The Challenger Ltd (ASX: CGF) share price could be on the move today following the release of its full year results.

How did Challenger perform in FY 2020?

For the 12 months ended 30 June 2020, Challenger reported a 4% increase in funds under management to $85.2 billion and improved Life sales across a more diversified base.

However, this was offset by significant negative investment experience relating to the COVID-19 pandemic market sell-off.

In respect to earnings, Challenger reported normalised net profit before tax of $507 million, down 8% on the prior corresponding period. This was in line with its guidance for the low end of its $500 million to $550 million range. This normalised result excludes investment experience and significant items.

Also on target was its normalised pre-tax return on equity (ROE). While it was lower year on year at 14.8%, it was 20 basis points above target.

On the bottom line, Challenger posted a normalised net profit after tax of $344 million, which was down 13%. On a statutory basis, the company reported a net loss after tax $416 million, reflecting significant Life investment experience losses from the pandemic-related market sell-off.

In light of the uncertain conditions, investment market volatility, and its intention to maintain a strong capital position while optimising earnings, the Challenger board has decided not to pay a final dividend in FY 2020. This means its interim dividend of 17.5 cents per share will be the only dividend it pays this year, down from 35.5 cents per share in FY 2019.

Managing Director and Chief Executive Officer, Richard Howes, commented: “While investment losses resulting from the major COVID-19 market event have impacted our net statutory performance, our strategy of growing funds under management and diversifying our revenue base demonstrates underlying business resilience.”

The chief executive appears optimistic that Challenger can overcome structural changes occurring in the wealth management market.

He explained: “Our domestic annuities sales continue to be impacted by structural changes to the wealth management market, and this year have been additionally affected by new age pension means test rules and the COVID-19 disruption. We are quickly evolving our business in response to the changes, and we are seeing positive signs that we are well positioned to rebuild momentum in the new market environment.“

FY 2021 outlook.

The annuities company is expecting its normalised net profit before tax to decline again in FY 2021. It has provided guidance for normalised net profit before tax in the range of $390 million to $440 million. This represents a 13.2% to 23% decline year on year.

This guidance assumes Challengers Life’s strong capital position will be prudently deployed over the course of the year, with the deployment of up to $3 billion in cash and liquids into higher returning investments. Management advised that this reflects an intention to maintain defensive portfolio settings and carefully manage expenses.

Challenger continues to target a normalised pre-tax return on equity of the RBA cash rate plus 14%. Though, it warned that its performance against this target is heavily reliant on the speed of capital deployment and market conditions.

And in respect to dividends, the company is maintaining its target normalised dividend payout ratio of between 45% and 50% and expects to return to paying dividends in this range when conditions allow.

More reading

• 5 things to watch on the ASX 200 on Tuesday
• It’s ASX reporting season! Here’s what to watch out for this week
• 5 things to watch on the ASX 200 next week
• Why the Challenger share price is tumbling lower today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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 Mesoblast Limited (ASX: MSB) share price has been a big success story in 2020. The Mesoblast share price has now rocketed 377.5% higher since bottoming at $1.02 per share in the March bear market.

What does Mesoblast do?

Mesoblast is a leading Aussie biotech company that specialises in regenerative medicine. 

The company has a number of innovative cellular medicines to treat serious and life-threatening diseases.

Specifically, Mesoblast seeks to provide treatments for inflammatory ailments, cardiovascular disease and back pain.

It also has a number of potential product candidates in Phase 3 trials including treatment for acute respiratory distress syndrome due to COVID-19 infection.

The Mesoblast share price has been a top performer for a number of years and is up 137.6% since 1 January.

Why is the Mesoblast share price surging higher?

It was a good start to the week for shareholders as the company’s shares surged 10.7% higher on Monday.

That was despite no major announcements from the ASX biotech company.

I think investors are anticipating some good news in the coming days or weeks. It’s not uncommon to see a company’s share price surge ahead of a big announcement such as a successful trial result or product announcement.

There’s no firm date for Mesoblast’s full-year result but it did report its FY19 result on 30 August 2019.

I think the Mesoblast share price is certainly one to watch. There is obviously strong momentum behind the stock but investors are pricing in a lot of future growth.

That means the FY20 result looms as a real trigger point. If Mesoblast’s earnings and research and development pipeline are promising, I’d expect the biotech share to climb higher.

However, if we see a soft result or further headwinds in FY21, investors may pull back from the current valuation.

