Tag: Motley Fool Australia

According to the latest cash rate futures, the market is currently pricing in a 56% probability of a rate cut to zero next month.

If this were to happen, I feel it would put a lot of pressure on the banks to cut interest rates. Which certainly would be another blow to income investors.

But don’t worry because these ASX dividend shares could be a great way to beat falling rates:

Fortescue Metals Group Limited (ASX: FMG)

I think Fortescue could be a good option for income investors. Iron ore prices have been resilient during the pandemic, putting the miner in a strong position to deliver another strong result in FY 2020. And thanks to the strength of its balance sheet, I suspect Fortescue will be returning most of its free cash flow back to shareholders. I estimate that it will pay a dividend that will yield in the range of 6% to 8% in FY 2021. Though, this is dependent on iron ore prices remaining relatively robust over the next 12 months.

Rural Funds Group (ASX: RFF)

Another option for income investors to buy is Rural Funds. I think the agriculture-focused property group would be a great long term option due to its high quality property portfolio and their ultra long tenancy agreements. At the end of the first half its weighted average lease expiry stood at 11.5 years. In FY 2021 the company intends to lift its distribution to 11.28 cents per share. This works out to be a forward 5.9% distribution yield.

Wesfarmers Ltd (ASX: WES)

A final dividend share to buy is Wesfarmers. I think the conglomerate is a great option for income investors due to the quality and positive outlook for the majority of its businesses. Another positive is that Wesfarmers is sitting on a big pile of cash. I suspect these funds will be used to make earnings accretive acquisitions in the next 12 months to bolster its growth. At present I estimate that its shares offer a fully franked forward 3.9% dividend yield.

More reading

• 3 top ASX dividend shares to buy next week
• Should you invest in ASX shares for income?
• 2 quality ASX dividend shares for retirement income
• Are these China-exposed ASX shares in danger in 2020?
• Get paid huge amounts of cash to own these ASX dividend shares

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended RURALFUNDS STAPLED. The Motley Fool Australia owns shares of Wesfarmers 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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At the start of each week I like to look at ASIC’s short position report in order to find out which shares are being targeted by short sellers.

This is because I believe it is worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn’t quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

• Myer Holdings Ltd (ASX: MYR) continues to be the most shorted share on the ASX with short interest rising to 14.3%. Short sellers appear concerned that the pandemic has disrupted its turnaround plans.  
• Speedcast International Ltd (ASX: SDA) has short interest of 13.2%, which is flat week on week. The communications satellite technology provider’s shares have been suspended for some time. It now plans to declare itself bankrupt after failing to recapitalise.
• Galaxy Resources Limited (ASX: GXY) has seen its short interest fall week on week to 12.9%. Investors may believe the lithium miner’s shares have bottomed now after falling sharply over the last 12 months due to falling lithium prices.
• Orocobre Limited (ASX: ORE) has seen its short interest drop lower again to 11.5%. Short sellers have been targeting Orocobre due to a collapse in the price of lithium and production disruption during the pandemic. Last week its shares fell to a multi-year low.
• JB Hi-Fi Limited (ASX: JBH) has seen its short interest reduce week on week to 9.9%. Unfortunately for short sellers, this retailer’s shares have been storming higher over the last few weeks. It recently revealed strong quarterly sales growth despite the pandemic.
• Pilbara Mineral Ltd (ASX: PLS) has short interest of 9.4%, which is down slightly week on week. Pilbara Minerals is another lithium miner which has come under pressure due to weak lithium prices and concerns that a recovery could be delayed because of the pandemic.
• Clinuvel Pharmaceuticals Limited (ASX: CUV) has seen its short interest rise to 9.4%. Short sellers appear to believe this biopharmaceutical company’s shares are overvalued and could be due for a correction. They are currently changing hands at 59x trailing earnings.
• Zip Co Ltd (ASX: Z1P) has seen its short interest fall to 9.3%. Short sellers have continued to target the buy now pay later company despite it delivering exceptionally strong growth during the month of April.
• Inghams Group Ltd (ASX: ING) has short interest of 9.1%, which is down week on week again. Short sellers have been targeting the poultry company due to concerns over its narrowing margins.
• Super Retail Group Ltd (ASX: SUL) has seen its short interest rise to 8.9%. It looks as though short sellers expect some of Super Retail’s retail brands to struggle during the pandemic.

