Shares in the IT service management powerhouse Link Administration Holdings Limited (ASX: LNK) have continued their resurgence this week to $4.34 at the time of writing. This is a substantial improvement from when this company bottomed out at $2.64 midway through March, in conjunction with the broader S&P/ASX 200 Index (ASX: XJO).

While Link has obviously staged an impressive comeback in recent months, here’s a few of the tailwinds I believe are favouring a further rise in its share price moving forward.

Operations resilient during COVID-19

Many investors would likely be aware of this company due to Link Market Services. This online administrative platform allows shareholders to update their company communications preferences, enable dividend payments or reinvestment plans and, most invaluably at this time of year, assists at tax time!

Although the Link share price may have been hammered due to COVID-19, the majority of Link’s operations themselves remain unaffected due to the company’s profound online presence.

As Link confirmed in its presentation to the Macquarie Investor Conference last month, more than 80% of its workforce had seamlessly transitioned to working remotely throughout the pandemic. Link reports this transition allowed it to service its clients at a time of high market volatility and regulatory change.

In addition to its operational resilience to COVID-19, Link has benefitted from the tailwind of greater than 80% of its revenues being recurring in nature. This is due to the fact that large financial institutions and other blue-chip companies deeply rely on the administrative services Link provides.

Overall, this sustainable revenue model will likely benefit the company’s cash flow in FY20, despite the volatile economic environment. It’s a positive sign to shareholders and prospective investors alike that Link’s financial performance is highly resilient and performing at optimal levels.

Long-term tailwinds

While Link looks well-situated to meet market expectations in the short-term, I am bullish on the company to grow in the medium to long-term for 2 key reasons.

The first of these is the health pandemic’s impact on company general meetings. Section 250N of the Corporations Act (2001) mandates that every public company must hold an AGM at least once in each calendar year.

Although this requirement has been temporarily put on hold by the Australian Securities & Investments Commission, AGMs aren’t going anywhere anytime soon. Having said this, after COVID-19, the traditional AGM where hundreds of shareholders congregate may be considered a thing of the past.

Link believes that the virtual AGM is the way of the future. According to the company’s Macquarie Investor Conference presentation, they had already confirmed 25 virtual AGMs in May 2020, and are anticipating demand for this service to further increase.

This could become an additional avenue for earnings for Link over the longer term, particularly as their complementary position as an administrative service provider makes them – or competitor Computershare Ltd (ASX: CPU) – the obvious choices for public companies looking to conduct a virtual AGM.

We will have to wait until Link reports its FY20 earnings later this year to see just how many companies are opting for its virtual AGM service, but I think this is a revenue ‘freebie’ that may not be reflected in the current share price.

Secondly, I see a lot of upside for Link’s 44.2% exposure to the PEXA platform in the coming years. The Property Exchange Australia, known as PEXA, is the leading online conveyancing platform that allows users to complete the exchange of property when buying or selling land.

PEXA is the new era of property exchange, with the industry aiming to work towards a 100% online system while leaving behind the archaic use of paper land certificates to signify property ownership.

The platform claims to have already completed over 5.3 million property transactions since its inception, and states such as South Australia have already mandated the use of PEXA from August 2020.

Rumours have also circulated that PEXA may look to conduct an initial public offering in 2021, with reports by the Australian Financial Review estimating the platform to be valued at as much as $2 billion.

Link’s maintenance of a sizeable stake in the PEXA network bodes well for the company’s future earnings growth over the next couple of years. A confirmed IPO of PEXA would undoubtedly see a dramatic boost to Link’s share price, but even without an IPO I think the gradual shift toward property e-conveyancing tremendously benefits Link’s investment in the PEXA platform.

Foolish takeaway

Despite all the challenges thrown at it in 2020, Link seems to have positioned itself strongly, with its recurring revenue and capacity to provide companies with niche yet essential administrative services. I also think great opportunities lie in PEXA and virtual AGMs, and this company appears to be in pole position to benefit from these tailwinds.

More reading

• Can the Newcrest share price crest to new highs?
• The CBA share price is down 13% this year. Is it a cheap buy?
• Why the CSR share price is falling today
• Bull market! Avoid these 3 ASX mistakes if you don’t want to lose money
• Top brokers name 3 ASX 200 shares to buy today

Toby Thomas owns shares of Link Administration Holdings Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Link Administration Holdings Ltd. The Motley Fool Australia has recommended Link Administration Holdings 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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The TPG Telecom Ltd (ASX: TPM) share price is pushing higher on Wednesday after shareholders voted in favour of its merger with Vodafone Australia.

