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Christopher Joye

Christopher Joye is Co-Chief Investment Officer of Coolabah Capital and Smarter Money Investments, which is a leading active credit manager that runs over $1.5 billion in short-term fixed-income strategies. He is also a Contributing Editor with The Australian Financial Review where he writes columns on economics, finance, markets, policy, technology, and security. He previously worked with Goldman Sachs in mergers and acquisitions in London and Sydney and the Reserve Bank of Australia, and has advised several Australian governments on economic policy, including issues related to illiquidity in markets during the global financial crisis and affordable housing. He graduated from Sydney University with 1st Class Honours and the University Medial in Economics & Finance.

Renters and Owners Need Different Super Solutions

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In the AFR I argue that super funds need to radically overhaul their approach to asset-allocation by offering different options for renters and home owners, which have fundamentally different portfolio preferences given the way they are investing their wealth outside of super. The bottom line is that about half of... Show More

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Red flag in Magellan's massive new ASX trust

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In the AFR I explain my involvement in helping shape the unprecedented new listed investment company (LIC) structure pioneered by global equity hedge fund VGI Partners, which for the first time ever will involve the fund manager---and crucially not the LIC's investors---paying 100% of the enormous 3% sales commissions offered... Show More

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CBA drama is massively overblown

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In the AFR I argue that CBA's stock price has bounced back for good reason: the hysterical reaction to an isolated 2012 coding error that resulted in 53,000 delayed money laundering reports has been massively overblown. CBA is not going to pay a business-threatening fine, its outstanding chief executive Ian... Show More

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ANZ to embark on radical revolution...

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

Excerpt from my column in the AFR today in which I speculate ANZ will halve its workforce, move to a mostly branchless business model, and introduce a revolution in the form of risk-based product pricing that will offer every customer unique interest rates (click on that link to read free... Show More

Once safe Australian fixed-rate bonds suffer losses

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

Australia's main fixed-income index — against which almost all superannuation funds benchmark — delivered its fourth worst return in modern history over the 12 months to June 30. In particular, the exclusively "fixed-rate" (rather than "floating-rate") AusBond Composite Index returned just 0.25 per cent over the last year before you... Show More

Best non-tech trade of 21st century

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In The Australian Financial Review today I reveal how two Las Vegas casino bosses, Lorenzo and Frank Fertitta III, turned their US$2m investment in the UFC into US$4 billion and in the process created the fastest growing sporting organisation on earth. I am pretty relentless in my pursuit of the... Show More

The big bank burglary

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In The Australian Financial Review today I explain why it is hard to imagine a more insanely stupid and economically irrational decision than South Australia's big bank double-tax, which is likely illegal, has no policy basis whatsoever, and could end up generating zero net revenue even if it's implemented (click... Show More

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Lessons from Spain's Big Bank Failure

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In The Australian Financial Review I reveal that house prices have stabilised after modest falls over April and May and explain the key lesson for equities, hybrids, subordinated bonds, and senior bonds from the sudden and spectacular failure of Spain's fifth biggest bank, which is about the same size as... Show More

What SAS Soldiers and CIA Spies Can Teach About Investing

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In The Australian Financial Review I consider what active investors can learn from the decision-making processes of soldiers from the Special Air Service (SAS) Regiment and the CIA team that tracked down Osama bin Laden (click on that link to read the column for free via Twitter or AFR subs... Show More

Fairfax's Amazonian Potential is More Important than Domain

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In The Australian Financial Review I argue that the private equity buyers circling Fairfax should consider the embedded optionality inherent in the development of what I call the "Financial Amazon" business model that could be worth multiples Domain and transform the way banks compete to provide their products to customers... Show More

Aussie Bankers are Brilliant + Small Banks Too-Big-To-Fail

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In The Australian Financial Review I reveal that I am not a compulsive bank basher, lavishing all the big bank bosses with tremendous praise while also arguing that small banks are also too-big-to-fail, invoking former RBA governor Ian Macfarlane to back my case. Certainly S&P's claim that the government would... Show More

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Big bank subsidy worth > $5bn pa

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In The Australian Financial Review I show that the big Australian banks benefit from taxpayer subsidies worth more than $5bn per annum, or more than 10x what the car industry received in 2013, and excoriate those self-proclaimed libertarians and centre-right commentators who think the government should not be putting a... Show More

Bank tax is positive, not negative, for Big 5

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In The Australian Financial Review I demonstrate that contrary to some opinion, the modest bank levy is unequivocally a net credit positive, not negative, for the four major banks and Macquarie insofar as it enshrines into law for the very first time that they are truly government-guaranteed because of their... Show More

We need a bond market revolution

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In The Australian Financial Review I argue that we need a revolution in bond market investing that discards the entirely spurious indices most institutions benchmark against and even more importantly acknowledges that most bond exposures are loaded up with massive amounts of speculative interest rate risk that have absolutely nothing... Show More

Bank Levy is Cheap

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In The Australian Financial Review I explain using objective bond market data that the government's new 0.06% bank debt levy is actually very cheap and only about 35% of what they could have forced the largest banks to pay if they wanted to fully price the immensely valuable taxpayer subsidies... Show More

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Pay passive funds peanuts, get monkeys

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In The Australian Financial Review I wade into to the contentious "active versus passive" investing debate and argue that "buying a “passive” or “indexed” fund is lobotomised investing predicated on the beliefs that: the market is smarter than you are; investors are systematically rational; assets are always properly valued with... Show More

Sydney house prices fall in April --- boom over

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In The Australian Financial Review today I reveal that Sydney house prices fell modestly by -0.1% in April for the first time since December 2015, validating our call last week that the housing boom is grinding to a stand-still. Auction clearance rates have also declined for 3 weeks running with... Show More

The Great Credit Illiquidity Myth

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

For years I have been told that secondary corporate bond, or "credit", markets are illiquid and difficult to trade in. The problem is that anyone who actively trades credit knows that this is a myth. Last month I put $500m of new money to work in credit in a matter... Show More

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