More reading

• These were the best performing ASX 200 shares last week
• These ASX 200 shares just crashed to multi-year lows
• 3 common mistakes millennials make investing in ASX shares
• Is the Zip share price in the buy zone?
• ASX 200 up 0.35%, CBA gives Q3 update

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 ZIPCOLTD FPO. 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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On Friday the S&P/ASX 200 Index (ASX: XJO) finished the week on a very positive note. The benchmark index climbed 1.4% to 5,404.8 points.

Will the market be able to build on this on Monday? Here are five things to watch:

ASX 200 expected to push higher.

The ASX 200 looks set to continue its positive form on Monday. According to the latest SPI futures, the index is expected to rise 32 points or 0.6% at the open. This follows a strong end to the week on Wall Street which saw the Dow Jones rise 0.25%, the S&P 500 climb 0.4%, and the Nasdaq index jump 0.8% higher.

Oil prices jump.

Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could be on the rise today after oil prices jumped higher on Friday night. According to Bloomberg, the WTI crude oil price rose 6.8% to US$29.43 a barrel and the Brent crude oil price jumped 4.4% to US$32.50 a barrel.

Gold price storms higher.

Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could continue their charge on Monday after the gold price stormed higher. According to CNBC, the spot gold price rose 0.9% to a seven year high of US$1,756.30 an ounce after US-China tensions fuelled economic worries.

Coles class action.

The Coles Group Ltd (ASX: COL) share price will be on watch today after revealing that it has been hit with a class action. On Friday Coles advised that a class action proceeding has been filed in the Federal Court in relation to the underpayment of Coles managers employed in supermarkets. The company is already working towards remediating the affected employees. As such, it believes the class action is without merit and will defend it.

Macquarie shares going ex-dividend.

The Macquarie Group Ltd (ASX: MQG) share price is likely to trade lower today after going ex-dividend. Eligible shareholders can now look forward to being paid its $1.80 per share partially franked final dividend on July 3.  

Returns as of 7/4/2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. 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.

More reading

• ASX 200 up 0.25% this week, CBA reveals Q3
• Top brokers name 3 ASX 200 shares to sell next week
• Why BHP is an ASX 200 dividend share to buy today
• What to watch on the ASX 200 next week
• Are rental yields better than dividend yields?

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If you’re looking to invest in growth shares, then you’re in luck. Right now there are a large number of companies on the ASX growing their earnings at a rapid rate.

Three top growth shares that I think would be great options next week are listed below. Here’s why I would buy them:

Appen Ltd (ASX: APX)

Appen is a leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence. Demand for its services from many leading tech giants has been growing very strongly in recent years and looks likely to continue doing so for some time. Especially given how big business continues to invest heavily in this burgeoning technology. As a result, I think Appen could grow at a very strong rate through the 2020s.

NEXTDC Ltd (ASX: NXT)

Another company that makes I believe could grow at a strong rate during the 2020s is NEXTDC. It is an innovative Data Centre-as-a-Service provider with centres in key locations across Australia. With more and more computer infrastructure migrating to the cloud, NEXTDC’s services are in ever-increasing demand. I expect this to lead to strong profit growth as it scales.

Pushpay Holdings Group Ltd (ASX: PPH)

A final growth share to consider buying is Pushpay. It is a payments company which provides a donor management platform to the faith, not-for-profit, and education sectors. It has been growing at an exceptionally strong rate over the last few years and looks well-placed to continue this positive form for many years to come. Although it operates in a reasonably niche market, it is certainly a lucrative one. It recently revealed that it is aiming to win a 50% share of the medium to large church market. This represents a US$1 billion annual revenue opportunity, which is many multiples more than its current revenues. Given the quality of its offering and recent acquisitions, I believe it can achieve this goal in the 2020s.

More reading

• ASX shares can help millennials retire before their parents
• Why a buy and hold strategy for ASX shares is best
• Should you invest in super or your ASX share portfolio?
• These 4 ASX shares are at 52-week highs. Time to invest?
• Take advantage of ASX share market volatility

Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia owns shares of and has recommended PUSHPAY FPO NZX. The Motley Fool Australia owns shares of Appen 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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When it comes to dividends, most investors will look for yield. While that is wise if you are in immediate need of income, if you afford to be patient you could be rewarded handsomely.

