This year has been a bit of a mixed bag for ASX healthcare companies. Many have seen their share prices surge higher as investors sought out the safety of defensive shares in the face of extreme economic uncertainty.

The share price of respiratory disease specialist Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) has skyrocketed almost 60% higher this year, while shares in US-based competitor ResMed Inc (ASX: RMD) are also up around 30%.

But other big-name companies have struggled to ignite the market. Despite massive swings in its share price over recent months, leading biotech company CSL Limited (ASX: CSL) has only managed gains of a little over 2% so far this year. And Australian healthcare giant Cochlear Limited (ASX: COH) was so adversely impacted by the coronavirus pandemic that it had to withdraw its FY20 earnings guidance back in March.

In a trading update to the market released in May, Cochlear reported that sales revenues for the month of April had declined by 60% versus April 2019. The massive decline was due mostly to many countries postponing elective surgeries as they increased hospital capacity for coronavirus patients.

Whether or not sales will bounce back in future months as countries control the spread of COVID-19 will remain to be seen, but the market doesn’t seem too confident. The Cochlear share price is down over 15% so far this year – and that’s despite it recovering 23% since bottoming out at a 52-week low price of $154.6 in late March.

Why is the current Polynovo share price a buy?

In the face of such extreme volatility and uncertainty, it’s a surprise that more investors haven’t flocked to Polynovo Limited (ASX: PNV), in my opinion. Polynovo is a junior healthcare company with a focus on biodegradable medical devices that aid in skin tissue repair. Its flagship medical technology is called NovoSorb, a synthetic polymer matrix that clinicians can use to treat serious burn and skin trauma patients.

Polynovo had long stated that, despite the logistical difficulties faced by its sales team due to COVID-19 travel restrictions, it hadn’t seen any adverse financial impacts from the pandemic. In an update released to the market on Friday, Polynovo reported record high monthly sales in the US in June, plus the company’s first sales in the UK. Sales for the June quarter increased by 33% over the previous quarter, and the company reiterated its FY20 sales guidance for sales growth of at least 100% over FY19.

And yet, on the day of that announcement, Polynovo shares still slid 0.41% lower to $2.43. At today’s price of $2.39, the Polynovo share price is 27% lower than the 52-week high of $3.285 it reached in February, despite the business’ continued underlying sales growth.

Should you invest?

The growth in its sales numbers mean that Polynovo is probably in a stronger financial position now than it was prior to the coronavirus crisis. Plus, it has proven that it can outperform bigger players in the healthcare sector, even in a crisis.

At these prices, I would suggest that Polynovo offers great value for new investors, and I think it is in a great position to deliver sustained growth over the longer-term.

More reading

• ASX 200 Weekly Wrap: Rocketing BNPL shares fail to stop ASX 200 slide
• These ASX growth shares could be market-beaters during the 2020s
• Top brokers name 3 ASX 200 shares to sell next week
• 3 exciting ASX growth shares to buy and hold until 2030
• Turn $30,000 into $1,000,000 with ASX shares

Rhys Brock owns shares of Cochlear Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd., CSL Ltd., and POLYNOVO FPO. The Motley Fool Australia has recommended Cochlear Ltd. and ResMed Inc. 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 West African Resources Ltd (ASX: WAF) share price has soared 141.86% in 2020, going from $0.43 at the beginning of January to close last week at $1.04 per share.

Why has the West African Resources share price performed well?

West African Resources has reached a number of milestones during 2020 which have supported a rising share price. 

In the March quarter, West African Resources completed construction of its Sanbrado gold project 10 weeks ahead of schedule and US$20 million under budget. Also during the March quarter, the company poured its first gold at the Sanbrado project.

In April, West Africa Resources acquired the 1.1 million ounce Toega gold deposit from B2Gold for US$45 million. The deposit is located within 14km of the Sanbrado project. 

