Should You Be Excited About Telstra Corporation Limited’s (ASX:TLS) 24% Return On Equity?

Our data shows Telstra has a return on equity of 24% for the last year. One way to conceptualize this, is that for each A$1 of shareholders’ equity it has, …

Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE).We’ll use ROE to examine Telstra Corporation Limited (ASX:TLS), by way of a worked example.

Our data shows Telstra has a return on equity of 24% for the last year.One way to conceptualize this, is that for each A$1 of shareholders’ equity it has, the company made A$0.24 in profit.

Check out our latest analysis for Telstra

Want to help shape the future of investing tools and platforms? Take the survey and be part of one of the most advanced studies of stock market investors to date.

How Do I Calculate Return On Equity?

The formula for ROE is:

Return on Equity = Net Profit ÷ Shareholders’ Equity

Or for Telstra:

24% = 3563 ÷ AU$15b (Based on the trailing twelve months to June 2018.)

It’s easy to understand the ‘net profit’ part of that equation, but ‘shareholders’ equity’ requires further explanation.It is all the money paid into the company from shareholders, plus any earnings retained.The easiest way to calculate shareholders’ equity is to subtract the company’s total liabilities from the total assets.

What Does Return On Equity Mean?

Return on Equity measures a company’s profitability against the profit it has kept for the business (plus any capital injections).The ‘return’ is the amount earned after tax over the last twelve months.The higher the ROE, the more profit the company is making.So, all else being equal, a high ROE is better than a low one.Clearly, then, one can use ROE to compare different companies.

Does Telstra Have A Good ROE?

One simple way to determine if a company has a good return on equity is to compare it to the average for its industry.Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification.Pleasingly, Telstra has a superior ROE than the average (14%) company in the Telecom industry.

ASX:TLS Last Perf January 17th 19
ASX:TLS Last Perf January 17th 19

That’s clearly a positive.In my book, a high ROE almost always warrants a closer look.For example you might check if insiders are buying shares.

The Importance Of Debt To Return On Equity

Most companies need money — from somewhere — to grow their profits.That cash can come from retained earnings, issuing new shares (equity), or debt.In the first two cases, the ROE will capture this use of capital to grow.In the latter case, the debt used for growth will improve returns, but won’t affect the total equity.In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.

Telstra’s Debt And Its 24% ROE

Telstra clearly uses a significant amount debt to boost returns, as it has a debt to equity ratio of 1.15.There’s no doubt its ROE is impressive, but the company appears to use its debt to boost that metric.Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.

The Bottom Line On ROE

Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders.Companies that can achieve high returns on equity without too much debt are generally of good quality.If two companies have around the same level of debt to equity, and one has a higher ROE, I’d generally prefer the one with higher ROE.

Having said that, while ROE is a useful indicator of business quality, you’ll have to look at a whole range of factors to determine the right price to buy a stock.Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider.So I think it may be worth checking this freereport on analyst forecasts for the company.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this freelist of interesting companies.

To help readers see past the short term volatility of the financial market, we aim to bring you a long-term focused research analysis purely driven by fundamental data. Note that our analysis does not factor in the latest price-sensitive company announcements.

The author is an independent contributor and at the time of publication had no position in the stocks mentioned. For errors that warrant correction please contact the editor at editorial-team@simplywallst.com.

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Should You Be Excited About Telstra Corporation Limited’s (ASX:TLS) 24% Return On Equity?

Our data shows Telstra has a return on equity of 24% for the last year. One way to conceptualize this, is that for each A$1 of shareholders’ equity it has, …

Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE).We’ll use ROE to examine Telstra Corporation Limited (ASX:TLS), by way of a worked example.

Our data shows Telstra has a return on equity of 24% for the last year.One way to conceptualize this, is that for each A$1 of shareholders’ equity it has, the company made A$0.24 in profit.

Check out our latest analysis for Telstra

Want to help shape the future of investing tools and platforms? Take the survey and be part of one of the most advanced studies of stock market investors to date.

How Do I Calculate Return On Equity?

The formula for ROE is:

Return on Equity = Net Profit ÷ Shareholders’ Equity

Or for Telstra:

24% = 3563 ÷ AU$15b (Based on the trailing twelve months to June 2018.)

