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Brokers, Broker Reliability, Online, Options, Data, News Discussion
Brierley
post Posted: Feb 2 2017, 09:59 AM
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In Reply To: arty's post @ May 19 2015, 10:16 PM

Arty
Are you still using Openmarkets and the Pulse platform ?

I trialled it in 2015, but was overseas at the time so couldn't open an account.

Thinking of giving it another go now. One attraction is 0.07% brokerage compared to the 0.12% I'm paying now.

I cant find any online reviews on Openmarkets/Pulse, or Pulse vs Iress etc. I do note that Pulse doesnt show ChiX trades whereas Iress does.

 
nipper
post Posted: Sep 19 2016, 10:18 PM
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In Reply To: arty's post @ Sep 19 2016, 09:54 AM

full service and advisory brokers slipping below the water .... on-line and alternative advice models seem to be in ascendency.

I've noticed brokers now more likely to get involved in LICs, especially launching new ones, as the old 'stock picking' model becomes redundant. Taylor Collison, Bell, Wilson HTM and Ord Minett are pushing a whole bunch of recent IPOs for fund mangers, those usually running unlisted product, wanting to squeeze into the listed space, with Listed Investment Companies. Outfits like Geoff Wilson's WAM will use the networks to pick up extra FUM at IPO time, but it's thin pickings after that.

And today, a tired old warrior, reinventing himself
QUOTE
Marcus Padley is one of the country's most recognisable stockbrokers, although he admits he's not particularly popular within his own industry.

The straight-shooting Englishman has built a successful business around his Marcus Today newsletter, but is also known for his habit of pointing out the shortcomings of his own industry through the media. He now has his sights set on funds management...

For the last 16 years, he has worked with private clients he built through the subscription-based Marcus Today, which he started while working as a retail broker at Bell Securities in 1998 following a career in the institutional world. He arrived in Australia in 1994, a "souvenir" of his Australian wife Emma's trip to London.

It was at Bell Securities that the father of four received some career-defining advice from Andrew Bell. "He said I'll teach you how to do broking. What you need is one client and one stock," Padley says. ....Off and running, he noticed a dearth of research in retail broking and set about writing daily trading ideas in an email which soon took on a life of itself.

"The newsletter business was hugely scalable and it overtook everything," he says. Through the newsletter he built himself his own client base, and eventually realised that these clients wanted a full suite of services.

Marcus Today later merged with financial planning firm Investment Strategists to create Marcus Today Investment Strategists, led by Pauline Hammer and Anna Garuccio. Rather than outsource investment ideas to a fund manager, the team is now branching into investing, launching two separately managed accounts (SMAs), which are distinct from traditional managed funds in that the client owns the underlying share position.

Padley says the traditional managed funds establishment is coming under pressure from the rise of the SMA in a world where returns are harder to come by and their business models are harder to justify.

"We had 30 years where the market went up 11 per cent per annum, with inflation at 5 per cent and interest rates at 7 per cent on average, business could grow," he says.

With interest rates and inflation at virtually zero, and growth hard to come by, fund managers that benchmark against GDP growth or stock market indices are adding almost no value, he says. "The game's going to be up." "For 99 per cent of the funds management industry, the tide's going to go out and they're going to be revealed for doing what you could do for $19.99 on the ASX – buying a listed investment company or a passive ETF because that's all they're delivering."

The SMA is what Padley sees as disrupting the funds management business by passing the ownership of the shareholdings directly to the client, based on stock picks by Padley's team, which reduces the involvement of the portfolio manager. It also gives the client their own tax position, an advantage for retirees in a zero-tax environment. The fund charges a 10 per cent performance fee, so if it doesn't make money, it doesn't charge a fee.

MTIS has launched two SMAs, the Marcus Today Separately Managed Account, which is just three months old, and the recently launched Equity Income fund. It has around $10 million invested so far.

....he says the re-subscription rate of his newsletter of up to 85 per cent was testimony that this 'tell it as it is' philosophy rates with retail clients. "We've had subscribers for 16 years, they wouldn't still be here if I was a bullshitter," he says.

