There’s no sign of demand slowing either. Last week, SMT was the most popular buy from clients on share-dealing platform Hargreaves Lansdown.

This is not to say that the tech-focused fund is without risk. Today, I’m wondering whether I should buy and asking how big the risk is following two seismic events — Joe Biden’s election victory and the coronavirus vaccine breakthrough made by pharma giant Pfizer.

Dark clouds ahead?

Although it’s still too early to say how markets really feel about Biden’s victory, it’s sensible to suppose there will be both winners and losers from this outcome. Big tech could be in the latter, especially when it comes to paying tax.

Joe Biden has previously said that he plans to go back on his predecessor’s tax cuts. Indeed, a 7% increase in corporate income tax to 28% is on the new President’s to-do list.

This could be something of an issue for Scottish Mortgage. After all, its second-biggest holding — Amazon — takes up almost 8% of assets. 

This might not be the end of it. The growing monopoly of tech titans could lead President-elect Biden to enforce greater regulation and the break-up of these companies. 

Too expensive?

Of course, I simply can’t know what happens next for sure. There is a chance that Biden may not be successful in getting some (or many) of his campaign pledges through. The positive news on the Pfizer vaccine could also be undermined by rocketing infection and death rates and/or logistical problems getting it to the people that need it most. 

Rather than speculate, I think it’s more conducive to look at valuations. What I do know is that the US market remains expensive. Indeed, the huge rebound in the tech-heavy NASDAQ since March has pushed the share prices of some of the usual suspects into the trillions of dollars.

This, coupled with the arrival of the promising vaccine, may become temporarily problematic for SMT’s portfolio. After all, a pivot from investors into battered leisure and airline stocks could mean that the share prices of SMT’s constituents hardly move or even fall. 

What I’m doing

Personally, I’m not worried about how Biden and Pfizer may impact SMT (which, for the record, I hold). 

For one, the trust isn’t as highly invested in the US as other popular trusts/funds. According to Hargreaves Lansdown, only 44% of the stocks held are listed in the US. I find this more reassuring than if I were invested in a fund solely focused on the American market. The fact that Scottish Mortgage Investment Trust’s portfolio also includes 47 private companies is also comforting.

So, rather than sell and miss further gains, I’m more inclined to check I’m suitably diversified elsewhere. Recognising that only 8% of SMT is exposed to the sector, I’ve recently bought iShares Healthcare Innovation ETF, for example. This may help if/when SMT’s share price takes a breather.

In investing, it pays to know what you don’t know. By spreading money around, I hope to take events — positive or negative — in their stride.

The post Hargreaves Lansdown investors are still buying Scottish Mortgage Investment Trust. Here’s what I’m doing appeared first on The Twelfth Magpie.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Paul Summers owns shares in Scottish Mortgage Investment Trust and iSharesHealthcare Innovation UCITS ETF. The Motley Fool UK owns shares of and has recommended Amazon and recommends the following options: short January 2022 $1940 calls on Amazon and long January 2022 $1920 calls on Amazon. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

Buffett’s first rule

Buffett’s first rule of investing — “never lose money” — is good all-weather advice. As such, I think it’s likely the ‘Sage of Omaha’ will continue to recommend that all investors should do their homework, regardless of who might win the US election. The more you know about a company before buying its shares, the better your chances of making money.

Gambling with your cash based on the outcome of events, however tempting, isn’t advised. This is partly why the wealthiest investor on the planet doesn’t have a TV in his office. Not being hooked up to the 24/7 newsflow allows him to concentrate on the things that truly matter. The businesses he buys stakes in.

Buffett’s first rule has an additional meaning for those investing in the UK. By not keeping your shares within an ISA, you will lose money by virtue of paying capital gains tax on any profits you make. To make matters worse, you’ll also be taxed on any dividend income you receive from stocks you own. This double-whammy could really hurt your chances of ever making it to millionaire-status.

Keep buying wonderful companies

Buffett buys shares in quality businesses when they go on sale. The coronavirus crash earlier in the year was an excellent example of when, to parphrase the great man, “we should all have been greedy rather than fearful.” The forthcoming US election could be another. 