Foolish takeaway

Whether you’re a biotech investor or not, the Mesoblast share price rise has been impressive.

The August full-year result looms as a real make or break for the company’s shares this year.

I’m quietly confident of an outperforming result from Mesoblast. I think the company has enough in the way of promising potential products that it is on track for further success in 2020 and beyond.

Either way, I’ll be watching any announcements from the Aussie biotech company closely this month.

More reading

• Why Kogan and these ASX shares just hit new record highs
• ASX 200 jumps 1.2%: Big four banks rise, Qantas update, Mesoblast surges
• These were last week’s best performing ASX shares
• ASX 200 Weekly Wrap: Surging commodity prices snap ASX 200’s losing streak
• These were the best performing ASX 200 shares last week

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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Afterpay Ltd (ASX: APT) shares have been hot property in 2020. The Afterpay share price has jumped 136.8% this year and smashed its record high time and again.

We’ve all got a little bit of regret about not buying Afterpay in recent times. That said, here’s how much $10,000 invested in Afterpay shares 12 months ago would be worth today.

What $10,000 in Afterpay shares is worth today

Impressively, Afterpay shares are up 205.8% since 12 August 2019. That’s despite the coronavirus pandemic and the March bear market which saw Afterpay fall to as low as $8.01 per share.

That means a $10,000 investment last August at $23.72 per share would have netted you 421 shares.

Multiplied by yesterday’s closing price of $72.54, that investment would be worth $30,539.34. Ouch, that hurts.

What about other top ASX growth shares?

It may seem like Afterpay is a one in a million company. That may well be the case, but there are other strong ASX growth shares on the market.

A $10,000 investment in CSL Limited (ASX: CSL) 5 years ago would be worth more than $30,000 today.

Similarly, the A2 Milk Company Ltd (ASX: A2M) share price has rocketed an eye-watering 2,588.7% in 5 years.

That means $10,000 worth of A2 Milk shares would be worth $268,863.56 today. That’s up there with Afterpay shares amongst the top ASX growth shares.

The Nextdc Ltd (ASX: NXT) share price has jumped 359.6% in 5 years to $11.95 per share. The Aussie data centre operator is hot property right now and just hit a new all-time high.

Where can I find the next Afterpay?

I think this August earnings season could provide a big clue. It looks like we’re starting to see a “two-speed” economy right now.

That means some companies and industries are outperforming while others are hammered by the coronavirus pandemic restrictions.

I’d keep an eye on Afterpay shares ahead of its August earnings result. It’s a similar story for other hot tech shares like Nextdc with investors pricing in a strong growth trajectory.

I think hot industries like renewable energy and cybersecurity could also be worth watching for the next Afterpay in 2020.

More reading

• 3 tips for beginners investing in ASX shares
• A2 Milk Company share price on watch after naming its new CEO
• 5 things to watch on the ASX 200 on Tuesday
• 4 ASX shares I’m expecting big things from this reporting season
• Sigma share price jumps on $172 million deal

Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of A2 Milk and AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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As week 2 of ASX reporting season rolls on we are starting to see the impact of the COVID-19 pandemic in results. Nonetheless there have been some upside surprises in the retail sector, largely driven by the shift in consumer spending. We take a look at reporting season so far. 

Insurers doing it tough

FY20 has been a tough one for insurers, with the double whammy of COVID-19 and summer bushfires. Insurance Australia Group Ltd (ASX: IAG) saw profits fall 60% compared to FY19 due to natural perils and investment market volatility. Although gross written premium growth of 1.1% was in line with guidance, no final dividend was declared. Negative cash earnings of over $100 million in the second half mean the 10 cent interim dividend paid in March 2020 equated to nearly 83% of FY20 cash earnings. This was in excess of IAG’s full year payout policy of 60–80% cash earnings. 

Genworth Mortgage Insurance Australia Ltd (ASX: GMA) reported a statutory loss of $90 million in 1H20. COVID-19 impacts including write-downs and loss reserves drove the result, which compared to an $88.2 million profit in 1H19. While Genworth delivered high volume in its core lenders mortgage insurance business, net claims incurred increased to $101.1 million reflecting additional COVID-19 loss reserving. 

Retailers surprise on upside 

Despite the impact of store closures and the economic downturn, ASX retailers have performed strongly so far. Nick Scali Limited (ASX: NCK) reported net profits of $42.1 million, above recent guidance and on par with the previous year despite the impacts of store closures. Revenue loss from the store closures is estimated to be approximately $9 million to $11 million, with full year revenue of $262.5 million. But once stores reopened, sales surged, with May and June sales orders up by 72% year on year. 

