{"id":14812,"date":"2020-02-12T11:19:16","date_gmt":"2020-02-12T00:19:16","guid":{"rendered":"https:\/\/www.prosolution.com.au\/?p=14812"},"modified":"2020-02-12T11:25:36","modified_gmt":"2020-02-12T00:25:36","slug":"time-to-sell","status":"publish","type":"post","link":"https:\/\/wealthcoach.com.au\/stage\/time-to-sell\/","title":{"rendered":"Spring-Cleaning: It\u2019s a perfect time to sell dud investments"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"250\" data-attachment-id=\"14811\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/spring-clean-email\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/Spring-Clean-Email.png?fit=1000%2C250&amp;ssl=1\" data-orig-size=\"1000,250\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Spring Clean &#8211; Email\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/Spring-Clean-Email.png?fit=300%2C75&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/Spring-Clean-Email.png?fit=1000%2C250&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/Spring-Clean-Email.png?resize=1000%2C250&#038;ssl=1\" alt=\"Time to sell\" class=\"wp-image-14811\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/Spring-Clean-Email.png?w=1000&amp;ssl=1 1000w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/Spring-Clean-Email.png?resize=300%2C75&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/Spring-Clean-Email.png?resize=768%2C192&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-recalc-dims=\"1\" \/><\/figure>\n\n\n\n<p>With share markets at an all-time high and sentiment in\nthe property market recovering, it is a great opportunity to divest of any\nunderperforming (dud) investments. <\/p>\n\n\n\n<p>Not all investments perform as expected. Therefore, it\u2019s\nimportant you regularly review them. This review should be completed without\nany influence of emotion \u2013 it\u2019s all about the numbers. <\/p>\n\n\n\n<p>Let\u2019s first discuss why now might be a good time to do this and then I&#8217;ll share some considerations. <\/p>\n\n\n\n<iframe loading=\"lazy\" src=\"https:\/\/webplayer.whooshkaa.com\/episode\/572996?theme=light&#038;enable-volume=true\" height=\"190\" width=\"100%\" scrolling=\"no\" frameborder=\"0\" allow=\"autoplay\"><\/iframe>\n\n\n\n<h2 class=\"wp-block-heading\">Why is it time to sell? <\/h2>\n\n\n\n<h3 class=\"wp-block-heading\">The US share market is high, very high<\/h3>\n\n\n\n<p>Over the past 11 years, the US share market has increased\nby an annual compounding rate of over 14.5% and is now trading at an all-time\nhigh. To put that in context, $50,000 invested in 2009 (in the S&amp;P 500\nindex) would be worth over $220,000 today! <\/p>\n\n\n\n<p>The chart below (click to enlarge) which has been produced by <a href=\"https:\/\/www.advisorperspectives.com\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\"><em>Advisor Perspective<\/em><\/a> records four commonly used valuation metrics for the US share market since 1900. This chart doesn\u2019t need any commentary from me \u2013 it is obvious valuations are high! Probably, too high! In fact, the last time they were this high was in the early 2000\u2019s during the <a href=\"https:\/\/en.wikipedia.org\/wiki\/Dot-com_bubble\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">dot-com bubble<\/a>. Most of us know how that turned out \u2013 the market fell by around 40% between 2001 and 2003.\u00a0 <\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/market-overvalued.png?ssl=1\"><img loading=\"lazy\" decoding=\"async\" width=\"910\" height=\"661\" data-attachment-id=\"14810\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/market-overvalued\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/market-overvalued.png?fit=910%2C661&amp;ssl=1\" data-orig-size=\"910,661\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"market overvalued\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/market-overvalued.png?fit=300%2C218&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/market-overvalued.png?fit=910%2C661&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/market-overvalued.png?resize=910%2C661&#038;ssl=1\" alt=\"Time to sell\" class=\"wp-image-14810\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/market-overvalued.png?w=910&amp;ssl=1 910w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/market-overvalued.png?resize=300%2C218&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/market-overvalued.png?resize=768%2C558&amp;ssl=1 768w\" sizes=\"(max-width: 910px) 100vw, 910px\" data-recalc-dims=\"1\" \/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">The Australian market is high too<\/h3>\n\n\n\n<p>The Australian market hasn\u2019t risen anywhere near as much\nas the US market. It has increased by a compounding average of 6.9% p.a. since\n2009 (compared to 14.5% p.a. for the US market). Looking at the CAPE Ratio\nvaluation measure, the Australian market looks slightly overvalued (CAPE is\ncurrently 19.3 compared to presumed fair value of 17.6), but certainly to a\nmuch less extent than the US market. <\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/ASX-CAPE.jpg?ssl=1\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"14809\" data-permalink=\"https:\/\/wealthcoach.com.au\/stage\/asx-cape\/\" data-orig-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/ASX-CAPE.jpg?fit=1208%2C791&amp;ssl=1\" data-orig-size=\"1208,791\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"ASX-CAPE\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/ASX-CAPE.jpg?fit=300%2C196&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/ASX-CAPE.jpg?fit=1024%2C671&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/ASX-CAPE.jpg?resize=768%2C503&#038;ssl=1\" alt=\"Time to sell\" class=\"wp-image-14809\" width=\"768\" height=\"503\" srcset=\"https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/ASX-CAPE.jpg?resize=1024%2C671&amp;ssl=1 1024w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/ASX-CAPE.jpg?resize=300%2C196&amp;ssl=1 300w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/ASX-CAPE.jpg?resize=768%2C503&amp;ssl=1 768w, https:\/\/i0.wp.com\/wealthcoach.com.au\/stage\/wp-content\/uploads\/2020\/02\/ASX-CAPE.jpg?w=1208&amp;ssl=1 1208w\" sizes=\"(max-width: 768px) 100vw, 768px\" data-recalc-dims=\"1\" \/><\/a><\/figure>\n\n\n\n<h3 class=\"wp-block-heading\">In a rising tide, all ships rise<\/h3>\n\n\n\n<p>The rising domestic and international share markets tend\nto drag all stocks with them, good and bad ones alike. Irrationally exuberant\nmarkets tend to ignore investment fundamentals. <\/p>\n\n\n\n<p>US electronic car manufacture, Tesla is a case in point.\nIts share price has risen from $450 per share to over $1,150 per share in the\npast year. Its market capitalisation is now nearly $200 billion yet it has\nnever recorded a profit. In fact, it burns through more than $1 billion of cash\nper year! But, despite that, the <em>market<\/em> suggests Tesla is worth 1.6 times\nmore than Ford and General Motors combined! Ford and GM sell approximately 13\nmillion cars per year. Tesla sells circa 370,000. Where is the common sense? <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Property market sentiment is strengthening&nbsp;\n<\/h3>\n\n\n\n<p>We have certainly noticed an improvement in sentiment\ntowards investing in property over the past year. This has also been reflected\nin auction clearance rates \u2013 which are now in the mid-70\u2019s \u2013 which is a signal\nthat there are more buyers than there are sellers. According to CBA Economics,\nlending to owner-occupiers has lifted by 26% from its low point in May 2019 and\nby 15.5% for investors. <\/p>\n\n\n\n<p>That said, there isn\u2019t a lot of stock around, as the\nmarket doesn\u2019t really return to \u2018normal\u2019 until late February. <\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Probably a good time to dispose of a dud property <\/h3>\n\n\n\n<p>If you have an investment property that is less-than-perfect,\nthen competition is not your friend. That is, it is best to sell an impaired\nasset when stock levels are lower, and buyers have fewer options. If we agree\nthat demand for property is increasing, and stock levels are definitely well\nbelow normal, then now might be a perfect time to sell. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Considerations before you sell<\/h2>\n\n\n\n<p>There are a few important matters to consider before you\ndispose of any underperforming assets. I have listed these below in no\nparticular order. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Minimise capital gains tax <\/h4>\n\n\n\n<p>If you expect to make a capital gain, then it is best to\nconsider if there are any other assets you can (or should) sell that will\ncrystallise a capital loss to offset some or all of the gain. Or sell assets\nthat will create a capital loss first, before you sell ones that create capital\ngains. <\/p>\n\n\n\n<p>If you are selling a property and you have previously claimed a deduction for depreciation, then the amount of your deduction will <a href=\"https:\/\/www.ato.gov.au\/General\/Capital-gains-tax\/Working-out-your-capital-gain-or-loss\/Cost-base\/Elements-of-the-cost-base-and-reduced-cost-base\/#Fifthelementcapitalcostsofpreservingorde\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">reduce its cost base<\/a>. For example, James purchased a property for $200,000 and owned it for 5 years. Each year James claimed $2,000 of depreciation. James eventually sold the property for $198,000. In this situation, James will record a gross capital gain of $8,000 (because the cost base is $200,000 less $2,000 for 5 years = $190,000). \u00a0<\/p>\n\n\n\n<p>Be careful to avoid a <a href=\"https:\/\/www.morningstar.com.au\/stocks\/article\/avoid-this-expensive-tax-time-mistake\/168452\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">\u201cwash sale\u201d<\/a>. This involves selling investments solely to crystallise a capital loss (to offset a gain) and then buying back those same assets. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Consider selling in tranches, not all at once (with shares)<\/h4>\n\n\n\n<p>The challenging thing is that no one can predict what the\nshare market will do this year. It could rise by another 20%. Or it could\ncrash. Therefore, I typically advise my clients to spread their timing risk.\nThis means if they own a stock that they want to sell, I usually suggest they\nsell it in 2 to 4 equal tranches, three to four months apart, rather than\nselling it all at once. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Borrowing capacity is just as important as cash flow <\/h4>\n\n\n\n<p>A common mistake that people make when assessing an\ninvestment property is that they assume that just because the property\u2019s income\ncovers all of its expenses, that holding onto the property is a costless\nexercise. &nbsp;They say \u201cwell, it\u2019s not\ncosting me anything cash flow wise, so I may as well hang onto it\u201d. <\/p>\n\n\n\n<p>However, that is incorrect. There is an opportunity cost\n\u2013 both with respect to borrowing capacity and equity. <\/p>\n\n\n\n<p>Everyone has a limit to the amount they can or should\nborrow. Borrowing capacity is a scarce resource and should be allocated in the\nmost efficient manner. If a property is using some of your borrowing capacity,\nyou must ensure its working hard for you. How you allocate your borrowing\ncapacity is just as an important decision as to how you allocate your cash\nflow. <\/p>\n\n\n\n<p>The same is true with respect to equity. If you have a\ncertain amount of equity tied up in a property that is not performing, you must\nask yourself what else you can do with that equity. That is your opportunity\ncost. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">If it hasn\u2019t performed in this market\u2026 well <\/h4>\n\n\n\n<p>As I said above, in a rising tide, all ships rise.\nTherefore, if most of your investments within your portfolio haven\u2019t performed\nover the past few years, then you are probably doing something wrong. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Sell to reduce concentration risk <\/h4>\n\n\n\n<p>If you have too much of your portfolio invested in one\nstock, sector or fund manager, now might be a good time to sell some of your\ninvestment and reinvest these monies in a more diversified, lower-risk manner. <\/p>\n\n\n\n<h4 class=\"wp-block-heading\">Good reasons not to sell<\/h4>\n\n\n\n<p>Be careful to not be too hasty with your decision to\ndispose of an investment.&nbsp; There are a\nfew reasons why you might decide to retain an asset, even if its performance\nhasn\u2019t met your expectations: <\/p>\n\n\n\n<ul><li>You haven\u2019t held the asset long enough so it\u2019s too soon to make a reliable decision. <\/li><li>Investment returns have been driven by market-wide phenomena, not something specific with your asset. Investment-grade apartments are a good example, which <a href=\"https:\/\/wealthcoach.com.au\/stage\/apartment\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">I discussed last week<\/a>. <\/li><li>The methodology hasn\u2019t had a chance to work yet. For example, a valued-based share methodology won\u2019t work as well in a bull market. So, if you adopted a <a href=\"https:\/\/wealthcoach.com.au\/stage\/value-investing\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">valued-based methodology<\/a>, its unreasonable to expect it to have worked (yet). <\/li><\/ul>\n\n\n\n<h3 class=\"wp-block-heading\">Spring cleaning is an important activity <\/h3>\n\n\n\n<p>Reviewing performance and taking appropriate action is a very important investment activity. It must be completed regularly with discipline and free of any emotional influences \u2013 that is, focus only on the data and stick to sound fundamentals. If done properly, over time you will reduce your portfolio risk and maximise your investment returns. Of course, if you need help, <a href=\"https:\/\/wealthcoach.com.au\/stage\/financial-advice\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">don\u2019t hesitate to reach out<\/a>. <\/p>\n   ","protected":false},"excerpt":{"rendered":"<p>With share markets at an all-time high and sentiment in the property market recovering, it is a great opportunity to divest of any underperforming (dud) investments. Not all investments perform&#8230;<\/p>\n","protected":false},"author":4,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"__cvm_playback_settings":[],"__cvm_video_id":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"footnotes":""},"categories":[30],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Time to sell any dud investments? 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