Two top ASX shares which have the potential to grow their earnings and dividends materially over the next decade are listed below. Here’s why I think they could be dividend stars of the future:

Jumbo Interactive (ASX: JIN)

Jumbo is an online lottery ticket seller which is best known as the operator of the Oz Lotteries website. It also provides its software platform to a range of businesses and charities in the domestic and international markets. Its shares have come under pressure this year due to concerns over its slowing growth. However, this has been caused by its investment in growth opportunities and is expected to be temporary.

Management expects its margins to return to normal levels again in the near term and its earnings growth should accelerate thereafter. In the meantime, if Jumbo maintains the 36.5 cents dividend it paid in FY 2019 again this year, its shares will provide a 3.1% yield. I think this is an attractive yield already, but could grow materially in the future. Jumbo’s investments are expected to play a key role in the company achieving its global ticket sales target of $1 billion in FY 2022. This will be around triple what it recorded in FY 2019.

Kogan.com Ltd (ASX: KGN)

This ecommerce company recently released a business update which revealed exceptionally strong sales and profit growth during the month of April. While the company is certainly getting a lift from store closures during the pandemic, I believe its growth will continue over the next decade thanks to the ongoing shift to online shopping.

I expect Kogan to pay a fully franked 19 cents per share dividend in FY 2020. While this is only a 2.15% yield right now, I believe this dividend will grow significantly over the next decade. This could make it well worth buying and holding Kogan’s shares.

More reading

• 3 fantastic ASX shares to buy when you’re young
• These were the worst performing ASX 200 shares last week
• How to earn $50,000 of passive income with ASX shares
• Why Kogan, Macquarie, Newcrest, & Santos shares are zooming higher
• 3 ASX shares to buy for growth and income

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 and recommends Jumbo Interactive Limited. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Jumbo Interactive 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 S&P/ASX 200 Index (ASX: XJO) went up 0.25% this week. In normal times this would have been a fairly volatile week, but it was quiet compared to March.

Australia (and other countries) are announcing the lifting of restrictions as officials are getting more confident with the coronavirus. But there is trouble brewing between China and Australia.

Xero Limited (ASX: XRO) was a poor performer within the ASX 200

The cloud accounting software business reported its FY20 result this week. But the Xero share price fell 10% on Thursday and Friday after reporting.

The ASX 200 company reported Xero that free cash flow increased by 320% to NZ$27.1 million. Net profit after tax (NPAT) came in at $3.3 million, an improvement from the NZ$27.1 million loss in FY19.

Whilst Xero reported solid growth numbers in FY20, the early trading in FY21 has showed that Xero is being affected like most other companies. The uncertainty is why Xero was unable to provide guidance for FY21.

Commonwealth Bank of Australia (ASX: CBA)

Australia’s biggest ASX 200 bank revealed its third quarter update this week.

Its March 2020 quarter showed cash profit was down 44% compared to the first half of FY20’s quarterly average. It announced an additional credit provision of $1.5 billion relating to the coronavirus.

Both the statutory net profit after tax and cash profit came in at $1.3 billion. The CBA share price rose by almost 2% on Wednesday.

The major ASX 200 bank also announced that it had agreed to sell a 55% stake in Colonial First State (CFS) for $1.7 billion. CBA will retain the other 45%. The sale price represents a multiple of 15.5x CFS’ pro forma net profit after tax (NPAT) of approximately $200 million. 

Altium Limited (ASX: ALU)

The ASX 200 technology company announced another coronavirus update this week.

since the last market update in early April, it’s anticipating some headwinds due to coronavirus impacts in the US and Western Europe.

May and June are typically the strongest months of the year for closing sales. So it’s going to cause problems for Altium’s FY20 result with the cash preservation priorities of small and medium size businesses affecting Altium’s sales. But Altium did say that engineers are still working on prototype designs. The electronics industry is still holding up relatively well.

In response to the problem, Altium has launched ‘attractive pricing’ and extended payment terms to drive volume.

More reading

• Top brokers name 3 ASX 200 shares to sell next week
• Why BHP is an ASX 200 dividend share to buy today
• Top brokers name 3 ASX shares to buy next week
• What to watch on the ASX 200 next week
• Are rental yields better than dividend yields?

Tristan Harrison owns shares of Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia owns shares of Altium. 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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Once again, a large number of broker notes hit the wires last week. Some of these notes were positive and some were bearish.