At its AGM in May, the company reported that it was on track to produce 300,000 ounces of gold in its first full year of production at the Sanbrado project at a cost of less than US$500 per ounce. It also announced that it had a production target of 217,000 ounces per year in its first 5 years of production at a cost of less than US$600 per ounce. 

In the company’s production update for June, it announced that it had processed 937,108 tonnes at 1.46 grams per tonne gold in the year to June 30. It had recovered gold at 92% with 40,458 ounces recovered. It had cash and gold on hand of US$65.6 million compared to US$57.6 million at the end of the March quarter. Capital expenditure in the June quarter was US$19.3 million, down from US$25.2 million in the first quarter of the year.

The company is set to begin exploration at its Toega project in 2020.

About the West African Resources share price

West African Resources is a gold production and exploration company with projects in Burkina Faso, West Africa. It is currently producing gold at its Sanbrado project.

The company estimates that it has a total of 3,088,000 ounces of gold at the Sanbrado gold project and 1,130,o00 ounces of gold at its Toega project.

The West African Resources share price is up 209% from its 52-week low of $0.33 cents, and up 183% since this time last year.

More reading

• Why Domain, OceanaGold, Praemium, & TechnologyOne are tumbling lower
• How does the Fortescue share price compare to its peers?
• Why I think the Polynovo share price is a buy right now
• Can the Afterpay share price go higher from here?
• A great ASX dividend share to buy this week

Motley Fool contributor Chris Chitty 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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The Afterpay Ltd (ASX: APT) share price is pushing higher again on Monday.

At the time of writing the payments company’s shares are up 1.5% to $73.40.

Can the Afterpay share price go higher from here?

While I don’t think the Afterpay share price run is over, one leading broker feels its shares may have now peaked.

According to a note out of Goldman Sachs, its analysts have retained their neutral rating and lifted the price target on Afterpay’s shares by 172% to $70.15. This price target implies potential downside of 4.4% for its shares.

What did Goldman Sachs say?

The broker has lifted its estimates for Afterpay following its stronger than expected performance in the fourth quarter and FY 2020.

For FY 2020, Afterpay expects to report underlying sales of $11.1 billion from its 9.9 million active customers. This was materially more than Goldman Sachs was expecting.

In respect to its valuation, Goldman explained: “We move to a Fundamental valuation (70% weighting) driven by a DCF valuation of A$63.95 (WACC 8.9%, TGR 2.5%) while our M&A valuation remains a 30% weighting (A$84.75).”

“Our 12m target price moves to A$70.15 (from A$25.75). As the implied downside is 3% we make no change to our Neutral rating. Note our forecasts do not capture any further international markets or M&A, both of which were indicated to be a focus for APT.”

What about the future?

Although it feels its shares are fully valued now, it certainly does have a bullish view on Afterpay’s long term prospects.

The note reveals that Goldman Sachs is forecasting Afterpay to achieve $151 billion in underlying sales by FY 2030.

This is expected to be driven by structural tailwinds such as the acceleration in migration to ecommerce, the decline in the use of cash, and potential changes in consumer debt preferences.

All in all, it expects this to lead to Afterpay having 47.8 million active customers across its three key regions transacting 20x per annum by 2030. The latter compares to ~14.5x per annum by its ANZ customers in FY 2020, which is up 22% year-on-year.

Should you invest?

While better entry points may present themselves in the coming months, I would still be a buyer of Afterpay’s shares today.

I think the company is well on its way to becoming a real force in the payments industry, which could make it a great buy and hold option. Though, given the premium its shares trade at, I would limit an investment to just a small part of your portfolio.

More reading

• ASX 200 Weekly Wrap: Rocketing BNPL shares fail to stop ASX 200 slide
• 5 things to watch on the ASX 200 on Monday
• Top brokers name 3 ASX 200 shares to buy next week
• The market is going long on the Afterpay share price but shorting its weaker rival
• How I’d build a $100,000 share portfolio with ASX ETFs

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of 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 someone who prefers not to invest in banks, my options for good ASX dividend shares are somewhat limited. Personally, I feel the best way to get a good income portfolio is to buy great dividend paying companies when they are selling cheap. 