At the time of writing the telecommunications company’s shares are up 0.5% to $9.03.

What happened at its scheme meeting?

This morning TPG Telecom held its scheme meeting and shareholders were given the opportunity to vote on a few matters.

The first was of course the proposed merger with Vodafone Australia. That merger will see TPG shareholders own 49.9% of the merged company, with the balance held by Vodafone shareholders.

Management notes that the merger brings together two highly complementary businesses to create a leading integrated, full-service telecommunications company with a comprehensive portfolio of fixed and mobile products for consumers, SMEs, and enterprises.

It will also combine their network infrastructure and enable the merged company to deliver better services and more competitive value propositions. It expects this to make it a more formidable competitor to the likes of Telstra Corporation Ltd (ASX: TLS) and Optus.

According to the AFR, shareholders voted overwhelmingly in favour of the merger, with 99.68% of proxies giving the merger their blessing.

What else were TPG shareholders voting on?

In addition to the merger, TPG shareholders were voting on a special dividend, which is expected to be in the region of 49 cents to 52 cents per share.

Unsurprisingly, shareholders have voted in favour of this dividend. They have also done the same for its plan to spin off its Singapore business, which will then be listed on the Australian share market as Tuas Limited.

What now?

This was the final true hurdle for TPG and Vodafone Australia to overcome.

The scheme will now go back to the courts to be signed off and approved on Friday, before finally going to ASIC. This puts the companies on track to complete their merger on 13 July.

More reading

• ASX 200 down 0.2%: Afterpay hits record high, TPG Telecom merger vote
• Why I think the Telstra share price could hit $4 in 2020
• Top fund manager reveals some of the best ASX shares to own
• 3 ASX 200 shares to buy for income and growth
• Why I think Telstra shares are a strong buy

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra 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 Commonwealth Bank of Australia (ASX: CBA) share price has rocketed higher in recent months but is down 13.6% this year.

That means the ASX bank share is underperforming the S&P/ASX 200 Index (ASX: XJO) which has slumped 10.9% lower in 2020.

So, is the CBA share price a steal at $69.03 per share or should you hold off buying?

Is the CBA share price a cheap buy in 2020?

It’s fair to say 2020 has been a pretty wild ride for CBA shareholders.

The Aussie bank share hit a new 52-week high of $91.05 per share in February before slumping to a 52-week low of $53.44 in the March’s bear market.

Investors were spooked by the potential impacts of the coronavirus pandemic on the Aussie banks.

Many felt that the shutdown would strain businesses and households, leading to more home loan defaults and write-downs.

That hasn’t turned out to be the case, partly due to better-than-expected public health outcomes and huge government stimulus.

So, where does that leave the CBA share price in terms of value?

At its current $69.03 per share, I don’t think CBA is either cheap or expensive. Where the ASX bank share is headed from here I think really depends on how fast the economic recovery is.

If we see a ‘V’ or ‘W’ shaped recovery, the CBA share price could approach its 52-week high again by the end of the year.

If the economy bounces back strongly, that means lower unemployment and strong debt serviceability from businesses.

There are also a couple of measures which could translate to higher earnings for the Aussie bank.

For instance, CBA automatically cut its mortgages to minimum repayments in March. That helped ease the economic burden on many households but it may also prolong the repayment period, meaning more interest income in the long-run.

Foolish takeaway

I don’t know where the CBA share price will go from its current level but I think I’m 50-50 on buying right now.

I would like to see evidence of economic recovery before investing in the ASX bank share. That could mean strong wage and employment figures or even the August earnings season.

Until then, I’ll be a close observer to see if there are more buying opportunities in the current market.

More reading

• Why the CSR share price is falling today
• Bull market! Avoid these 3 ASX mistakes if you don’t want to lose money
• Top brokers name 3 ASX 200 shares to buy today
• ASX 200 down 0.2%: Afterpay hits record high, TPG Telecom merger vote
• Is the Woolworths share price a secret buy?

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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The Freedom Foods Group Ltd (ASX: FNP) share price is plummeting today in response to news of a management shake-up.

At the time of writing, Freedom Foods shares have dropped 14.06% to $3.025 after falling as much as 21.88% in morning trade.

What did Freedom Foods announce? 

This morning, the company revealed that its managing director and chief executive, Rory Macleod, is “on leave pending a further announcement that is expected to be made early next week”.