Three sell ratings that caught my eye are summarised below. Here’s why top brokers think investors ought to sell these shares next week:

Commonwealth Bank of Australia (ASX: CBA)

According to a note out of Goldman Sachs, its analysts have retained their sell rating but lifted their price target on this bank’s shares slightly to $56.40. Goldman notes that Commonwealth Bank’s third quarter cash earnings of $1.3 billion is running well short of its second half expectations because of provisions. In light of this and its weakening balance sheet, the broker sees little reason that its shares should trade at such a premium to its peers and has reiterated its sell rating. The Commonwealth Bank share price ended the week at $59.60.

Stockland Corporation Ltd (ASX: SGP)

A note out of Citi reveals that its analysts have retained their sell rating on this property company’s shares. According to the note, the broker is concerned that its key residential and retail segments are facing headwinds from the pandemic. It notes that Stockland’s residential segment has seen a sharp decline in deposits and its retail portfolio is experiencing speciality sales declines. The Stockland share price was trading at $2.70 on Friday.

Xero Limited (ASX: XRO)

Analysts at UBS have retained their sell rating and lowly $58.50 price target on this business and accounting software provider’s shares. According to the note, Xero’s maiden profit in FY 2020 fell short of its expectations. In addition to this, while it feels its growth strategy is sound, it believes there is uncertainty around its short term prospects. Furthermore, it feels the risk/reward on offer on a long term basis is unfavourable at these levels. Xero’s shares ended the week at $75.32.

More reading

• Why BHP is an ASX 200 dividend share to buy today
• Top brokers name 3 ASX shares to buy next week
• What to watch on the ASX 200 next week
• Are rental yields better than dividend yields?
• These were the best performing ASX 200 shares last week

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 Xero. 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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Building an ASX portfolio of shares with a value of a million dollars is hard, yet doable. What you need is the right mindset, the right investments, the right amount of time and the secret ingredient of compound interest!

Let’s get into the nuts and bolts of a million-dollar portfolio.

The path to a million

If you were building a portfolio with monthly $1,000 contributions, it would take just over 61 years to accumulate a million-dollar portfolio if you used term deposits and savings accounts that pay a 1% interest rate.

But that’s where ASX shares come in.

See, by investing in growth assets like shares, you can get a return that’s far above what a high-interest bank account will provide these days.

Let’s take a simple ASX index fund like the Vanguard Australian Shares Index ETF (ASX: VAS). This exchange-traded fund (ETF) has delivered an average return of 7.63% per annum since its inception in 2009.

Investing your $1,000 a month in this ETF will shorten these 61 years to just 26.5 years if we assume the same rate of return and reinvest all dividends.

But let’s say you learn all about investing, take some of the lessons we Fools try and divulge for good investing practice and manage to invest for a higher return than a broad market ETF – let’s say we’re aiming for a 10% return per annum.

Then, the 26.5 years will be whittled down to 22.5.

If you manage an exceptional 15% per annum? It’s 17.5 years, and on and on it goes.

Now you can understand how the great Warren Buffett became a billionaire over his life by managing a compounded rate of return above 20% per annum!

How hard is it to beat the market?

Of course, beating the market over 20 years is difficult – most ASX investors don’t manage it. But if you find great companies, invest in them at a great price (or even just a good price), and don’t do anything silly (like sell the shares in a crash), you can do it.

And you don’t even need to find too many winners – just one can be enough to propel an ASX portfolio to market-beating returns. Warren Buffett has 99% of his capital in just one company (Berkshire Hathaway), after all.

And that’s how you can build a $1,000,000 ASX share portfolio by investing $1,000 a month.

It’s no summer project, that’s for sure! Your success with investing will dictate just how long it will take. But for investors with the ambition and the patience, it can be done.

More reading

• Why a buy and hold strategy for ASX shares is best
• The smartest ASX shares to buy if you have $2,000
• Want to become wealthy? Do this one thing
• 3 ASX dividend shares for income investors to buy next week
• Here’s why the laziest ASX investors end up the richest

Motley Fool contributor Sebastian Bowen 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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With the cash rate at a record low of 0.25% and some tipping it to go even lower, the interest rates on offer with term deposits and savings accounts look set to stay lower for longer.