For instance, I bought Fortescue Metals Group Limited (ASX: FMG) shares in early April when they had a ~9.7% trailing 12-month (TTM) dividend yield. Today, the same shares have a 6.73% TTM dividend yield. In fact, many large-cap ASX dividend shares have returned to pre-pandemic valuations or higher.

Speaking in broad terms, however, there are two sectors in which share prices are yet to bounce back to those seen prior to the coronavirus crisis. First, the travel sector. Travel shares like Flight Centre Travel Group Ltd (ASX: FLT) and Regional Express Holdings Ltd (ASX: REX), for example, offer great dividend yields due to their current low share prices.  Nevertheless, the entire sector is far too risky for me at the moment. 

The second sector in which share prices remain deflated is real estate. In this instance, I think there are plenty of bargains around. You just need to exercise a bit of caution.

ASX real estate dividend shares

Offices have been one of the more robust real estate asset classes during the pandemic, unlike housing or retail.

Residential housing depends on consumer confidence and, in recent months, this has begun to wane. In particular, a report from the Australian Bureau of Statistics (ABS) shows that new approvals for total dwellings was down by 16.4% compared to April.

Likewise, in my view, retail real estate investment trusts (REITs) also represent a little too much uncertainty in the current market. GPT Group (ASX: GPT), for example, had 8 of the company’s retail assets revalued during the pandemic. It resulted in a reduction in value of $476.7 million, or approximately 8.8% compared to the 31 December 2019 book value.

With ASX dividend shares that focus on office buildings, however, it is a little different. Offices are generally leased on a long-term basis, and often to large corporate clients. The important key performance indicator here is the weighted average lease expiry, or WALE. The WALE is a guide to the average contract duration. 

Centuria Office REIT (ASX: COF)

On that note, let’s take a look at Centuria Office REIT. This is currently my top pick among ASX dividend shares and one I will most likely buy into over the next week or so. Centuria Office is Australia’s largest ASX-listed pure play office REIT. The company has an occupancy of 99.2%, which I find impressive, and a WALE of 5.1 years. In addition, it manages a portfolio of high quality office assets worth $2.1 billion.

At the time of writing, the market capitalisation of Centuria Office is $1.01 billion; just over half the value of its total office assets. In fact, the company’s net tangible asset (NTA) value per share is $2.57, which is ~31% higher than the share price at the time of writing. Most importantly, at its current price, the company has a TTM dividend yield of 9.06%. 

As a mark of how resilient office real estate has been during the pandemic, Centuria had 57% of its portfolio (by value) externally valued, with the remainder evaluated by company directors. The result was a reduction in value of only 1.1%. In addition, from April 2020 to June 2020 rent collection has averaged 89% despite the fact the company continues to work with tenants adversely impacted by COVID-19.

Foolish takeaway

I think Centuria Office is one of the most attractive, ASX dividend shares available today. It has shown robust performance during the pandemic, yet remains at a share price ~31% lower than the company’s NTA per share. Lastly, it has a great TTM dividend yield of 9.06%.

As such, I’m likely to buy into this company in the near term. I expect it to deliver solid capital growth and a decent income over the next 2 – 3 years.

More reading

• 2 ASX dividend shares with yields over 9%
• 3 ASX dividend shares growing their payouts fast
• 3 quality ASX dividend shares to buy today
• Broker tips on how to invest for the August ASX reporting season
• These ASX shares are the winners and losers in the “new normal”

Motley Fool contributor Daryl Mather owns shares of Fortescue Metals Group Limited. The Motley Fool Australia has recommended Flight Centre Travel Group 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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My ASX share pick for the week is listed investment company (LIC) MFF Capital Investments Ltd (ASX: MFF).