It’s easy to understand the ‘net profit’ part of that equation, but ‘shareholders’ equity’ requires further explanation.It is all the money paid into the company from shareholders, plus any earnings retained.The easiest way to calculate shareholders’ equity is to subtract the company’s total liabilities from the total assets.

What Does Return On Equity Mean?

Return on Equity measures a company’s profitability against the profit it has kept for the business (plus any capital injections).The ‘return’ is the amount earned after tax over the last twelve months.The higher the ROE, the more profit the company is making.So, all else being equal, a high ROE is better than a low one.Clearly, then, one can use ROE to compare different companies.

Does Telstra Have A Good ROE?

One simple way to determine if a company has a good return on equity is to compare it to the average for its industry.Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification.Pleasingly, Telstra has a superior ROE than the average (14%) company in the Telecom industry.

ASX:TLS Last Perf January 17th 19
ASX:TLS Last Perf January 17th 19

That’s clearly a positive.In my book, a high ROE almost always warrants a closer look.For example you might check if insiders are buying shares.

The Importance Of Debt To Return On Equity

Most companies need money — from somewhere — to grow their profits.That cash can come from retained earnings, issuing new shares (equity), or debt.In the first two cases, the ROE will capture this use of capital to grow.In the latter case, the debt used for growth will improve returns, but won’t affect the total equity.In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.

Telstra’s Debt And Its 24% ROE

Telstra clearly uses a significant amount debt to boost returns, as it has a debt to equity ratio of 1.15.There’s no doubt its ROE is impressive, but the company appears to use its debt to boost that metric.Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.

The Bottom Line On ROE

Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders.Companies that can achieve high returns on equity without too much debt are generally of good quality.If two companies have around the same level of debt to equity, and one has a higher ROE, I’d generally prefer the one with higher ROE.

Having said that, while ROE is a useful indicator of business quality, you’ll have to look at a whole range of factors to determine the right price to buy a stock.Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider.So I think it may be worth checking this freereport on analyst forecasts for the company.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this freelist of interesting companies.

To help readers see past the short term volatility of the financial market, we aim to bring you a long-term focused research analysis purely driven by fundamental data. Note that our analysis does not factor in the latest price-sensitive company announcements.

The author is an independent contributor and at the time of publication had no position in the stocks mentioned. For errors that warrant correction please contact the editor at editorial-team@simplywallst.com.

Related Posts:

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Should You Be Excited About Telstra Corporation Limited’s (ASX:TLS) 24% Return On Equity?

Our data shows Telstra has a return on equity of 24% for the last year. One way to conceptualize this, is that for each A$1 of shareholders’ equity it has, …

Many investors are still learning about the various metrics that can be useful when analysing a stock. This article is for those who would like to learn about Return On Equity (ROE).We’ll use ROE to examine Telstra Corporation Limited (ASX:TLS), by way of a worked example.

Our data shows Telstra has a return on equity of 24% for the last year.One way to conceptualize this, is that for each A$1 of shareholders’ equity it has, the company made A$0.24 in profit.

Check out our latest analysis for Telstra

Want to help shape the future of investing tools and platforms? Take the survey and be part of one of the most advanced studies of stock market investors to date.

How Do I Calculate Return On Equity?

The formula for ROE is:

Return on Equity = Net Profit ÷ Shareholders’ Equity

Or for Telstra:

24% = 3563 ÷ AU$15b (Based on the trailing twelve months to June 2018.)

It’s easy to understand the ‘net profit’ part of that equation, but ‘shareholders’ equity’ requires further explanation.It is all the money paid into the company from shareholders, plus any earnings retained.The easiest way to calculate shareholders’ equity is to subtract the company’s total liabilities from the total assets.

What Does Return On Equity Mean?

Return on Equity measures a company’s profitability against the profit it has kept for the business (plus any capital injections).The ‘return’ is the amount earned after tax over the last twelve months.The higher the ROE, the more profit the company is making.So, all else being equal, a high ROE is better than a low one.Clearly, then, one can use ROE to compare different companies.

