{"id":5148,"date":"2024-08-30T12:52:58","date_gmt":"2024-08-30T02:22:58","guid":{"rendered":"https:\/\/strawman.com\/blog\/?p=5148"},"modified":"2024-08-30T12:52:59","modified_gmt":"2024-08-30T02:22:59","slug":"reporting-season-zen","status":"publish","type":"post","link":"https:\/\/strawman.com\/blog\/reporting-season-zen\/","title":{"rendered":"Reporting Season Zen"},"content":{"rendered":"\n

Reporting season is a busy and often stressful time for investors.<\/p>\n\n\n\n

There’s a\u00a0deluge of information to digest, synthesise and (potentially) react to. And all at a time when the broader market is responding in significant, and oftentimes unexpected ways.<\/p>\n\n\n\n

Well, I’m here to tell you that it doesn’t need to be this way. <\/p>\n\n\n\n

The reality is that you’re never going to be able to get ahead of any market moves anyway — nor, indeed, would you necessarily want to. Quite often the initial price reaction is wound back, and then some, as was demonstrated last week with Data#3<\/strong> (ASX:DTL).<\/p>\n\n\n\n

With results released pre-market, the initial market price reaction was a 5% fall, followed by a 9% intraday high…only to trade 6% down from pre-release levels by the end of Friday.<\/p>\n\n\n

\n
\"\"<\/figure>\n<\/div>\n\n\n

Yeah, markets aren’t as efficient as many people like to make out.<\/p>\n\n\n\n

So if you can’t front run the market’s reaction, what’s the rush? I’d argue that it’s not the pace at which you move, but the direction in which you travel. <\/strong><\/p>\n\n\n\n

Take your time to properly internalise the new information. And, whatever you do, don’t let the Mr Market influence your own interpretation too much — he doesn’t usually have much of a clue anyway.<\/p>\n\n\n\n

Remember, the market is there to serve you, not to inform you. And the worst thing you can do is be emotionally reactive to short term volatility<\/p>\n\n\n\n

It’s also worth remembering that while you share the field with a wide variety of players, a lot of them — perhaps even most <\/em>of them — are likely playing a different game to you.<\/p>\n\n\n\n

Did you really buy shares because you (or a bunch of analysts) felt that the most recent period would see a 3.5% lift in earnings, instead of the 2.8% that was delivered? Is your investment thesis really busted on that basis alone?<\/p>\n\n\n\n

Next, take heed of General MacArthur’s advice: Preparedness is the key to success and victory.<\/em><\/p>\n\n\n\n

The more you understand a business, the deeper you have pondered its future, the better you’ll be able to synthesise new information. Approaching results with a well constructed framework gives you an immense edge over other investors.<\/p>\n\n\n\n

Lastly, and perhaps most importantly, go easy on yourself if indeed you realise you have made a mistake. No one can predict the future, and things come out of left field all the time.<\/p>\n\n\n\n

The real mistake is in not having the humility and objectivity to recognise the error and, worse, to double down on it.<\/p>\n\n\n\n

Bottom line: reporting season doesn\u2019t have to be a frenzied rush. Take the time to carefully consider new information within the context of your broader thesis, without being swayed by Mr. Market\u2019s short-term mood swings.<\/p>\n\n\n\n

Investing is a marathon, not a sprint, and the edge lies in thoughtful preparation, patience, and the ability to adjust when needed. <\/p>\n\n\n\n

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Reporting season is a busy and often stressful time for investors. There’s a\u00a0deluge of information to digest, synthesise and (potentially) react to. And all at a time when the broader market is responding in significant, and oftentimes unexpected ways. 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