Adairs Ltd (ASX: ADH) also saw strong sales. The omni-channel homewares retailer reported a 12.9% increase in group sales for FY20 despite the impact of store closures. Online sales accounted for 31.9% of the total $388.9 million. Online furniture subsidiary Mocka performed ahead of expectation with sales growth of 50.2%. The retailer has reduced net debt to $1 million and declared a final dividend of 11 cents per share. This represents 72% of underlying net profit after tax for 2H FY20. 

Who else is reporting? 

There are a host of ASX companies due to report in coming days and weeks. This week we’ll hear from Commonwealth Bank of Australia (ASX: CBA), Breville Group Ltd (ASX: BRG) and Newcrest Mining Ltd (ASX: NCM), amongst others. Next week, JB Hi Fi Limited (ASX: JBH), Kogan.com Ltd (ASX: KGN) and Altium Ltd (ASX: ALU) will reveal their results. 

More reading

• Why Kogan and these ASX shares just hit new record highs
• 5 things to watch on the ASX 200 on Tuesday
• Forget term deposits and buy these ASX dividend shares
• Should you buy CBA shares before the dividend announcement?
• Are ASX retail shares buys right now?

Kate O’Brien owns shares of Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia has recommended Kogan.com ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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On Monday the S&P/ASX 200 Index (ASX: XJO) was on form and stormed almost 1.8% higher to hit a three-week high of 6,110.2 points.

While this is positive, a number of shares on the local market are performing even better, and some have even been hitting record highs.

Three that have achieved this feat are listed below. Here’s why they are flying high right now:

Ansell Limited (ASX: ANN)

The Ansell share price continued its ascent and hit a record high of $40.40 on Monday. The health and safety products company’s shares have been very strong performers this year thanks to increasing demand for its personal protective equipment during the pandemic. One broker that believes this increase in demand is structural and not a one off is Credit Suisse. For this reason, the broker put an outperform rating and $42.50 price target on its shares this week. This could mean that there’s still room for its share price to push higher.

Kogan.com Ltd (ASX: KGN)

The Kogan.com share price continued its remarkable run on Monday and stormed to a new record high of $20.77. Investors were fighting to get hold of the ecommerce company’s shares again yesterday after it revealed that its strong growth continued during July. According to the release, Kogan added an incremental 126,000 active customers during the month. This lifted its total active customers to a massive 2,309,000. Thanks to this strong customer growth and the continued shift to online shopping, Kogan reported a 110% increase in monthly gross sales and a 160% lift in gross profit for July.

Mesoblast limited (ASX: MSB)

The Mesoblast share price was on form again on Monday and hit a new record high of $4.88. The biotech company’s shares have been on fire this year thanks to excitement around its lead product candidate remestemcel-L. This excitement has been building since the recent release of its quarterly update. With the update, the company’s Chief Executive, Dr Silviu Itescu, commented: “Remestemcel-L has two imminent major milestones, the interim analysis in the ongoing Phase 3 trial of remestemcel-L in COVID-19 patients with acute respiratory distress syndrome and the FDA advisory committee panel review of our submission for potential approval of RYONCIL (remestemcel-L) in children with steroid-refractory acute graft versus host disease.” He added: “Together with the upcoming Phase 3 read-outs in chronic heart failure and back pain, these key milestones will take the Company into the most significant period in its history.”

More reading

• Up 377% since March: Is the Mesoblast share price a buy?
• ASX reporting season reveals some upside surprises
• The ASX stocks that could enjoy a consensus earnings upgrade this reporting season
• Are ASX retail shares buys right now?
• 4 ASX shares I’m expecting big things from this reporting season

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia has recommended Ansell Ltd. and Kogan.com ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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A stock split is a term that has recently been all over the investing world. Why? Well, because one of the largest companies in the world — Apple Inc. (NASDAQ: AAPL) — has recently announced a fresh stock split. So although companies on the ASX aren’t as prolific with stock splits as our friends over in the United States, understanding how these splits work is still a valuable piece of investor information that I think everyone should have their head around.

What is a stock split?

A stock split is… well, it’s all in the name. It refers to the process of a company deciding to ‘divide’ existing shares into smaller parts. Apple announced last week that it would be undergoing a 4-for-1 stock split soon. This means that an existing Apple share will be split into 4 parts, each worth a quarter of what the ‘unsplit’ shares are valued at.