Does Telstra Have A Good ROE?

One simple way to determine if a company has a good return on equity is to compare it to the average for its industry.Importantly, this is far from a perfect measure, because companies differ significantly within the same industry classification.Pleasingly, Telstra has a superior ROE than the average (14%) company in the Telecom industry.

ASX:TLS Last Perf January 17th 19
ASX:TLS Last Perf January 17th 19

That’s clearly a positive.In my book, a high ROE almost always warrants a closer look.For example you might check if insiders are buying shares.

The Importance Of Debt To Return On Equity

Most companies need money — from somewhere — to grow their profits.That cash can come from retained earnings, issuing new shares (equity), or debt.In the first two cases, the ROE will capture this use of capital to grow.In the latter case, the debt used for growth will improve returns, but won’t affect the total equity.In this manner the use of debt will boost ROE, even though the core economics of the business stay the same.

Telstra’s Debt And Its 24% ROE

Telstra clearly uses a significant amount debt to boost returns, as it has a debt to equity ratio of 1.15.There’s no doubt its ROE is impressive, but the company appears to use its debt to boost that metric.Investors should think carefully about how a company might perform if it was unable to borrow so easily, because credit markets do change over time.

The Bottom Line On ROE

Return on equity is a useful indicator of the ability of a business to generate profits and return them to shareholders.Companies that can achieve high returns on equity without too much debt are generally of good quality.If two companies have around the same level of debt to equity, and one has a higher ROE, I’d generally prefer the one with higher ROE.

Having said that, while ROE is a useful indicator of business quality, you’ll have to look at a whole range of factors to determine the right price to buy a stock.Profit growth rates, versus the expectations reflected in the price of the stock, are a particularly important to consider.So I think it may be worth checking this freereport on analyst forecasts for the company.

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this freelist of interesting companies.

To help readers see past the short term volatility of the financial market, we aim to bring you a long-term focused research analysis purely driven by fundamental data. Note that our analysis does not factor in the latest price-sensitive company announcements.

The author is an independent contributor and at the time of publication had no position in the stocks mentioned. For errors that warrant correction please contact the editor at editorial-team@simplywallst.com.

Related Posts:

  • No Related Posts

Streetwise Analysis on Shares of Telstra Corporation Limited (ASX:TLS)

The Shareholder Yield of Telstra Corporation Limited (ASX:TLS) is 0.050805. The Shareholder Yield is a way that investors can see how much money …

The Shareholder Yield of Telstra Corporation Limited (ASX:TLS) is 0.050805. The Shareholder Yield is a way that investors can see how much money shareholders are receiving from a company through a combination of dividends, share repurchases and debt reduction. This percentage is calculated by adding the dividend yield plus the percentage of shares repurchased. Dividends are a common way that companies distribute cash to their shareholders. Similarly, cash repurchases and a reduction of debt can increase the shareholder value, too. Another way to determine the effectiveness of a company’s distributions is by looking at the Shareholder yield (Mebane Faber). The Shareholder Yield (Mebane Faber) of Telstra Corporation Limited ASX:TLS is 0.06312. This number is calculated by looking at the sum of the dividend yield plus percentage of sales repurchased and net debt repaid yield.

Some investors will scour the markets looking for cheap, quality stocks. These stocks can be attractive for investors looking to find a bargain that could turn into a big winner. Investors may be cautious when searching for these types of stocks. Often times, a stock will see a huge jump and then everyone will hop on the bandwagon to buy without checking into the fundamentals. Sometimes this strategy may work out, but in many cases, the stock has already made the run and become too expensive to add to the portfolio. Conducting diligent research and constantly adding to the individual’s overall market education level may help the investor sift through the sea of stocks and find those names that are really worth getting into.

The Gross Margin Score is calculated by looking at the Gross Margin and the overall stability of the company over the course of 8 years. The score is a number between one and one hundred (1 being best and 100 being the worst). The Gross Margin Score of Telstra Corporation Limited (ASX:TLS) is 12.00000. The more stable the company, the lower the score. If a company is less stable over the course of time, they will have a higher score.