Great companies are likely to remain great. This is regardless of who emerges triumphant and whatever decisions they make during their presidential term. Sure, increased regulation of big tech giants, or the resumption of the trade war between the US and China, could make investors temporarily skittish. But the major themes of investing in the years ahead are unlikely to be affected.

Companies specialising in clean energy sources, for example, are very likely to remain popular, given the ongoing concerns around climate change. Demand for healthcare will also continue to rise as populations age. The need for cybersecurity will increase as the amount of ‘smart’ stuff in our homes grows.

None of the above will be impacted by who gets the keys for the White House. Invest accordingly. 

Hold forever

Market commentators will continue to speculate over what a second term for Trump, or a first for Biden, will mean for global markets. The truth is, it really shouldn’t matter to ISA investors buying shares for the long term.

Buffett has frequently said that his favourite holding period is “forever.” Earlier this year, he also remarked that “nothing can stop America when you get right down to it.”

So far, he’s been absolutely right. Pull up a chart of the S&P 500 index over the last 50 years, or so. You’ll see a line rising from the bottom left to the top right. In other words, US stocks have gained massively in value, regardless of all the Republican and Democratic leaders over that time.

Don’t fear any US-election volatility. Do the same as Buffett. Embrace it.

The post Forget the US election. I’d listen to Warren Buffett and buy cheap shares to become an ISA millionaire appeared first on The Twelfth Magpie.

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Paul Summers has no position in any of the shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

Get-rich-quick schemes

In an age of short-termism and get rich quick schemes, sensible investors know that the first step in generating sustainable long-term wealth lies in capital preservation. It’s for this reason that companies like Glaxo often form part of the core of many well-balanced portfolios, helping to steady the ship in times of political and economic uncertainty.

Along with other defensive sectors such as consumer goods and utilities, multinational pharmaceuticals are less likely to be affected by unforeseen events such as Brexit, or a surprise election win by Donald Trump. Both equity markets and currency markets can collapse and bounce back at a moment’s notice, but these sectors are generally less sensitive to or volatile on the back of such unpredictable political events.

Income investors in particular have had a long-term love affair with Glaxo. Thanks to its capacity to generate enormous profits from worldwide sales each year, the FTSE 100 stalwart can afford to reward its shareholders with generous quarterly payouts that have helped to support the company’s share price through a period when patent expiries have led to increased levels of generic competition for some of its treatments. But what about the future? Is there any hope of growth in such a competitive market?

New York, New York

Commentators like myself had to wait until noon today to get a glimpse of Glaxo’s third-quarter results, rather than the usual 7am regulatory news releases we’re accustomed to here in the UK. The reason? Glaxo is also traded on the New York Stock Exchange (NYSE), and noon equates to 7am Eastern Time. Further proof if it were needed that Glaxo is a true pharmaceutical goliath revered on both sides of the Atlantic.

Today’s results showed continued progress during the third quarter of 2017, with growth in sales and improved operating margins. This was driven by targeted cost savings and restructuring and integration benefits, which in particular helped the Vaccines and Consumer Healthcare businesses, and also supported investment in its new products and Research & Development pipeline. There were also major approvals for its Trelegy Ellipta treatment for Chronic Obstructive Pulmonary Disease (COPD) and shingles vaccine Shingrix.

New product sales up 44%

Pharmaceutical sales were up 3% during the quarter, reflecting continued strong growth of new Respiratory and HIV products, partly offset by a decline in the older products and the impact of recent divestments. Vaccine sales were up 5%, with a strong performance from Meningitis vaccines and continued delivery from influenza products. Consumer Healthcare sales were up 5%, reflecting strong performances from power brands in the Pain and Oral health categories.

But for me, what was most encouraging of all was that sales of new pharmaceutical and vaccine products were up by an impressive 44% to £1.7bn, with total group turnover rising 4% year-on-year to a mammoth £7.8bn.

So is Glaxo still a strong buy after third-quarter results? With its defensive qualities, attractive valuation at less than 14 times forward earnings, and juicy 5.3% yield, the answer has to be a resounding YES.

