The world's most expensive software stock is on the ASX

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That complacency may well be exposed if the fast-approaching earnings season shows profit figures or outlook statements that fall anywhere short of sky-high expectations.

Why are they doing so well?

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Plus, they have international businesses, which Byers says is crucial as "there are not many ways in an Australian context you can play that global opportunity". They have good management and great products which are sold on a subscription-based model, adding to earnings visibility. It's not just these smaller names that have been caught in the up-draft.

The Russell index of smaller US stocks has added 10 per cent in after climbing 13 per cent the year before. WiseTech shares plunged 40 per cent over the two months after its disappointing earnings update in February, showing just how volatile a company priced for perfection can be.

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Over the past three years this group as a whole have more than doubled in price, UBS finds, against asx gambling stocks 3 per cent climb for ASX industrials stocks. The bull market is narrowing as investors chase a shrinking list of winning trades.

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David Rowe Another example is AfterPay Touch Group, the "buy now, pay later" business which you have probably seen advertised in a lot of shop windows and have even likely used. On the other hand, the stock recouped all those losses and then some — which shows equally how difficult it is to bet against these names.

Indeed, says Celeste Funds Management senior investment analyst Martin Byers, the likes of WiseTech and fellow software firm Altium up 59 per cent this year tick all the boxes of what makes a solid business and potentially attractive investment.

So it is that these solid businesses, within an attractive and narrowing set of investment opportunities, have enjoyed a remarkable amount of support to now trade at what look like unreasonable levels. This year the bull market has narrowed into a dwindling number of winning trades, including US tech and small caps.

Their performance has been remarkably resilient. A big reason is that investors are betting that trade jitters will not crimp the massive growth of the big technology firms, nor affect smaller, domestically-focused US businesses.

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So far they have been right. There's nothing to say that hideously expensive assets can't get more expensive.

Remarkable support

But as the bull market narrows into fewer and fewer areas, investors need to be increasingly wary of chasing growth. It's not that these are necessarily bad businesses by any means.

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WiseTech Global is, in the words of one analyst, the most expensive software stock in the world. Market darlings US Fed balance sheet contraction has put downward pressure on emerging market currencies. View all announcements So it is that amid all the drama around trade wars and tightening central banks, big US techs just keep getting bigger.

The stock trades on a historical month price-to-earnings multiple of and at times expected earnings over the next 12 months, all on Bloomberg numbers.

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On Thursday A2 Milk reported annual revenue growth of 68 per cent just ahead of its downgraded forecastcausing a share price fall of nearly 3 per cent.

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