The Marcus Today SMA is an aggressive strategy with just 20 stocks in the portfolio. Padley is not a believer in diversification, arguing a fund with 300 stocks across five countries and five currencies is riskier, particularly if the manager doesn't have an detailed knowledge of each company.

The criteria for stock picking falls under the "unsexy" acronym of TFTM, or themes, fundamentals, trends and management. The investment team start with a theme, then within that identify a basket of stocks and filter based on company fundamentals. They then look at trends, or charts, to see whether the stock's chart is showing the market is buying or selling, and then try to time the investment. The management is 95 per cent of the job, Padley says.

"Picking stocks is massively overemphasised as the way to succeed in investing," he says. "With the right post management system you realise that picking a stock is just a game of probability, all the odds are in my favour, it's got a good theme, good fundamentals, the trend's there at the moment but the day after you buy it that could change and you need to be flexible to be able to react to that."

Padley looks at return on equity rather than price-to-earnings or yield. "If I go along and see a stock that's on a high PE and low yield all that tells me is I'm on the right track because its popular," he said.

The themes Padley likes include the cloud, picking NextDC; internet software, naming Aconex, and Megaport; healthcare, picking Cochlear for its consistent RoE, MaynePharma and Nanosonics. He also names stocks linked to internet infrastructure, including telcos TPM, Spark, Vocus, and Chorus; Speedcast, Superloop and Netcomm.

He also likes industrials, and said while this sector might be bid up and vulnerable to shocks, they will continue to be bought on weakness every time amid a low interest rate environment.

The equity income portfolio has a greater focus on income, and among its top listings include BT Investment Group, Credit Corp, Flight Centre, Macquarie Group and Telstra.

Easy with only a few mill; can he scale it?



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"Every long-term security is nothing more than a claim on some expected future stream of cash that will be delivered into the hands of investors over time. For a given stream of expected future cash payments, the higher the price investors pay today for that stream of cash, the lower the long-term return they will achieve on their investment over time." - Dr John Hussman

"If I had even the slightest grasp upon my own faculties, I would not make essays, I would make decisions." ― Michel de Montaigne
 
arty
post Posted: Sep 19 2016, 09:54 AM
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In Reply To: mercury's post @ Sep 19 2016, 06:21 AM

0.12% does seem steep.
OpenMarkets (dot com dot au) charge 0.07%, gradually decreasing.
And above - I think - a dozen or so trades a month, the Pulse software winth live data is free.



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I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 
mercury
post Posted: Sep 19 2016, 06:21 AM
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LOOKING FOR THE BEST ONLINE TRADING FEES.

THEY USED TO BE better...but over past couple of years I have seen remarkable changes. Maybe because there isn't so much competition anymore???

comsec wants .12% for trades over 25000$.

Now why would a trade of $90,000 cost $108 brokerage (@.12%)

when the computer work is the same for 10,000 as 100,000$?




who has a better broker out there? thanks

Mercury




 
mercury
post Posted: Dec 10 2015, 10:20 PM
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thanks for that Arty.

Anyone out there using a margin loan account ...???...and what are their thoughts about their provider.?

At present I use Leveraged equities but never get myself into strife as a result of using the margin loan to excess. As a result the company (leveraged equities) has decided that their income is not enough from me. Instead of a 20000$ loan or more over a year, they seldom get much interest from me. As such, they have decided to get monies from me by charging a $5 fee for each transaction I make unless I take out and keep a minimum balance of 20000$ in margin loans.

does anyone out there use a margin loan account that does not have such fees (at present)?




I note that Macquarrie charges a200$ fee if a margin loan is paid out within 4 months of starting. I often pay out my loans...ASAP....as I trade quite regularly and the loans frequently are paid back on those stocks which are allowed margin lending.

Any input, as I decide what direction to go (or to stay ) would be appreciated.

