel forecasting at least two more rate rises to come.”

The ASX shares to stay away from

In such an environment when consumers will start locking up their wallets, which ASX shares make the best investments?

Montgomery Fund portfolio manager Andreas Lundberg had some ideas on a recent blog post, while reminding investors that the current interest rate is still historically very low.

Firstly, in the short term, he would stay well away from discretionary consumer stocks.

That warning is especially relevant for businesses with customer demographics that are exposed to home loans and “other large necessary expenses”.

“If you want to have any exposure to discretionary spending, look for companies catering to younger people,” he said.

“[They] are less likely to have mortgages and be responsible for electricity bills and who are seeing good wage inflation due to minimum wage increases and current labour shortages.”

The ASX shares to buy

His second tip is surprising: buy up high-growth companies.

This is because Lundberg personally believes the RBA will end up not raising interest rates as much as the market is expecting.

The massive home loans taken on in the past decade will mean Australians will be much more demoralised by the current rate hikes compared to past cycles.

“RBA will get cold feet way before they put through anywhere near the level of increases in the cash rate that the market is predicting, as we will see a real contraction in discretionary consumption from households as they come to terms with the inflationary environment we are in at the moment.”

So once it dawns on the market that the RBA will hold fire, a golden opportunity in heavily-fallen high growth shares will be realised, according to Lundberg.

But he warns investors to be discriminating when they’re shopping for these ASX shares. 

“The key will be to figure out which of them have a robust enough business model to survive a likely severe economic downturn before lower central bank rates increase economic activity again.”

The post The surprising ASX shares to buy as interest rates rise: expert appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Commonwealth Bank of Australia (ASX: CBA) share price is down 0.39% so far today to trade at $91.09.

The share price slippage comes amid one broker’s speculation that CBA may have to write down a $2 billion loss relating to its investment in global payments provider, Klarna.

What’s happening with CBA’s stake in Klarna?

First, a little background on CBA and Klarna.

CBA purchased a US$100 million stake in Klarna in 2019, seeking to capitalise on the buy now, pay later (BNPL) craze at the time.

It then lifted its stake in January 2020 by another US$200 million.

As we reported then, this gave CBA about a 5% stake in Klarna. The bank also became a 50% owner of Klarna’s Australia and New Zealand divisions.

Klarna officially launched in Australia on 30 January 2021 and in New Zealand on 4 May 2021.

Now, on to today’s news.

According to reporting in the Australian Financial Review (AFR) today, Morgan Stanley analyst Richard Wiles says CBA may be forced to take a $2 billion writedown on its Klarna stake in FY22.

What did Morgan Stanley say?

According to the article:

The analyst assumes an 85 per cent haircut in the Klarna stake’s value from $2.48 billion in the first half to just $400 million at the end of FY 2022. The potential writedown would reduce the book value by about $1.20 per share or 2.5 per cent.

Any writedown would be booked through CBA’s reserves not its income statement, Morgan Stanley said.

The broker quoted a Financial Times report from July 2 that said Klarna’s valuation had fallen from $US46 billion to $US6.5 billion.

CBA share price summary

The big four ASX bank share has lost 11% of its value over the past month.

The CBA share price has been dragged down by investors’ concerns over rising inflation and interest rates.

CBA will report its full-year results for FY22 during the upcoming earnings season on 10 August.

The post CBA share price slips as analyst warns of $2 billion Klarna scratch appeared first on The Motley Fool Australia.

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• How did the Vanguard Australian Shares Index ETF perform in June?
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• Why did the CBA share price crash 13% in June?

Motley Fool contributor Bronwyn Allen has positions in Commonwealth Bank of Australia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another gain. At the time of writing, the benchmark index is up 0.2% to 6,624.3 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are pushing higher:

Regis Resources Limited (ASX: RRL)

The Regis Resources share price is up 9% to $1.58. Investors have been buying this gold miner’s shares following the release of a production update. That update revealed that Regis had a record quarter for gold production, recording a 20% increase to 123.9k ounces. This means that Regis’ annual gold production came in at 437k ounces. This is up 17% year on year and in line with its guidance of 420k ounces to 475k ounces.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is up 3% to 15.5 cents. A number of lithium shares are pushing higher today amid improving sentiment in the industry. Sayona’s gain comes despite news that its managing director, Brett Lynch, has sold over 4 million shares through an on-market trade.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is up over 3% to $32.32. Investors have been buying energy shares today after oil prices pushed higher again overnight. Traders were bidding oil prices higher amid concerns over supply disruptions in Libya and Norway.

Xero Limited (ASX: XRO)

The Xero share price is up 2% to $80.41 despite there being no news out of the cloud accounting platform provider. However, a number of tech shares are outperforming the market on Tuesday. This has seen the S&P ASX All Technology index rise 1.4% this afternoon. Investors have been buying tech shares after Nasdaq futures rebounded. They were originally pointing to declines tonight but are now indicating that the Nasdaq will open 0.4% higher.

The post Why Regis Resources, Sayona, Woodside, and Xero shares are pushing higher appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Adairs Ltd (ASX: ADH) share price continued to tread lower throughout June despite the company not making any announcements.

