The Auscap Asset Management co-founder says the market is underestimating the resilience of Australia’s consumers as he puts the finishing touches to his Sohn Hearts & Minds pitch.
“Opportunities are in sectors that the market is pessimistic about based on what
Carleton says the disconnect is due to the market under-estimating how resilient Australian household balance sheets are, but there’s also an element of mis-categorisation when it comes to the retail category. The migration of electronics from discretionary to staples is partly due to our increasingly connected world, but also, two decades of deflation as they’ve become a smaller part of the household budget.While Carleton is a natural stock-picker, he devotes extensive time and effort to studying the macro environment, and 2022 has been all about the macro, as the war on inflation drives the direction of asset prices.
“They were a large part of the reason inflation picked up for different categories. Anything that is imported into our country has the shipping cost associated with it.
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