Les Rogers spoke of the prospect that coal will remain a major source of energy worldwide beyond 2050. Coal usage will need to decrease by a factor of 20 and solar & wind energy will need massive increases in output if the targets for net zero emissions are to be achieved. This will have impacts on the share market. (Article referred to by Les: Vinichenko, Cherp and Jewell (2021) Historical precedents and feasibility of rapid coal and gas decline required for the 1.5◦C target. One Earth 4 1477-1490 October 22, 2021.)
Our 11 sectors selections we made in February in the Bendigo Watchlist is still negative by some -$31,000 or 9% negative. This is reflected by all stocks that were purchased in early February when the All Ords Index was 7745 now the index at 1st May is 7501 down 3% in 3 months.
In the monthly short-term listing Les Rogers’s selection of XRF gave a profit of $3,131 and in the Long Term listing Margaret Jenkins with XRF had a profit of $4,172. This result was rewarded at the end of the meeting with chocolates for both Margaret & Les.
After the break we re-visited the matter of short selling which has recently been attracting media reports. As short selling can have a very negative effect on a company’s share price, it’s a matter of being aware.
Broker Consensus was discussed with opinions as to the pro and cons of taking their advice with attention as to the date of this advice.
Scams have increased 80% in the past year and with banks only compensating 2 to 5% according to the ASIC, are of great concern. Discussion took place on how we may protect our assets from this scourge.
The next meeting of Investment will be on Monday 5th June at 2.00pm in Classroom 1.
John Hanlon and Malcolm Sanders