Stock Exchanges are Great Compounders:LSE, ASX, CBOE, CME
Stock exchanges are great compounders
1. They have index beating returns with low volatility.
2. A portfolio of exchanges can offer global diversification.
3. Exchanges benefit from the strongest of all economic moats: network effects
LSE and ASX have the strongest fundamentals
$LONDON STOCK EXCHANGE GROUP PLC(LSE.UK)$ $Advanced Semiconductor Engineering(ASX)$ $Hong Kong Exchanges and Clearing(00388)$ $OTC Markets Group Inc.(OTCM)$ $MarketAxess(MKTX)$ $SINGAPORE EXCHANGE LIMITED(S68.SI)$ $NZX Ltd(NZSTF)$ $Japan Exchange Group, Inc.(JPXGY)$ $Intercontinental Exchange(ICE)$ $CME Group Inc(CME)$ $Euronext NV(ERNXY)$ $CBOE Holdings Inc(CBOE)$ $Designer Brands Inc(DBI)$ $NASDAQ(.IXIC)$ $Tradeweb Markets Inc.(TW)$ LSE$LONDON STOCK EXCHANGE GROUP PLC(LSE.UK)$ is a great one. Nick train a big quality investor is a big fan of the company. It’s a well diversified business.
I know a PM$Philip Morris(PM)$ of a dividend income fund and he figured this out almost 20 years ago, loaded up on all of them and has been top decile mut fund in his category every since.
Almost all of them are perpetually high. People hold for divs and never sell pretty much. Very stable and patient investor bases, similar to S&P Global$S&P 500(.SPX)$ , Visa$Visa(V)$ and other predictable compounders in terms of volatility and price movement.
https://twitter.com/long_equity/status/1574041676242472962
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Afterall in most investment doc - oft there is a qualifier stating that past performances is not an indication of future earnings.
Would really like to know.
HK n China personally would even bothered now. My sole wish is to breakeven (if its even possible now) and exit. No confidence that ruling party will do the right thing or at least pro-biz policy. Disappointed.