Ever wonder how investors predict positive share price momentum? The Cross SMA 50/200, also known as the “Golden Cross” is the fifty day moving average divided by the two hundred day moving average. The SMA 50/200 for Telstra Corporation Limited (ASX:TLS) is currently 0.97462. If the Golden Cross is greater than 1, then the 50 day moving average is above the 200 day moving average – indicating a positive share price momentum. If the Golden Cross is less than 1, then the 50 day moving average is below the 200 day moving average, indicating that the price might drop.

Valuation Scores

The Piotroski F-Score is a scoring system between 1-9 that determines a firm’s financial strength. The score helps determine if a company’s stock is valuable or not. The Piotroski F-Score of Telstra Corporation Limited (ASX:TLS) is 5. A score of nine indicates a high value stock, while a score of one indicates a low value stock. The score is calculated by the return on assets (ROA), Cash flow return on assets (CFROA), change in return of assets, and quality of earnings. It is also calculated by a change in gearing or leverage, liquidity, and change in shares in issue. The score is also determined by change in gross margin and change in asset turnover.

The ERP5 Rank is an investment tool that analysts use to discover undervalued companies. The ERP5 looks at the Price to Book ratio, Earnings Yield, ROIC and 5 year average ROIC. The ERP5 of Telstra Corporation Limited (ASX:TLS) is 6270. The lower the ERP5 rank, the more undervalued a company is thought to be. The MF Rank (aka the Magic Formula) is a formula that pinpoints a valuable company trading at a good price. The formula is calculated by looking at companies that have a high earnings yield as well as a high return on invested capital. The MF Rank of Telstra Corporation Limited (ASX:TLS) is 6374. A company with a low rank is considered a good company to invest in. The Magic Formula was introduced in a book written by Joel Greenblatt, entitled, “The Little Book that Beats the Market”.

The Q.i. Value of Telstra Corporation Limited (ASX:TLS) is 16.00000. The Q.i. Value is a helpful tool in determining if a company is undervalued or not. The Q.i. Value is calculated using the following ratios: EBITDA Yield, Earnings Yield, FCF Yield, and Liquidity. The lower the Q.i. value, the more undervalued the company is thought to be.

The Value Composite One (VC1) is a method that investors use to determine a company’s value. The VC1 of Telstra Corporation Limited (ASX:TLS) is 23. A company with a value of 0 is thought to be an undervalued company, while a company with a value of 100 is considered an overvalued company. The VC1 is calculated using the price to book value, price to sales, EBITDA to EV, price to cash flow, and price to earnings. Similarly, the Value Composite Two (VC2) is calculated with the same ratios, but adds the Shareholder Yield. The Value Composite Two of Telstra Corporation Limited (ASX:TLS) is 16.

Telstra Corporation Limited (ASX:TLS) has a Price to Book ratio of 2.308541. This ratio is calculated by dividing the current share price by the book value per share. Investors may use Price to Book to display how the market portrays the value of a stock. Checking in on some other ratios, the company has a Price to Cash Flow ratio of 4.030960, and a current Price to Earnings ratio of 9.736303. The P/E ratio is one of the most common ratios used for figuring out whether a company is overvalued or undervalued.

Free Cash Flow Growth (FCF Growth) is the free cash flow of the current year minus the free cash flow from the previous year, divided by last year’s free cash flow. The FCF Growth of Telstra Corporation Limited (ASX:TLS) is 0.018202. Free cash flow (FCF) is the cash produced by the company minus capital expenditure. This cash is what a company uses to meet its financial obligations, such as making payments on debt or to pay out dividends. The Free Cash Flow Score (FCF Score) is a helpful tool in calculating the free cash flow growth with free cash flow stability – this gives investors the overall quality of the free cash flow. The FCF Score of Telstra Corporation Limited (ASX:TLS) is 0.690463. Experts say the higher the value, the better, as it means that the free cash flow is high, or the variability of free cash flow is low or both.