Mercury




 
arty
post Posted: Dec 10 2015, 08:42 AM
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In Reply To: mercury's post @ Dec 10 2015, 07:43 AM

Hi Merc,

The risk will always exist between T+0 and T+3, regardless of which broker you choose.
However, once the trades have been reported to the respective registry, those shares are in your name and the money is in your bank account. (I'm using a Macquarie CMA. Never any problem.)

CountryLad's complaint about fundamental data would still apply; to me, it's not a problem because I go primarily by charts, and what fundamentals I need, I get from other, more direct sources. Remember that items like top20 holders, issued shares, etc are collated by someone as a service, but they're never as up to date as the latest company report, Appendix 3B, or whatever.



--------------------
I trade daily, but I am not a licensed adviser. Whether you find my ideas reasonable or not: The only person responsible for your actions is YOU.
I follow two rules: (1) There are no sacred truths. All assumptions must be critically examined. Arguments from authority are worthless. (2) Whatever is inconsistent with observed facts must be discarded or revised. We must understand the Market as it is and not confuse how it is with how we wish it to be. (inspired by Carl Sagan)
 


mercury
post Posted: Dec 10 2015, 07:43 AM
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Triage suggested that persons can be caught out by a collapse of a broker such as BBY.

just the stocks bought and sold during the T+3 window are at risk...is that correct?



 
Brierley
post Posted: Sep 1 2015, 12:35 PM
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In Reply To: arty's post @ May 19 2015, 10:16 PM

Thinking about giving Paritech Pulse Trading Platform a try thru Openmarkets.
Arty's is one of the very few reviews I have found so far.

My broker used to provide Pulse years ago, then switched to Webiress. I missed Pulse when the switch was made but got used to Webiress over time.

Now running a trial of Pulse along with my actual Webiress account and memories of using Pulse are slowly coming back.

Both platforms are effectively free for active traders, but Pulse is more expensive if one doesnt do enough trades for the free subscription.
Openmarkets brokerage rates are competitive, and they tell me that multiple trades in one stock on the same day can be aggregated into one brokerage charge which works out cheaper.

I did find one negative review here

Keen to hear from anyone else using Paritech Pulse, especially those that might have switched from Webiress.

 
gollygosh
post Posted: May 20 2015, 06:21 PM
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In Reply To: triage's post @ May 20 2015, 04:01 PM

I reckon this is a smaller version of Opes prime as per the chart . Unhedged shares versus bby unhedged written oppies . If the asx is really going to kill all option traders with open posi's through bby then the oppie game is dead and it is already such a thin market in comparison to the Attached File  xjo_opes_and_bby.jpg ( 275.37K ) Number of downloads: 30
USA .


Said 'Thanks' for this post: triage  
 
triage
post Posted: May 20 2015, 04:01 PM
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In Reply To: gollygosh's post @ May 20 2015, 09:33 AM

Looks like muscles finally got his slam ... sad.gif ... it does appear however that his son's management team may have been walking a fine line with the regulators for some time and in the end they thought they owed him or his company no favours (???? who knows - we'll have to wait for 9 or 7 to come up with a miniseries to find out the real deal).

It would also appear from this ABC update that other than the Roswall family the group most likely damaged by BBY's collapse are option traders, in that apparently the regulators are forcing them to close out their positions. I do not know enough to have a view whether the option traders should have factored that form of risk into their calculations or not, if such a risk was a known known in the option trading world then I guess they should have to take it on the chin. I don't like to see anyone losing their money but it may be a case of privatising both the wins and the losses - rather than socialising the losses - when playing what is after all a risky game.

http://www.abc.net.au/news/2015-05-20/pote...vestors/6484148

Creative destruction I suppose, another (hopefully) more robust broker will quickly move in to fill the gap left by BBY.



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"The market can stay irrational longer than you can stay solvent." John Maynard Keynes

"The crisis takes a much longer time coming than you think, and then it happens much faster than you would have thought." Rudiger Dornbush

Mozart fixes everything and Messi is a dog
 
 


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