The post Is GlaxoSmithKline plc still a strong buy after Q3 results? appeared first on The Twelfth Magpie.

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Bilaal Mohamed has no position in any shares mentioned. The Motley Fool UK owns shares of and has recommended GlaxoSmithKline. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

First up is speciality drug producer Shire (LSE: SHP). What worries me about Trump and Shire is that the he’s been quoted in the press as saying things such as “the pricing has been astronomical” and “you folks [drug companies] have done a very great job over the years but we have to get the prices down.”

And Trump could definitely do something about bringing down drug prices either through direct legislation or giving government-run medical programmes the ability to negotiate their prices with drug makers. This is a common sense move that has somehow escaped Congress’s attention thus far.

This is a problem for all drug makers but is an extra worry for Shire as the company’s business model is based on developing drugs for rare diseases and then charging very, very high prices for the treatment.

Aside from concerns that its products may fetch lower prices, I’m also worried because Shire has taken on a whopping $23bn in net debt to fund a series of huge acquisitions that have made it a world leader in rare disease treatments. If the company’s ambitious sales and profit targets are met this won’t be a major problem, but should Trump take an axe to pharmaceutical prices, it certainly would be.

Rough seas ahead for global trade?

Also at risk of becoming collateral damage to Trump’s policies is ship broker Clarkson (LSE: CKN). It has already seen profits drop in the past year as a slowdown in demand for oil & gas-related ships and an oversupply of cargo vessels have led to low prices for bulk shipping.

The threat from Trump to Clarkson is if the new president embarks on his much-talked-about plan to impose tariffs on trading partners such as Mexico or, more worryingly, China. Were Trump to slap import taxes on goods from China, the Chinese would undoubtedly retaliate, threatening to send the volume of trade between these important partners plummeting.

This would be a problem for Clarkson because its broking services account for more than 85% of underlying pre-tax profits and would be negatively impacted should volumes and the price of cargo shipping fall.

The upside is that as a broker, Clarkson doesn’t own any ships and is paid a commission per deal arranged, so is somewhat protected from any downturn. Indeed, the company has weathered problems in the offshore oil & gas industry with aplomb and remains solidly profitable and has a cash-heavy balance sheet.

But with shares of the company trading hands at a lofty 25 times forward earnings would-be investors would do well to image the potential threat from Trump’s policies before buying shares.

Are you looking for Trump-resistant shares?

The post 2 stocks that could be slammed by Donald Trump appeared first on The Twelfth Magpie.

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Ian Pierce has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

FTSE 100 gold giant Randgold Resources (LSE: RRS) saw its share price losing 24% of its value during July-December, while blue-chip peer Fresnillo (LSE: FRES) suffered a 26% decline.

FTSE 250 producer Centamin (LSE: CEY) was a bright spark in a battered sector however, its stock actually gaining 5% in value.

But I believe the Egypt-based producer’s gain last year could pale in comparison with those in 2017 and reckon — along with its gold-and-silver-digging colleagues — Centamin could explode in the months ahead.

Back in fashion?

Gold prices, and with it the share prices of large and small producers alike, fell from their July highs as investor caution gave way to frenzied buying of so-called risk-on assets. This caused bullion to slip from July’s 28-month highs around $1,370 per ounce and end the year over $200 cheaper.

Meanwhile, dual-metal producer Fresnillo was also whacked by a slide in silver values — the metal shed a fifth of its value in H2.

But precious metals values have spiked again in recent sessions as the so-called Trump Rally — a phenomenon that had powered stocks across both sides of the Atlantic higher — has run out of steam.

Indeed, gold values hit three-month peaks above $1,230 per ounce in start-of-week trade thanks to signs of fresh geopolitical turbulence in Europe.

Muddy waters

Gold values struck last summer’s peaks in the aftermath of Britain’s momentous decision to leave the EU. And this issue looks set to run and run as a variety of political hot potatoes, particularly on the topics of trading tariffs and immigration, dominate how the country’s self-imposed exile plays out in the years to come.