Shares in the homewares and furniture retailer last traded at $2.32 on 31 May and closed at $1.91 on 30 June. This represents a decline of around 18% for last month and a sharp contrast from its lofty $4 highs in January 2022.

At the time of writing, Adairs shares are swapping hands at $2.01, up 2.29%.

Let’s take a look at what’s impacted the company’s shares in recent times.

What dragged down Adairs shares last month?

A gloomy economic outlook caused by soaring inflation levels and interest rate hikes weighed down on investor sentiment.

However, the biggest and most notable declines for the company’s shares came between 6 June and 15 June, down 25.56%.

This was when investors reacted to the Reserve Bank of Australia’s (RBA) decision to tighten its monetary policy.

The RBA ramped up the official cash rate by 0.5% to 0.85% on 7 June.

And the RBA governor, Philip Lowe warned that more rate hikes would likely occur in 2022.

With the cost of living severely impacted, this puts pressure on discretionary spending from consumers.

The monthly household spending report for June is set to be released on 9 August. This will give a clearer picture of the country’s economic growth.

Nonetheless, it’s apparent that investors are bracing for the worst which has sent the Adairs share price in a tailspin. Many economists are predicting the cash rate to hit up to 2.35% by the end of this year.

Adairs share price snapshot

A challenging microenvironment has led the Adairs share price to register a loss of 50% in 2022.

It’s worth noting that its shares reached a 52-week low of $1.65 on 17 June before recovering some lost ground.

For context, the S&P/ASX 200 Consumer Discretionary (ASX: XDJ) sector is also in the red this year by 22%.

Based on valuation metrics, Adairs commands a market capitalisation of approximately $331.50 million.

The post Why did the Adairs share price fall 18% in June? appeared first on The Motley Fool Australia.

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• Best ASX shares to buy in July 2022
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• The Adairs share price is down 54% in 2022. What’s happened?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ADAIRS FPO. The Motley Fool Australia has positions in and has recommended ADAIRS FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price underperformed in June despite the bank’s silence.

As of the final close of last month, the ANZ share price was $22.03, 12.02% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) slipped 8.9% last month while the S&P/ASX 200 Financials Index (ASX: XFJ) plunged 11.8%.

Let’s take a closer look at what might have weighed on the ASX 200 banking giant last month.

What weighed on the ANZ share price last month?

The ANZ share price underperformed the broader market last month. Though, it did better than many of its ASX 200 banking peers.

The share prices of its fellow ‘big four’ banks Commonwealth Bank of Australia (ASX: CBA) and National Bank of Australia Ltd (ASX: NAB) slipped 13.4% and 12.4% respectively. Meanwhile, that of Westpac Banking Corp (ASX: WBC) fell 18.3%.

Their suffering came amid rising interest rates and high inflation in June.

The Reserve Bank of Australia (RBA) hiked interest rates for a second consecutive month in early June. It lifted the nation’s benchmark cash rate by 0.5% to sit at 0.85%.

Of course, rising rates allow banks to reprice their loans and potentially increase their bottom line.

However, it also increases the risk that mortgage holders might default on their loans. Rising rates could also cause housing prices to fall, thereby lessening the value of a bank’s loan book.

Sadly, the ANZ share price was well and truly in the red before June took its toll. The bank’s share price has slipped 21.4% since the start of the year. For context, the ASX 200 is down around 12.7% year to date.

The post Why did the ANZ share price underperform the ASX 200 in June? appeared first on The Motley Fool Australia.

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• June was a terrible month for ASX 200 bank shares. Here’s why
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The National Australia Bank Ltd (ASX: NAB) share price fell off a cliff throughout the month of June.

Despite the bank not releasing any announcements, investors offloaded its shares to an 11-month low of $25.43 on 17 June.

For context, NAB shares started the month from 31 May’s market close at $31.26 and ended at $27.39 on 30 June. This represents a decline of around 12% which can be considered sizeable for a blue-chip share in a short time frame.

While NAB shares have since recovered some lost ground, they are still trading 0.88% lower today to $27.49.

What dragged down NAB shares in June?

The NAB share price finished lower than it started last month, dragged down by weakened investor sentiment.

An aggressive rate hike by the Reserve Bank of Australia (RBA) to cool inflation levels spooked the market.

The RBA ramped up the official cash rate by 0.50% to 0.85% on 7 June. This led to NAB shares tumbling 3.25% on the day of the news.

However, the blood-letting didn’t stop there with the bank recording a loss over the next five business days.

In total, NAB shares declined 16.4% from 7 June until 15 June.

And the bank wasn’t the only ASX 200 financial share to suffer.

For context, the Commonwealth Bank of Australia (ASX: CBA) share price dropped 14.21% over the same period while Westpac Banking Corp (ASX: WBC) and Australia and New Zealand Banking Group Ltd (ASX: ANZ) reversed 19.02% and 13.7%, respectively.

Notably, the RBA is meeting today to decide whether it will lift interest rates from the current level.