To be very clear, this has no impact on the value of a person’s Apple holdings. Say I have 2 Apple shares worth US$445 each before the split takes place. After the split, I will have 8 Apple shares worth approximately US$111.25 each. My overall Apple position has not changed one iota. It’s really just a game of arithmetic at the end of the day.

Why do companies do it?

Because a stock split has no real impact on any current or future investors, it can be hard to understand why a company would want to split their shares. The usual explanation is that it ‘levels the playing field’ of potential new investors to the company.

If a company has a $5 share price, virtually anyone who can buy shares in the first place is able to invest in said company. But take a company like Amazon.com Inc. (NASDAQ: AMZN). Its shares are presently valued at more than US$3,000 (A$4,193) each. Many newer retail investors simply don’t have that kind of capital to sink into one company. One famous example is Warren Buffett’s Berkshire Hathaway Inc. (NYSE: BRK.A)(NYSE: BRK.B). It has never, in its long history, split its A-class shares. As a result, one single BRK.A share will set you back around US$315,000 today.

The logic goes that those potential investors that might not have wanted to buy Apple for US$450 might be more inclined to do so if Apple shares were closer to US$110. And more buying pressure of any kind is good news for existing Apple shareholders.

But in reality, I think stock splits make for good public relations and not much else. Something to remember when you next hear the term ‘stock split’!

More reading

• 5 investing tips from Irving Kahn – who called the 1929 stock market crash
• Bank savings rates fall as Buffett racks up record cash pile and analysts tip Qantas share price rebound
• How Moderna went from coronavirus sequence to a phase-1-ready vaccine candidate in 42 Days
• Why Amazon shares climbed 14% last month
• Better Buy: Alphabet vs. Amazon

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Amazon, Apple, and Berkshire Hathaway (B shares) and recommends the following options: long January 2021 $200 calls on Berkshire Hathaway (B shares), short January 2021 $200 puts on Berkshire Hathaway (B shares), short January 2022 $1940 calls on Amazon, long January 2022 $1920 calls on Amazon, and short September 2020 $200 calls on Berkshire Hathaway (B shares). The Motley Fool Australia has recommended Amazon, Apple, and Berkshire Hathaway (B shares). We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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 A2 Milk Company Ltd (ASX: A2M) share price will be on watch today after the infant formula and fresh milk company finally found its next permanent managing director and chief executive officer.

What did a2 Milk Company announce?

In December last year, former CEO Jayne Hrdlicka abruptly left the fast-growing company after she “agreed to step down” from her role with immediate effect. Ms Hrdlicka was replaced with its former CEO, Geoffrey Babidge, on an interim basis while the company searched globally for a permanent replacement.

This morning a2 Milk Company revealed that it has finally found its next leader, with the appointment of David Bortolussi. He will succeed interim CEO Geoffrey Babidge early in the 2021 calendar year.

Who is David Bortolussi?

Mr Bortolussi was most recently the Group President – International Innerwear, at HanesBrands, where he was responsible for and had extensive exposure to Asian sourcing markets, particularly in China. This includes various brand distribution partnerships in the region.

Prior to this, Mr Bortolussi spent five years at Foster’s Group, where he held the role of Chief Strategy Officer and was responsible for corporate strategy, M&A, business development, and performance improvement. In this role, he led the operational separation and demerger of the domestic beer and global wine businesses, generating significant shareholder value.

Given the hefty cash balance that a2 Milk Company is sitting on at the moment, the new CEO’s experience in M&A could come in very handy in the near future.

The company’s chair, David Hearn, commented: “Following an extensive global search, the Board is delighted to have secured David for this role. David has demonstrated significant skill in guiding businesses through periods of significant growth whilst also effectively managing the changes that expansion frequently requires.”

“The a2 Milk Company is going through a period of continued strong growth in dynamic markets and David’s skillset and comprehensive strategic and operational experience will serve the company well. I am looking forward to working with David as we navigate these challenges together with the board and management team,” he added.

The new CEO appears up for the challenge. Mr Bortolussi said: “I have always admired The a2 Milk Company’s achievements and I am looking forward to joining the board and management team to continue the development of such an extraordinary business. The team at a2 has created a very distinctive consumer proposition, amazing brand and strong culture with so much potential. I’m thrilled to have the opportunity to lead such a talented and experienced team, and to be part of the next phase of growth.”