The future of the EU itself as Britain plans to go it alone also went up a notch or several last week after French presidential hopeful and Front National leader Marine Le Pen called for a Frexit referendum that could theoretically see Europe’s third largest economy also withdraw from the bloc.

Furthermore, Le Pen’s threat of pulling France out of NATO has prompted investors to buy back into safe-haven assets like gold, her comments echoing recent swipes at the defence club by President Trump. Clouds over NATO’s fate couldn’t come at a worse time with fears of a Cold War 2.0 versus Russia back on the rise.

And back on the economic front, Le Pen’s determination to pursue an anti-globalisation agenda — again, mirroring the aims of the newly-minted US leader — threatens to rip up the old order and create an age of recalibration and uncertainty.

But trouble in Britain and France aren’t the only cause for worry, the threat of a Greek debt default is once again rearing its head and putting the future of the euro back in the spotlight.

Naturally, a fresh wave of US Federal Reserve hikes in 2017 could put paid to meaty advances in the gold price, developments that would serve to strengthen the US dollar and make commodities of all classes more expensive to buy.

Still, I believe there are a number of political and economic factors that could send cautious investors piling back into the comfort of precious metals as we progress through 2017, propelling the share prices of producers like Randgold, Fresnillo and Centamin sky high.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Looking ahead, it seems likely that there will be further surprises. This could lead to even greater uncertainty and more volatility in share prices during the course of 2017 and beyond. Here’s how Foolish investors can not only survive in the coming months, but also prosper from Donald Trump’s Presidency.

Volatility means opportunity

The historical performance of the stock market may not be perfect in predicting its future outlook, but it does provide a guide as to when is the right time to buy. While many investors wait until the stock market has settled down and forecasts are improving, past performance of shares shows that the best times to buy are normally when the future is at its bleakest. That’s because valuations will normally have fallen so as to price in a worsening economic performance. This provides a wide margin of safety as well as significant upside.

During Donald Trump’s Presidency, volatility could rise as his policies are likely to represent a major change from the status quo. While stock markets are currently at or near record highs, increased uncertainty may lead to a more cautious attitude among investors. This may cause share prices to come under pressure and create buying opportunities for long-term investors.

Certainly, buying during periods of higher volatility may generate paper losses in the short term. However, by thinking long term and buying the best companies it may be possible to generate higher returns due to Trump’s Presidency.

Focus on income

While in the long run buying shares which offer a wide margin of safety may be a sound move, in the short term generating an income may prove crucial. That’s partly because income from shares could be used to reinvest during what may prove to be an attractive year for investment. In other words, cash from dividends can be used to take advantage of volatile share prices during Trump’s Presidency.

However, dividends may matter more this year due to the higher rates of inflation which could be around the corner. Trump has stated that he intends to raise spending on infrastructure and also to reduce taxes. This could cause inflation to rise in the US, which may then be exported across the globe. As such, generating a relatively high yield from shares could become even more important this year, as the value of dividends once inflation has been deducted may be much smaller than in 2016.

Alongside taking advantage of potentially high volatility in the coming months, buying higher yielding shares could be a sound means of benefitting from a Trump Presidency. While 2017 may be a tough year for investors, it could also prove to be a prosperous one, too.

The post Investing advice for Donald Trump’s Presidency appeared first on The Twelfth Magpie.

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We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

According to drill checkers Baker Hughes, the number of oil rigs up and running in the States rose by 29 during the seven days to January 20, taking the total to 551.

This was the largest one-week jump since April 2013 and means that the rig count has risen during 10 of the last 11 weeks. Meanwhile, the number of US rigs in operation now stands at a 14-month peak.

Flowing forth

Producers across the Atlantic are looking to cash-in on the bouncy Brent price in the wake of OPEC’s agreement, the benchmark surpassing the $50 per barrel marker once again. But prices have failed to march on since then as US producers have plugged their devices back into the ground.

News of bubbly supply across the Atlantic takes some of the sheen off hopes that the market will balance later in 2017. Indeed, latest stockpile data showed a further 2.8m barrel build in the States during the week to January 20, according to the EIA.