In light of this, I believe income investors ought to consider investing in some of the high quality dividend shares on the ASX for income.

Three that I would buy are listed below:

Dicker Data Ltd (ASX: DDR)

I think this distributor of information technology products would be a good option. It has been a very strong performer during the pandemic and recently reported a 36.3% increase in first quarter net profit before tax to $18.4 million. This has been driven partly by increasing demand for software and hardware to support working from home initiatives. As a result of this strong performance, the company advised that it plans to pay a fully franked dividend of 35.5 cents per share in FY 2020. This will be up 31% year on year and represents a fully franked 5.1% yield.

Transurban Group (ASX: TCL)

If you’re not in immediate need of income, then this toll road operator could be a good option. Due to the sharp reduction in traffic volumes on its roads during the pandemic, I suspect Transurban could scrap its final distribution in FY 2020. However, I feel it is worth being patient and expect its distributions to recover over the coming years as traffic volumes eventually normalise. I estimate that its shares offer investors distribution yields of 3.3% and 4.5% in FY 2021 and FY 2022, respectively. 

Wesfarmers Ltd (ASX: WES)

Wesfarmers is one of Australia’s leading conglomerates and the company behind countless recognisable brands. These include Bunnings, Kmart, Target, online retailer Catch, and Officeworks. The company also has exposure to the chemicals and industrials industries through a wide range of businesses. Combined, I believe Wesfarmers is well-positioned to grow its earnings and dividends at a solid rate over the coming years. At present I estimate that its shares offer a forward fully franked ~4% dividend yield.

More reading

• 2 quality ASX dividend shares for retirement income
• Where growth, income, and value investors can invest $5,000 today
• 2 exciting ASX tech shares to buy right now
• Losers of Virgin Australia’s potential nationalisation
• 3 top ASX dividend shares you can buy today for income

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. The Motley Fool Australia owns shares of Transurban Group and Wesfarmers 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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I think that having a little bit of exposure to the small side of the market can be a positive for a portfolio.

This is because even blue chip companies such as Ramsay Health Care Limited (ASX: RHC) were small caps at one stage.

Anyone that bought Ramsay’s shares in the early days and held onto them will have generated exceptionally strong returns.

And although not all small caps will be success stories, there are a few that I feel have a good chance of going onto bigger and better things.

Three small ASX cap shares worth watching very closely are as follows:

Audinate Group Limited (ASX: AD8)

Audinate is a digital audio-visual networking technologies provider. It has achieved very strong sales growth in recent years thanks to the increasing demand for its Dante product. This award-winning audio over IP networking solution is being used widely across the professional live sound, commercial installation, broadcast, and recording industries globally. While the pandemic will inevitably impact its sales greatly, I believe its growth will accelerate once the crisis passes.

ELMO Software Ltd (ASX: ELO)

ELMO Software is a fast-growing cloud-based human resources and payroll software company. It provides a unified platform that allows users to streamline processes for employee administration, recruitment, on-boarding, learning, performance, remuneration, compliance training and payroll. It has been a strong performer over the last few years and I expect more of the same in FY 2020 and beyond. ELMO recently released its third quarter update and revealed quarterly cash receipts of $13.3 million. This was up an impressive 39.4% on the prior corresponding period. It brought its 12-month trailing cash receipts to $56.2 million, up 42.3% on the 12 months to March 2019.

Volpara Health Technologies Ltd (ASX: VHT)

A third small cap share to look at is Volpara Health Technologies. It is a provider of healthcare software that leverages artificial intelligence imaging algorithms to assist with the early detection of breast and lung cancer. It has been growing at a very strong rate over the last few years thanks to its increasing market share in North America. And due to the growing popularity of its software with radiologists and recent acquisitions, I expect this positive form to continue for the foreseeable future.

More reading

• 3 ASX healthcare shares to buy for strong long-term growth
• The next ASX sector in a post COVID-19 earnings upgrade cycle
• 2 of the best ASX 200 healthcare shares to buy for the long term
• Why Altium, ELMO, Suncorp, & Webjet shares are sinking lower
• 3 exciting ASX healthcare shares to watch in the 2020s

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 and recommends Elmo Software. The Motley Fool Australia owns shares of and has recommended AUDINATEGL FPO and VOLPARA FPO NZ. The Motley Fool Australia has recommended Elmo Software and Ramsay Health Care 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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