Commercial director Brendan Radford will take the reins for the time being as acting CEO. Mr Radford was previously the Australasian managing director of Rockstar Energy Drink and has 18 years of international experience in the fast-moving consumer goods (FMCG) space.

Additionally, current non-executive chairman Perry Gunner will move into an executive position on the board, in place of Mr Macleod.

Freedom Foods didn’t shed any further light on the matter, leaving many investors scratching their heads.

Mr Macleod joined Freedom Foods in 2003. Over the years, he has been involved in the company’s strategic, operational and financial development and stepped into the top job in 2012.

Today’s news follows another leadership announcement that was released after the market closed yesterday.

In yesterday’s after hours release, Freedom Foods disclosed the resignation of chief financial officer and company secretary, Campbell Nicholas.

Mr Nicholas joined Freedom Foods in September 2016. No details were provided in relation to his exit.

Stephanie Graham, general manager corporate development, has been appointed as acting CFO. Meanwhile, current non-executive director Trevor Allen has been appointed company secretary.

“The Finance team will continue to manage the usual financial controls,” Freedom Foods stated.

Including today’s drop, Freedom Foods shares have fallen just over 40% year-to-date.

More reading

• Short-sellers are stepping up their attack against these popular ASX shares
• 3 top ASX shares for growth, income, and value investors to buy today
• Can you get rich by investing $5,000 a year into ASX shares?
• 3 exciting ASX growth shares for stellar long term returns
• Top brokers are urging you to buy these ASX shares today

Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Freedom Foods 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 CSR Limited (ASX: CSR) share price has fallen 1.57% on the back of its annual general meeting (AGM) held today. CSR is a leading building products company in Australia and New Zealand which has been in operation for 165 years. 

The AGM follows the release of the company’s full year results for year ended 31 March 2020 (YEM20) in which it delivered a statutory net profit of $125 million.

The CSR share price has fallen 7.4% over the past 12 months. This is in contrast to the S&P/ASX200 Index (ASX: XJO) which has declined 10.3%.

Let’s discuss the trading results, financial position and outlook released in the AGM announcement today.

Trading results

Managing director Julie Coates gave an update on the trading results in her address at the AGM:

”For the first 11 weeks of the current financial year (on a like for like basis), building products revenue in Australia is down 3%. Including the impact of New Zealand COVID-19 restrictions, the decline is 5%.”

The trading results were in line with CSR’s expectations of a slowdown in activity. As a result of the continuing uncertainty surrounding coronavirus, no guidance was provided by the company for YEM21.

Financial position

CSR’s financial position remains strong with a net cash position of $95 million at 31 March 2020. An additional $200 million facility is available should the need arise.

The company has decided to pause dividends and its share buyback, again due to uncertain economic outlook. Before the pause, CSR had returned $69 million in dividends in YEM20 and more than $69 million in an on-market share buyback which commenced in March 2019.

Outlook

Julie Coates gave some guidance regarding the outlook for the construction industry.

”Current lead indicators such as new homes sales in Australia during April and May are down 19% compared to the same period last year. This provides some indication of lower activity expected later in the year due to the lag in demand for our products, noting there will also be benefit from the announced government stimulus measures, but the timing and extent remains uncertain.”

The government stimulus Julie is referring to is the federal government’s $25,000 HomeBuilder grant. This provides eligible owner-occupiers with cash to substantially renovate an existing home.  

Is the CSR share price a buy?

In my view, an investment in CSR Limited looks to be risky in light of the downturn in new home sales. Furthermore, it’s too early to tell if the government stimulus will have its desired impact on the construction industry. From my perspective, this assistance also serves to reinforce the severity of the downturn facing the sector. 

Having said that, weakness in this cyclical industry could be a great entry point for the contrarian investor as the industry recovers. 

More reading

• The CBA share price is down 13% this year. Is it a cheap buy?
• Bull market! Avoid these 3 ASX mistakes if you don’t want to lose money
• Top brokers name 3 ASX 200 shares to buy today
• ASX 200 down 0.2%: Afterpay hits record high, TPG Telecom merger vote
• Is the Woolworths share price a secret buy?

Motley Fool contributor Matthew Donald 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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Let the good times roll!

The S&P/ASX 200 Index (INDEXASX: XJO) has been a great place to have your money over the past 3 months. Since 23 March, the ASX 200 has appreciated more than 30%. But as the weeks of this bull market stretch into months, I think investors should use an ever-growing sense of caution to avoid making ASX mistakes. 