And recent industry estimates suggest that supply from oil wells should continue to swell higher. The US Energy Information Administration (EIA) for one said earlier this month that it expects crude production from the country to rise by 300,000 barrels per day in 2018, to 9.3m barrels per day.

Sure, this figure is outstripped by expected US demand growth of 370,000 barrels per day next year — at 20.22m barrels per day — but EIA production forecasts could be in for mighty upgrades should Baker Hughes’ latest shocking release mark the beginning of a trend.

And looking further out, President Donald Trump’s plans to invest vast sums into the country’s oil and gas sector could really light a fire under US production. America’s new leader vowed to “take advantage of the estimated $50trn in untapped shale, oil, and natural gas reserves” in the country just hours after taking over the Oval Office.

President Trump has since vowed to resurrect the revive work on the Keystone XL and Dakota Access pipelines this week. This illustrates the importance the new White House administration places on fossil fuel production for the domestic economy — not to mention foreign policy — in the years ahead.

Too risky?

News that US production is rising will surely test OPEC’s desire to keep its supply accord running beyond the initial six-month trial period. Meanwhile Russia and other non-cartel members — some of which also agreed to reduce pumping activity — will also be watching closely, of course.

So the road back to roaring revenues growth is fraught with danger for majors like BP (LSE: BP) and Shell (LSE: RDSB). And when you also factor-in the huge capital drain associated with their operations, not to mention the hit and miss nature of oil exploration, these companies certainly carry their share of risk.

And I believe these dangers aren’t factored-in at current share prices — BP deals on a forward P/E ratio of 15 times, bang on the FTSE 100 prospective average, while its rival changes hands on a reading of 15.3 times. I reckon cautious investors should continue to steer clear of these stocks.

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Royston Wild has no position in any shares mentioned. The Motley Fool UK has recommended BP and Royal Dutch Shell B. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

Full of ideas 

So far, Trump’s election has had a positive impact on equity markets around the world. It seems traders and analysts believe his pro-growth policies will bring the world out of the economic rut that it has been stuck in the since the financial crisis. 

Trump’s rhetoric, along with buoyant stock markets, have also helped send business optimism to a multi-year high across the United States, which should be good news for the world’s largest economy.

However, even though markets may be optimistic about a future under Trump, until he takes office and executes some of his ideas, it’s all just talk. Indeed, markets have a habit of buying the rumour and selling the news, which means that even if Trump does take drastic action to revive economic growth during his first 100 days in office, markets could still fall.

The first 100 days 

Investors and traders around the world will be closely watching Trump’s first 100 days in office. It’s this period that generally sets the tone for the rest of the presidency. Even though markets may prove volatile in the near term, if Trump introduces pro-growth policies during his first 100 days, throughout the rest of 2017 investors may return to the market with cautious optimism. On the other hand, if he proves to be as unwieldy and disruptive as some have predicted, there’s no telling how investors will react.

All in all, his inauguration will most likely mark a turning point for markets as his presidency gets under way. After months of buying by investors driven by Trump optimism, it’s possible the markets will sell off in the near term as investors ‘sell the news’. Then their direction for the rest of the year (and the rest of this presidency) will depend on his actions.

Look to the long term

Today’s inauguration may be a key point in time for markets for now, but for the long-term investor, there’s no reason to panic. 

Even if Donald Trump turns out to be the nightmare some are predicting, his presidency will only last for four years, which isn’t that long in the grand scheme of things. If you invest with a 10- or 20-year horizon, Trump will be long gone by the time you come to draw down your portfolio in retirement. 

The best way to invest without exposing yourself to any of his erratic trade policies is to go in via a low-cost index tracker fund or equity income fund. If funds aren’t for you, a portfolio of globally diversified blue chips that have a record of returning cash to shareholders and surviving in any economic environment should also work out well.

The post Will Donald Trump’s inauguration be the turning point for markets? appeared first on The Twelfth Magpie.

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Rupert Hargreaves has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.