More reading

• 5 things to watch on the ASX 200 on Tuesday
• A2 Milk and 1 other top ASX growth share to buy this month
• Would Warren Buffett buy a2 Milk Company shares?
• 3 top ASX growth shares you should never sell
• 3 ASX shares poised for huge growth over the next year

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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 Bega Cheese Ltd (ASX: BGA) share price jumped 2.0% higher yesterday as the S&P/ASX 200 Index (ASX: XJO) got off to a strong start.

The Bega Cheese share price is now up 6.5% in 2020 but where is it headed in August?

Why 2020 has been a good year for Bega

For one thing, supply costs are remaining low. Farmgate milk prices remain depressed, which is good for Bega’s profit margins.

There’s also been strong demand for Bega’s products in the first half of 2020. Bega operates in the Consumer Staples sector, which is good for earnings stability.

Strong supermarket sales have certainly helped and I’m hoping for solid earnings across Bega’s spreads, dairy consumer packaged goods, nutritionals and dairy ingredients.

Demand from China was somewhat subdued in Bega’s half-year result in February but I think it still represents a strong growth corridor.

Where will the Bega Cheese share price go in August?

The Bega Cheese share price will be worth watching in August.

The Aussie dairy group hasn’t provided an exact date for its full-year results announcement but reported last year’s result on 28 August 2019.

Slowing sales to China is a potential area of concern for Bega. However, if the August full-year result indicates steady demand, I think Bega’s shares may continue to climb in 2020.

The other potential headwind is an increasing number of homebrand products. These brands from the likes of Coles Group Ltd (ASX: COL) are putting pressure on both volume and pricing for Bega.

That’s why I think the August full-year result is one to watch. It could be the key to understanding where the Bega Cheese share price is set to end the year.

Foolish takeaway

The Bega Cheese share price has been a strong performer in 2020 and the full-year result looms as the key for further gains.

I’d want to see steady earnings and a solid growth outlook, particularly for Asia.

Bega shares currently trade at a price-to-earnings ratio of 64.2, which is a bit on the high side. That means I won’t be buying until I see the company’s latest financials later this month.

More reading

• Is the Origin Energy share price cheap or will it keep falling?
• 5 things to watch on the ASX 200 on Tuesday
• Why the Wesfarmers share price is too expensive
• The ASX stocks that could enjoy a consensus earnings upgrade this reporting season
• Why I’ve gone cold on ASX REITs

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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 Origin Energy Ltd (ASX: ORG) share price jumped 1.4% higher yesterday in a good sign for investors. However, the Origin Energy share price remains down 31.2% for the year.

So, is the ASX energy share in the buy zone or will it fall further in 2020?

Why the Origin Energy share price has slumped this year

It’s been tough going for ASX energy shares in 2020. That means Origin Energy is in good company when it comes to the ASX losers list.

One of the big factors has been a slump in demand for energy. That’s largely been driven by the coronavirus pandemic, which has shut down operations in many energy-intensive industries like travel and manufacturing.

Origin has a number of different operating segments. The company is involved in energy sales, renewable energy, gas exploration and production as well as power generation. 

The recent slump in demand has naturally impacted on realised prices and earnings for Origin. That means all eyes will be on Origin’s full-year results announcement on Thursday 20 August.

What can we expect from Origin’s full-year result?

I don’t think anyone would be surprised by a drop in Origin’s full-year earnings and profit numbers. Despite the Origin Energy share price trading with a dividend yield of 5.2%, I’d expect that to fall lower.

The real question is just how badly earnings have been impacted and what the outlook for FY21 is like.

Investors are naturally interested in what the future looks like. That means a clear pathway for dividends and more certainty around management’s strategy for the short- to medium-term.

There has been an uptick in renewable energy usage during 2020. As one of the largest energy producers in Australia, Origin is well-placed to capitalise on any changing consumer trends.

Is Origin in the buy zone?

The Origin share price currently trades at a price-to-earnings (P/E) ratio of 10.1. That’s slightly cheaper than rival AGL Energy Limited (ASX: AGL) and could make it a good relative buy.

The 31.2% share price drop this year is a concern, but could mean it has been oversold. If we see a clear growth strategy and signs of strengthening earnings, I think the Origin Energy share price could be in the buy zone this month.

More reading

• Where is the Bega Cheese share price headed in August?
• 5 things to watch on the ASX 200 on Tuesday
• Why the Wesfarmers share price is too expensive
• The ASX stocks that could enjoy a consensus earnings upgrade this reporting season
• Why I’ve gone cold on ASX REITs

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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