Overview of MFF Capital

The job of a LIC is to invest in other shares on behalf of shareholders. Some LICs target large cap ASX shares. Some LICs target smaller businesses on the ASX. There are LICs that invest in global shares. LICs can have the flexibility to invest in anything in the world.

MFF Capital invests in quality global shares at prices that make sense.

It’s run by portfolio manager Chris Mackay who was the co-founder of funds management business Magellan Financial Group Ltd (ASX: MFG).

The ASX share has been operating for over a decade and it has been one of the best-performing LICs since the GFC.

Over the past 10 years it has made average shareholder returns per annum of 17.4% according to CMC. That includes the recent sell off due to COVID-19. I think that’s very strong returns considering MFF Capital hasn’t been strongly leveraged to the share market recovery over the past few months.

Defensively positioned

The reason why MFF Capital hasn’t strongly bounced back over the past few months like other shares is that it’s holding a large cash position at the moment. MFF Capital sold some of its shares and now it has a net cash position of 44% at the end of June 2020.

The ASX share’s cash is largely in US dollars, at 30 June 2020 it had 39.5% of net assets as cash in US dollars.

Obviously holding cash has been a drag on performance in recent months because various international shares have shot higher. Also, the Australian dollar has strengthened against the US dollar, hurting ‘returns’ of US cash in Australian dollar terms.

The global economy is (slowly) opening and all of the economic stimulus has really helped shares recover.  

But I think having a high amount of cash will serve MFF Capital well this year. COVID-19 infection numbers are growing at an alarming rate in the US and New South Wales seems to have a growing number of cases from a pub. The upcoming US election could also cause a lot of uncertainty for the share market. There is a lot of uncertainty that could bite later this year.

It doesn’t make sense to hold cash for the long-term. Quality businesses will generate better returns than cash over the long-term. In the June 2020 update, MFF Capital acknowledged that it wants to put cash to work, it just needs to be at the right valuation.

I think the cash gives the ASX share great optionality for whatever comes next. The next couple of months will be very important as stimulus and support tapers off.

Great investments

Whilst it does have a large cash position it still owns quality shares. It has two very large positions – Visa and MasterCard, the two global giants of the payment world. At the end of June, 18.5% of the portfolio was invested in Visa shares and 16% was invested in MasterCard shares. That means more than a third is invested in these two quality picks.

At the moment the only other large position is Home Depot at 9.2% of the portfolio.

These three picks are quality businesses which should be able to make good long-term returns.

It does actually own some ASX shares at the moment. It’s invested in some listed investment trusts (LITs) and companies (LITs). Two of those investments are Magellan High Conviction Trust (ASX: MHH) and Magellan Global Trust (ASX: MGG). These ASX shares invest in global shares and they’re trading at discounts to their net asset values (NAV).

I think all of the share positions I’ve mentioned have the potential to beat the market over the long-term.

Foolish takeaway

At the current MFF Capital share price it’s trading at a 5% discount to the pre-tax net tangible assets (NTA) per share of $2.804 at 3 July 2020. I think it’s worth a long-term buy at the current share price, particularly under Mr Mackay’s stewardship.

More reading

• 3 ASX shares that I’d invest $1,000 into EVERY month
• 2 easy ASX shares for beginners
• The Afterpay share price among ASX stocks hit by a broker downgrade today
• Why Afterpay, Alumina, Magellan, & Webjet shares are dropping lower
• ASX 200 drops on return of lockdown in Melbourne

Motley Fool contributor Tristan Harrison owns shares of Magellan Flagship Fund Ltd and MAGLOBTRST UNITS. 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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I think the Super Retail Group Ltd (ASX: XRO) share price is worth watching in August. I am, of course, looking ahead at the Aussie retailer’s August earnings season.

It’s been a big – and challenging – start to the year for ASX retail shares, but here’s why I think August could be a game-changer for Super Retail.

Why I’m watching the Super Retail share price

The Aussie retail group is set to release its full year results on 24 August. That means I’ve got about 6 weeks to think about whether or not the Super Retail share price is a buy.

The ASX retail share was hammered in the March bear market and fell to a 52-week low of $2.99 per share. However, it’s since roared back to life and is up 126% since bottoming out on 19 March.

For context, at the time of writing the S&P/ASX 200 Index (ASX: XJO) is down 11% this year, while the Super Retail share price has fallen 21%. The tough thing for investors to decide is whether that makes it a cheap buy or a falling knife in 2020.

How does Super Retail make money?

Super Retail is a leading Aussie retailer founded in 1972. The company currently boasts iconic brands like Supercheap Auto, Macpac, BCF and Rebel Sport in its portfolio.

With coronavirus restrictions kicking in this year, retail sales are under pressure right now. However, given the group’s diversity across the retail sector, Super Retail has still enjoyed sales amid the economic uncertainty, largely driven by spending on personal fitness equipment (Rebel) and self-sufficiency products (Supercheap Auto).

The ASX retail group provided a trading update on 15 June that contained some good news for investors. Group like-for-like (LFL) sales plummeted 26.2% in April, before bouncing back in May. It reported that its May 2020 LFL sales were up 26.5% compared to May 2019 – solid growth that has fuelled the Super Retail share price recovery.

Where will the Super Retail share price go in August?

I think it’s an interesting crossroads for the Aussie retailer right now. The company is looking to adapt to COVID-19 conditions by driving more sales and building its online profile.

Last week, the group announced the successful completion of its $44 million retail entitlement offer. That further strengthens Super Retail’s balance sheet after its $158 million institutional entitlement offer completed in June.

In February, Super Retail posted a strong first-half FY20 result. Of course, times have changed since then, particularly for the retail sector. However, I think a shift towards online sales and the JobKeeper stimulus could provide some short-term benefits. Aussie retailers could actually improve liquidity and slash staffing costs to offset some of the lost sales in the last 6 months.

Foolish takeaway

I think the Super Retail share price is in an interesting place. The group’s sales have been volatile from month to month, which makes it difficult to pin down a value, however, the company’s shares currently trade at price to earnings (P/E) ratio of 12.9, which could be good value.

I think a strong sales result in August, combined with progress toward the retailer’s online strategy goals, could tip the Super Retail share price into the buy zone.

More reading

• St Barbara and 2 more ASX 200 shares to watch this week
• ASX 200 Weekly Wrap: Rocketing BNPL shares fail to stop ASX 200 slide
• 5 things to watch on the ASX 200 on Monday
• Analysis: is the Woolworths share price a buy?
• Top brokers name 3 ASX 200 shares to buy next week

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Super Retail Group 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 Sezzle Inc (ASX: SZL) share price has returned from its trading halt and stormed higher this morning.

At the time of writing the buy now pay later provider’s shares are up a massive 28% to a record $8.88.

Why was the Sezzle share price in a trading halt?

Sezzle requested a trading halt late last week so it could follow the lead of rival Afterpay Ltd (ASX: APT) by launching a capital raising.

The company’s capital raising comprised a fully underwritten institutional placement to raise $79.1 million (US$55 million) and a non-underwritten share purchase plan (SPP) that aims to raise approximately $7.2 million (US$5 million).

This morning Sezzle announced that it has successfully completed the institutional component of its capital raising. It raised $79.1 million via the issue of 14.9 million shares at $5.30 per share. This compares to the underwritten floor price of $5.00 per share.

The issue price represents a sizeable 23.7% discount to the last traded price of $6.95, but just a 4.6% discount to the five-day volume weighted average price of $5.56.

Sezzle’s Executive Chairman and CEO, Charlie Youakim, was pleased with the success of the placement.

He said: “We appreciate the continued support of our existing institutional investors, particularly those that have remained as CDI holders and supporters since our ASX IPO, around one year ago. It has been a hugely successful period for all Sezzle stakeholders and we thank these investors for the trust placed in the Sezzle management team and Board over that time, and also now for their ongoing endorsement.”