A successful era

Under Obama, the US economy has improved significantly. When he entered office, the country was in the middle of its biggest financial crisis since the Great Depression. This clearly impacted the world economy in a negative way and caused the FTSE 100 to collapse. President Obama has been able to deal with the economic difficulties posed by the credit crunch, with a stimulus programme having a positive impact on the US (and global) economy.

His policies have created jobs, improved confidence and during the last eight years, the FTSE 100 and other major stock markets have risen significantly. Of course, some of those gains are also down to the monetary policies pursued by the Federal Reserve and the Bank of England, while the UK’s coalition government deserves credit for improving the strength of the UK economy. However, it seems clear that under Obama life has been pretty good for UK investors.

Above all else, it could be argued that he’s provided a steady hand during a difficult period for the world economy. This has allowed confidence to return to investors across the globe and helped to push asset prices higher.

A new era

That era has now ended. Under a new US commander-in-chief the world economy’s future seems much more uncertain. Although Trump has hinted at what his economic policies might be, there’s no certainty as to exactly what will happen. However, it can be reasonably argued that he will spend more and tax less. This has been a key part of his election campaign and he looks set to follow through with it.

A consequence of this policy could be higher inflation. Under Obama, the world has endured a deflationary cycle that has allowed interest rates to remain low. The effect of Trump’s fiscal policy could be a spike in prices, leading to higher interest rates in the US. This may cause global inflation levels to increase and spur tighter monetary policies across the globe. The result of this could be reduced economic growth levels.

In addition, the uncertainty brought about by Trump’s presidency could cause an increasingly risk-off attitude among investors, with his lack of political experience possibly reducing confidence among them globally. This could cause the FTSE 100 to fall in the short run, especially since it has risen sharply in recent months.

Of course, in the long run Trump’s economic policies could stimulate growth and push the index higher. But in the coming months it would be unsurprising if the UK’s index declined as a higher degree of risk is priced-in by investors.

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The Trump effect

While share prices have risen significantly since the US election, the reality is that the new president is likely to offer heightened uncertainty in the coming months. While his economic policies could spur growth as taxes are set to fall and spending is expected to increase, there’s a lack of detail on his wider ambitions.

Specifically, Trump’s foreign policy is a known unknown. Although it’s clear that he will seek improved relations with Russia, his attitude towards other major global economic powers such as China and the EU remains unclear. This could lead to a heightened risk of more protectionist policies and a shift away from the policy of seeking global free trade, which has been a foundation of economic growth and prosperity in recent decades.

As mentioned, Trump could improve the performance of the US economy. However, in the short run he could cause investors to adopt an increasingly risk off attitude. This could lead to falls for riskier assets such as shares during the course of the year.

The Brexit effect

Alongside the impact of a new US leader, the FTSE 100 faces the risk of an economic slowdown caused by Brexit. Of course, since the UK decided to leave the EU, share prices have risen as a weaker pound has had a positive impact on earnings for UK-listed international companies. While this trend could continue in the short run, Brexit has the potential to cause a slowdown not only in the UK, but across Europe and the global economy.

The uncertainty caused by negotiations could lead to greater risk aversion among investors, as well as reduced investment by businesses across Europe. This could cause a slowdown in share price and GDP growth. The EU is losing its second largest economy and there’s no certainty that trade will continue without tariffs being imposed over the medium term. As such, it could weigh on the FTSE 100’s performance – especially if both sides seem unlikely to reach an amicable deal as the year goes on.

Investor action

While 2017 could be an uncertain year for the UK’s main index, it also provides significant opportunity. Share prices may fall by a substantial amount at times this year and investor sentiment could turn negative. Although paper losses could be the result for investors, such moments provide the chance to buy companies with wide economic moats, sound balance sheets and proven management teams at more attractive prices. Therefore, 2017 could be the best buying opportunity for a number of years for long term investors.

The post Will Trump and Brexit make the FTSE 100 slump in 2017? appeared first on The Twelfth Magpie.

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Peter Stephens has no position in any shares mentioned. The Motley Fool UK has no position in any of the shares mentioned. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors.