Morning Report Thursday 10 July 2014
Are offshore exposed Building Stocks the best area to be invested?
World cup Final - German efficiency v Argentinian passion, which will prevail?
One of the standout headlines in the Australian Financial Review today is “Boral screwed over by union bullying”. Unfortunately as we have witnessed over the last year, competition is an enormous issue for Australia going forward as we reinvent ourselves after the commodities boom. Productivity is a key ingredient in this equation along with a frustratingly high $A along with other world economies ahead of our own in the economic recovery cycle. However, when we do turn the corner, the domestic building stocks should show great value. Unfortunately, when I review 4 major building stocks below the one standout performer is James Hardie courtesy of its US exposure. This looks likely to continue as such for a while.
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