“We also recognise the support from the new institutional investors who participated in the Placement and their embracing of Sezzle management’s long-term vision and strategy to deliver returns over the coming years”.

Why did Sezzle raise funds?

Sezzle advised that proceeds from the capital raising will be used to accelerate its growth strategy and strengthen its balance sheet.

Mr Youakim added: “As a result of the Placement and the additional capital Sezzle is intending to raise under the SPP, Sezzle is now in an even stronger position for all of its investors, and very well placed to accelerate its growth strategy and undertake investment in initiatives to drive long-term value creation.”

The company will now push ahead with its non-underwritten share purchase plan. This aims to raise approximately $7.2 million (US$5 million), bringing the total raised to $86.3 million (US$60 million).

More reading

• Why Sezzle and these ASX tech shares just hit record highs
• The market is going long on the Afterpay share price but shorting its weaker rival
• What does COVID-19 and the payment revolution mean for Afterpay and Sezzle?
• The Openpay share price is surging today. Is it the next Afterpay?
• These ASX fintech shares are tackling COVID-19 head on

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Sezzle Inc. 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 JB Hi-Fi Limited (ASX: JBH) share price posted solid gains across June, hitting highs of $43.86 before closing out the month at $43.03. This represents a 16% monthly increase, and an 83% rise on its low of $23.50 in March.

Since the end of June, the JB Hi-Fi share price has sat around the $42–$43 mark. Shares in JB Hi-Fi are up around 49% on this time last year, a significant outperformance on the S&P/ASX 200 Index (ASX: XJO) which is down 11% over the same period.

What drove the JB Hi-Fi share price higher in June

The increase in share price is impressive considering JB Hi-Fi’s exposure to the economic downturn as a consumer discretionary retailer. However, JB Hi-Fi has benefitted from customers spending more time working, learning and enjoying entertainment at home.

In early June, JB Hi-Fi released a trading update and provided guidance on their operations. According to the release, the JB Hi-Fi Australia business had performed strongly during the pandemic. Second half sales were up 20% over the prior corresponding period both in total and on a comparable store sales basis. This compares to first half sales growth of 5.1% and brings its year to date growth to 11%.

Most notably, the Good Guys business performed exceptionally. Its sales were up 23.5% in 2H20. This has been a significant improvement on its performance during the first half, which saw the business deliver only a 1.5% increase in total sales.

In comparison, JB HI-FI New Zealand was impacted by temporary closures following New Zealand government lockdown restrictions. Its sales were well down. It is of note, however, that JB Hi-Fi’s New Zealand arm is considerably smaller than the other businesses.

JB Hi-Fi’s share price surprisingly dropped 4.24% after this announcement, however, it made a strong recovery in subsequent days.

In a nice side note, CEO Richard Murray noted the significant contribution of the group’s team members and stated that JB Hi-Fi “are in the process of finalising a recognition program for our store team members to reflect their over and above efforts.”

In June, JB Hi-Fi also provided guidance that it total sales were expected to be $7.86 billion, comprising of:

• JB HI-FI Australia: $5.26 billion
• JB HI-FI New Zealand: NZ$0.22 billion
• The Good Guys: $2.39 billion.

Foolish takeaway

JB Hi-Fi’s share price has seen a very strong resurgence since its dramatic dip in early March, rising back to hover around the $43 mark. Shareholders will be hoping that restrictions are not imposed again for it to continue its rise.

More reading

• Is it possible Aussies are saving too much?
• Why it’s time to rotate out of JB Hi-Fi share price and these popular ASX stocks: Macquarie
• Goldman Sachs names the ASX retail shares to buy and the ones to avoid
• My bull and bear case for the ASX share market
• Kogan and 1 other ASX share to buy and hold beyond 2025

Motley Fool contributor Daniel Ewing 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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