Last week I wrote about how signs of dangerous investor behaviours are growing. Today, I’m suggesting 3 simple things to avoid in this bull market.

ASX mistake 1: Don’t try and make a quick buck

There have been a lot of signs that some investors are trying to make a quick buck in this bull market. Whether its buying distressed companies like Webjet Limited (ASX: WEB) or taking punts on the price of oil through the BetaShares Crude Oil Index ETF (ASX: OOO),  these kinds of movements are nothing more than gambling in my view. If you know this is what you’re doing, then go for it. It’s a free country. Just recognise that these kinds of trades can backfire very easily and even lose you 100% of your capital. If you want to actually invest rather than speculate, stick to buying businesses that you think will return your cash and more over the long-term.

2: Stay away from options trading

Options are financial derivative products that use leverage to ‘make a bet’ on which way a share price will go. They have been increasingly popular in recent months, particularly over in the United States. If you’re an experienced investor that knows what they’re doing, options can be a great way to make a small speculative investment or hedge your positions. But for most investors, I think staying away from options is a good idea. They are highly risky investments that rely on the whims of the share market. As such, I think the risk-reward ratio for most investors is skewed against them. As such, I would caution the use of options for most people out there.

3: Don’t chase hype trains

In my view, investing is about finding quality businesses that you can feel comfortable investing in over many years, hopefully at a great price. Jumping into growth shares like Afterpay Ltd (ASX: APT), Zip Co Ltd (ASX: Z1P) or Splitit Ltd (ASX: SPT) just because they have been going up isn’t a great long-term strategy in my view. It concerns, not excites me when I see something like Splitit go up more than 100% in a few days.

I think this attitude is far more conducive to good long-term returns than risking a major ASX mistake by jumping on something that looks to be shooting the moon, just so you can catch some of the potential stars.

More reading

• The CBA share price is down 13% this year. Is it a cheap buy?
• Why the CSR share price is falling today
• Top brokers name 3 ASX 200 shares to buy today
• How to get rich by investing in ASX shares
• ASX 200 down 0.2%: Afterpay hits record high, TPG Telecom merger vote

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 ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. 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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX 200 shares are in the buy zone:

Altium Limited (ASX: ALU)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $40.00 price target on this electronic design software company’s shares. Morgan Stanley notes that Altium expects to fall short of the market’s revenue expectations (US$192 million) in FY 2020 because of the pandemic’s impact on sales this month. While this is disappointing, the broker believes that investors should be focusing on its very positive long term outlook. I agree with Morgan Stanley and feel it is well worth sticking with Altium.

Australia and New Zealand Banking GrpLtd (ASX: ANZ)

Analysts at Morgans have retained their add rating and lifted the price target on this banking giant’s shares to $21.00. According to the note, the broker believes the bad debt damage being factored into its share price is overdone. It doesn’t expect the bad debt experience from the current crisis to be as bad as the global financial crisis because of central bank and Federal Government action. I agree with Morgans and think ANZ is a good option for investors right now.

Woolworths Group Ltd (ASX: WOW)

A note out of the Macquarie equities desk reveals that its analysts have retained their outperform rating and lifted the price target on this conglomerate’s shares to $40.50. The broker made the move after Woolworths released a trading update which revealed strong sales growth for its Food, Liquor, and Big W businesses. And while its Hotels business continues to weigh on its performance, the broker is optimistic this headwind will start to ease now that venues are reopening. I think Macquarie makes some great points and Woolworths could be a blue chip to buy.

More reading

• The CBA share price is down 13% this year. Is it a cheap buy?
• Why the CSR share price is falling today
• Bull market! Avoid these 3 ASX mistakes if you don’t want to lose money
• How to get rich by investing in ASX shares
• ASX 200 down 0.2%: Afterpay hits record high, TPG Telecom merger vote

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 Altium. The Motley Fool Australia owns shares of Woolworths 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 Mayne Pharma Group Ltd (ASX: MYX) share price is climbing today after revealing its E4/DRSP drug is one step closer to commercialisation.

At the time of writing, Mayne Pharma shares have jumped 4.6% to 38.7 cents after rallying as much as 8.1% in morning trade.

What did Mayne Pharma announce?

This morning, Mayne Pharma revealed the new drug application (NDA) for E4/DRSP to prevent pregnancy has been accepted for review by the US Food and Drug Administration (FDA).

The NDA submission includes results from two phase 3 clinical studies conducted in more than 3,725 women aged 16 to 50.