Most economists are tipping another 0.5% rate hike to 1.35% which will likely have a negative impact on the ASX.

NAB share price summary

Despite heading south last month, the NAB share price is up by 5% over the past 12 months.

The bank’s shares reached a 52-week high of $33.75 in April, before being heavily sold off in the following months.

NAB commands a market capitalisation of roughly $87.8 billion, making it the second-largest bank on the ASX.

The post Why did the NAB share price backtrack 12% in June? appeared first on The Motley Fool Australia.

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• Why ASX 200 value shares are surviving the sell-off better than growth shares
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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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June was a rough month for the Webjet Limited (ASX: WEB) share price. The online travel agency’s stock slumped 10.55% last month for no obvious reason.

After finishing May at $5.97, the Webjet share price was trading at$5.35 as of the final close of June.

For context, the S&P/ASX 200 Index (ASX: XJO) slumped 8.9% last month while many of Webjet’s ASX 200 travel peers also suffered.

So, what dragged on many ASX travel giants last month? Let’s take a look.

Why did the Webjet share price plunge 11% in June?

The Webjet share price struggled last month. Though, it ultimately outperformed many other ASX 200 travel shares.

The share price of Qantas Airways Limited (ASX: QAN), for instance, tumbled nearly 19% in June. Meanwhile, that of Flight Centre Travel Group Ltd (ASX: FLT) slumped 15%.

However, unlike the above-mentioned stocks, Webjet was silent last month.

In fact, the last time the market heard from the company was back in May when it announced it returned to profit in the second half.

So, what weighed on Webjet’s share price might be the same happening that seemingly dragged on the broader market last month. And that was inflation and interest rates.

The Reserve Bank of Australia hiked interest rates by 0.5% in June, sending the cash rate to 0.85% in a bid to tackle inflation.

That likely had many Australians’ pockets feeling lighter and potentially impacted sentiment for travel stocks.

On top of that, Webjet remained one of ASX’s most shorted shares throughout June.

The company had a short position of 7.85% as of 28 June. That basically means 7.85% of its register is betting against its recovery.

Despite the Webjet share price’s poor June performance, the stock has been outperforming the ASX 200 lately. It has slipped just 1.2% this year while the index is recording a 12.5% year-to-date tumble.

The post Why did the Webjet share price fall 11% in June? appeared first on The Motley Fool Australia.

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More reading

• These are the 10 most shorted ASX shares
• How did ASX travel shares perform in June?
• ASX 200 travel shares leap as Australia scraps COVID-19 vaccine mandates for international arrivals
• Here’s why I think the Webjet share price could fly higher in 2022
• Here are the top 10 ASX shares today

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Allkem Ltd (ASX: AKE) share price had a horror June, but could the company’s fortunes turn around?

The lithium miner’s share price fell from $13.71 at market close on 31 May to $10.31 on 30 June. That’s almost a 25% drop.

In today’s trade, the Allkem share price is 1.48% in the red, currently trading at $9.97.

So could July be a better month for the Allkem share price?

Could the Allkem share price go higher?

Allkem is a lithium company with projects including Mt Cattlin in Western Australia and Olaroz in Argentina. Other projects include Naraha in Japan, Sal de Vida in Argentina, and James Bay in Quebec.

Like multiple ASX lithium shares, the Allkem share price tumbled in the month of June. For context, its peer Core Lithium Ltd (ASX: CXO) lost 31% in June while Lake Resources NL (ASX: LKE) fell 49%.

However, analysts, including Macquarie, are positive on the Allkem share price. Macquarie has placed an outperform rating on the company’s share price with a $17 price target. This is 68% more than the company’s current share price.

The analyst sees high lithium prices benefiting the company’s shares, however, the broker highlights energy costs could impact long-term profit.

Meanwhile, the team at Morgans has also recently placed a $16.38 price target on Allkem shares with an add rating. This represents a 62% upside.

Morgans analysts are positive on the company’s geographical mix and diverse products. Morgans sees these factors as a way for Allkem to “capture value as the market evolves”.

Allkem has a goal of raising lithium production to three times its current levels by 2026. The company also wants to sustain a 10% share of the global lithium market in the next decade.

Quest Long portfolio manager Richard Dixon recently explained why his fund holds Allkem shares. He said:

We have held Allkem for many years and also hold IGO and Mineral Resources.

Allkem is the only lithium pure play of the trio, but it is a diversified producer with major expansion plans that can be easily funded from existing cash flow.

Share price snapshot

Allkem shares have surged nearly 44% in a year but have fallen nearly 5% year to date.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has shed nearly 10% in a year and 7% year to date.

The company has a market capitalisation of about $6.3 billion based on its current share price.

The post Down 25% in a month, what is the outlook for the Allkem share price in July? appeared first on The Motley Fool Australia.

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More reading

• Why have ASX lithium shares had such a lousy month in June?
• 3 excellent ASX growth shares that analysts are excited about
• After the sell-off, experts think these 2 lithium ASX stocks are great buys
• Analysts say these ASX growth shares have huge upside potential
• Here are the top 10 ASX shares today

Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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