Price Index

The Price Index is a ratio that indicates the return of a share price over a past period. The price index of Telstra Corporation Limited (ASX:TLS) for last month was 1.00690. This is calculated by taking the current share price and dividing by the share price one month ago. If the ratio is greater than 1, then that means there has been an increase in price over the month. If the ratio is less than 1, then we can determine that there has been a decrease in price. Similarly, investors look up the share price over 12 month periods. The Price Index 12m for Telstra Corporation Limited (ASX:TLS) is 0.84636. Some of the best financial predictions are formed by using a variety of financial tools. The Price Range 52 Weeks is one of the tools that investors use to determine the lowest and highest price at which a stock has traded in the previous 52 weeks. The Price Range of Telstra Corporation Limited (ASX:TLS) over the past 52 weeks is 0.796000. The 52-week range can be found in the stock’s quote summary.

Although the investing process is fairly straightforward, securing consistent returns in the stock market is not easy. Throwing hard earned money at un-researched investments can eventually lead the investor down the road to ruin. Every individual investor may have different goals when starting out. Aligning these goals with a specific plan can create a solid foundation for the future. Nobody can predict what the future will hold, but being aware of market conditions can be a great asset when attempting to navigate the terrain while mitigating risk. Once the vision of the individual investor is clear, the road to sustaining profits may be much easier to travel.

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Streetwise Analysis on Shares of Telstra Corporation Limited (ASX:TLS)

The Shareholder Yield of Telstra Corporation Limited (ASX:TLS) is 0.050805. The Shareholder Yield is a way that investors can see how much money …

The Shareholder Yield of Telstra Corporation Limited (ASX:TLS) is 0.050805. The Shareholder Yield is a way that investors can see how much money shareholders are receiving from a company through a combination of dividends, share repurchases and debt reduction. This percentage is calculated by adding the dividend yield plus the percentage of shares repurchased. Dividends are a common way that companies distribute cash to their shareholders. Similarly, cash repurchases and a reduction of debt can increase the shareholder value, too. Another way to determine the effectiveness of a company’s distributions is by looking at the Shareholder yield (Mebane Faber). The Shareholder Yield (Mebane Faber) of Telstra Corporation Limited ASX:TLS is 0.06312. This number is calculated by looking at the sum of the dividend yield plus percentage of sales repurchased and net debt repaid yield.

Some investors will scour the markets looking for cheap, quality stocks. These stocks can be attractive for investors looking to find a bargain that could turn into a big winner. Investors may be cautious when searching for these types of stocks. Often times, a stock will see a huge jump and then everyone will hop on the bandwagon to buy without checking into the fundamentals. Sometimes this strategy may work out, but in many cases, the stock has already made the run and become too expensive to add to the portfolio. Conducting diligent research and constantly adding to the individual’s overall market education level may help the investor sift through the sea of stocks and find those names that are really worth getting into.

The Gross Margin Score is calculated by looking at the Gross Margin and the overall stability of the company over the course of 8 years. The score is a number between one and one hundred (1 being best and 100 being the worst). The Gross Margin Score of Telstra Corporation Limited (ASX:TLS) is 12.00000. The more stable the company, the lower the score. If a company is less stable over the course of time, they will have a higher score.

Ever wonder how investors predict positive share price momentum? The Cross SMA 50/200, also known as the “Golden Cross” is the fifty day moving average divided by the two hundred day moving average. The SMA 50/200 for Telstra Corporation Limited (ASX:TLS) is currently 0.97462. If the Golden Cross is greater than 1, then the 50 day moving average is above the 200 day moving average – indicating a positive share price momentum. If the Golden Cross is less than 1, then the 50 day moving average is below the 200 day moving average, indicating that the price might drop.

Valuation Scores

The Piotroski F-Score is a scoring system between 1-9 that determines a firm’s financial strength. The score helps determine if a company’s stock is valuable or not. The Piotroski F-Score of Telstra Corporation Limited (ASX:TLS) is 5. A score of nine indicates a high value stock, while a score of one indicates a low value stock. The score is calculated by the return on assets (ROA), Cash flow return on assets (CFROA), change in return of assets, and quality of earnings. It is also calculated by a change in gearing or leverage, liquidity, and change in shares in issue. The score is also determined by change in gross margin and change in asset turnover.