E4/DRSP is a novel combined contraceptive pill that contains 15mg of estetrol (E4) and 3mg of drospirenone (DRSP). 

The drug is being developed by strategic partner Mithra Pharmaceuticals SA, a biotech based in Belgium.

Mayne signed a 20-year exclusive supply and license agreement with Mithra in October 2019 to commercialise E4/DRSP in the US. This was followed by a similar agreement for the Australian market announced in May.

What is the market opportunity for E4/DRSP?

If approved, E4/DRSP would be the first contraceptive product containing E4. It would also be the first new estrogen introduced in the US for contraceptive use in approximately 50 years.

Mayne believes the US contraceptive market is valued at US$5.4 billion. The short acting combined hormonal oral contraceptives component of the market is estimated at US$4 billion, with approximately 135 million units sold annually.

Meanwhile, Mayne states that the Australian contraceptive market is valued at $130 million, with approximately 14 million short acting combined hormonal oral contraceptives sold annually.

Management commentary

Commenting on today’s update, chief executive Scott Richards said:

“This is another important milestone for E4/DRSP and brings us one step closer to providing women in the US with a new contraceptive that we believe will be effective, safe and well-tolerated. We look forward to working with the FDA and Mithra during the ongoing review of our application.” 

“In parallel, we continue to advance our US commercial strategy and infrastructure to ensure we are well positioned to support the potential launch of E4/DRSP in the first half of calendar 2021,” Mr Richards added.

Mayne has plans to file E4/DRSP with the Australian Therapeutic Goods Administration this calendar year.

More reading

• These 5 ASX shares saw the biggest losses last week
• ASX 200 Weekly Wrap: ASX back in the green
• These were the worst performers on the ASX 200 last week
• ASX 200 finishes higher by 0.8%, Carsales share price driven up by FY20 guidance
• ASX 200 down 0.1%: Carsales update impresses, a2 Milk surges higher

Motley Fool contributor Cathryn Goh 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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I am particularly attracted to ASX healthcare shares right now. The world’s growing and ageing population is driving an ever-increasing demand for healthcare services.

Here we take a close look at 3 of my top ASX healthcare share picks in CSL Limited (ASX: CSL), Ramsay Health Care Limited (ASX: RHC) and ResMed Inc (ASX: RMD).

All 3 have evolved to become global leaders in their respective healthcare segments.

CSL

CSL has grown from strength to strength over the past 3 decades.

It has evolved from a very small federal government department to become one of, if not the largest company on the ASX. It currently has a market capitalization of $132.5 billion.

The company is now a global market leader in blood plasma research and disease treatment. It has an impressive global product reach spanning more than 60 countries.

CSL has also become a world leader in the quest to find an effective treatment for the coronavirus. It has recently entered into an agreement to ramp up the development of a COVID-19 vaccine candidate.

I believe that CSL is well-positioned to continue growing its revenue base strongly over the next 5–10 years. A strong new product development pipeline will drive this growth.  

Ramsay

Another ASX healthcare company I would consider buying right now is Ramsay. Like CSL, it also has evolved significantly over the past few decades. It is now Australia’s largest private healthcare provider. Ramsay operates in 11 other countries including the United Kingdom, France, Indonesia, Malaysia and Italy.

Its global scale enables the company to spread its operating costs. It also gives Ramsay a competitive advantage over its smaller rivals in negotiations with health provider insurance companies.

A pause on some elective surgeries during the early phase of the coronavirus pandemic saw Ramsay’s share price impacted. However, these bans are gradually being lifted.

Ramsay has also successfully signed a number of key government deals in Australia and the United Kingdom during the pandemic.

ResMed

ResMed has also grown modest origins to become a leading global healthcare operator in its market niche.

This ASX company manufactures devices and cloud-based software solutions for the treatment of sleep apnoea as well as other chronic respiratory illnesses.

ResMed continues to grow its revenue base strongly. It achieved an impressive 47% increase in net income during Q3 FY20.

I see a strong demand for ResMed’s products continuing well into the next decade. It is estimated that around 1 billion people are impacted by sleep apnoea worldwide, while more than 80% of cases are undiagnosed globally.

More reading

• Invest like Warren Buffett by buying and holding these ASX 200 shares
• 3 quality ASX growth shares to buy and hold
• Where to invest $20,000 into ASX shares immediately
• ASX 200 Weekly Wrap: ASX back in the green
• These fantastic healthcare ASX shares could make you wealthy

Phil Harpur owns shares of CSL Ltd. and ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has recommended Ramsay Health Care Limited 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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