The ERP5 Rank is an investment tool that analysts use to discover undervalued companies. The ERP5 looks at the Price to Book ratio, Earnings Yield, ROIC and 5 year average ROIC. The ERP5 of Telstra Corporation Limited (ASX:TLS) is 6270. The lower the ERP5 rank, the more undervalued a company is thought to be. The MF Rank (aka the Magic Formula) is a formula that pinpoints a valuable company trading at a good price. The formula is calculated by looking at companies that have a high earnings yield as well as a high return on invested capital. The MF Rank of Telstra Corporation Limited (ASX:TLS) is 6374. A company with a low rank is considered a good company to invest in. The Magic Formula was introduced in a book written by Joel Greenblatt, entitled, “The Little Book that Beats the Market”.

The Q.i. Value of Telstra Corporation Limited (ASX:TLS) is 16.00000. The Q.i. Value is a helpful tool in determining if a company is undervalued or not. The Q.i. Value is calculated using the following ratios: EBITDA Yield, Earnings Yield, FCF Yield, and Liquidity. The lower the Q.i. value, the more undervalued the company is thought to be.

The Value Composite One (VC1) is a method that investors use to determine a company’s value. The VC1 of Telstra Corporation Limited (ASX:TLS) is 23. A company with a value of 0 is thought to be an undervalued company, while a company with a value of 100 is considered an overvalued company. The VC1 is calculated using the price to book value, price to sales, EBITDA to EV, price to cash flow, and price to earnings. Similarly, the Value Composite Two (VC2) is calculated with the same ratios, but adds the Shareholder Yield. The Value Composite Two of Telstra Corporation Limited (ASX:TLS) is 16.

Telstra Corporation Limited (ASX:TLS) has a Price to Book ratio of 2.308541. This ratio is calculated by dividing the current share price by the book value per share. Investors may use Price to Book to display how the market portrays the value of a stock. Checking in on some other ratios, the company has a Price to Cash Flow ratio of 4.030960, and a current Price to Earnings ratio of 9.736303. The P/E ratio is one of the most common ratios used for figuring out whether a company is overvalued or undervalued.

Free Cash Flow Growth (FCF Growth) is the free cash flow of the current year minus the free cash flow from the previous year, divided by last year’s free cash flow. The FCF Growth of Telstra Corporation Limited (ASX:TLS) is 0.018202. Free cash flow (FCF) is the cash produced by the company minus capital expenditure. This cash is what a company uses to meet its financial obligations, such as making payments on debt or to pay out dividends. The Free Cash Flow Score (FCF Score) is a helpful tool in calculating the free cash flow growth with free cash flow stability – this gives investors the overall quality of the free cash flow. The FCF Score of Telstra Corporation Limited (ASX:TLS) is 0.690463. Experts say the higher the value, the better, as it means that the free cash flow is high, or the variability of free cash flow is low or both.

Price Index

The Price Index is a ratio that indicates the return of a share price over a past period. The price index of Telstra Corporation Limited (ASX:TLS) for last month was 1.00690. This is calculated by taking the current share price and dividing by the share price one month ago. If the ratio is greater than 1, then that means there has been an increase in price over the month. If the ratio is less than 1, then we can determine that there has been a decrease in price. Similarly, investors look up the share price over 12 month periods. The Price Index 12m for Telstra Corporation Limited (ASX:TLS) is 0.84636. Some of the best financial predictions are formed by using a variety of financial tools. The Price Range 52 Weeks is one of the tools that investors use to determine the lowest and highest price at which a stock has traded in the previous 52 weeks. The Price Range of Telstra Corporation Limited (ASX:TLS) over the past 52 weeks is 0.796000. The 52-week range can be found in the stock’s quote summary.

Although the investing process is fairly straightforward, securing consistent returns in the stock market is not easy. Throwing hard earned money at un-researched investments can eventually lead the investor down the road to ruin. Every individual investor may have different goals when starting out. Aligning these goals with a specific plan can create a solid foundation for the future. Nobody can predict what the future will hold, but being aware of market conditions can be a great asset when attempting to navigate the terrain while mitigating risk. Once the vision of the individual investor is clear, the road to sustaining profits may be much easier to travel.

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