Christopher Joye

Christopher
Joye

Portfolio Manager
Coolabah Capital Investments

Christopher Joye is Co-Chief Investment Officer of Coolabah Capital Investments, which is a leading active credit manager that runs over $2.2 billion in short-term fixed-income strategies. He is also a Contributing Editor with The AFR.

Expertise

Strip AMP Apart, Unwind Byzantine Banks

Christopher Joye

In my AFR column I open-up with both barrels on vertically-integrated institutions (click on that link to read for free or AFR subs can click here for direct access). Excerpt enclosed: Show More

banks AMP cba' royal commission

Is it time to sell US equities and bonds?

Christopher Joye

In my AFR column I reflect on Xi Jinping's masterful manipulation of Donald Trump and why a profound change in global hedging costs could radically reduce the returns Australian investors receive when allocating to US equities and US bonds (click on that link to read for free or AFR subs... Show More

equities bonds China donald trump Xi Jinping

Hybrids vs Equities: How Does Risk vs Return Trade-Off Stack-Up?

Christopher Joye

Two quick charts looking at the risk and return trade-off between ASX equities and ASX major bank hybrids. The first chart considers the current cash (unfranked) and fully franked dividend yield on the ASX200 index versus a range of major bank hybrid yields in both franked and unfranked terms. The... Show More

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Buy Fear and Sell Greed

Christopher Joye

In my AFR column I argue that Donald Trump's "tape bombs" are the tail wagging the global financial market dog right now, and this volatility begets opportunity (click on that link to read for free or AFR subs can click here for direct access). Excerpt enclosed: Show More

equities credit bonds Hybrids donald trump

Chaos Creates Opportunities for Bonds and Hybrids

Christopher Joye

Most investors have polarised portfolios bifurcated between cash deposits and equities. Few appreciate that these two very different securities span a rich corporate capital structure that allows for a much more continuous distribution of risk and return experiences. Show More

equities interest rates bonds Hybrids

Should you sell bonds/hybrids to buy ASX listed RMBS?

Christopher Joye

Switching out of senior bonds and hybrids to invest in Australian residential mortgage-backed securities (RMBS) while house prices are falling---and likely to remain weak for years---is one of the more surprising trades I have seen of late. It is right up there with selling major bank hybrids on the ASX... Show More

bonds Hybrids RMBS

Shorten's war against property and shares

Christopher Joye

In my AFR column I explain the consequences of Labor leader Bill Shorten's proposed new taxes for shares, property and hybrids---it's worth noting that even the Greens appear to have a problem with the notion of king-hitting prudent retirees with the Greens' leader vocally criticising Shorten's desire to deny retirees... Show More

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What Bill Shorten’s New Tax Rules Mean for Equities, Hybrids and Property

Christopher Joye

Labor leader Bill Shorten is certainly bold when it comes to assaulting the financial heartlands of Australian housing, equities and super. Show More

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House Prices in Benign Correction

Christopher Joye

In my AFR column I explain why the housing correction appears to be very benign (until the RBA raises rates); why we took profits on our AAA rated asset-backed book; why the new A- rated issue from Singaporean bank DBS looked very cheap (and has subsequently performed strongly); and why... Show More

bonds housing bubble asx: cba

Why CBA Hybrid Might be Attractive

Christopher Joye

In my AFR column I speculate that sanity could prevail and the mooted CBA hybrid that is expected to be launched next week could actually be attractive, offering a much higher margin and shorter maturity than Wesptac's latest issue (ASX: WBCPH) (click on that link to read for free or... Show More

Hybrids bank hybrids cba asx: cba

RBA, not inert supply, blew housing bubble

Christopher Joye

In my AFR column I explain why the RBA, not housing supply as governor Philip Lowe conveniently argues, was responsible for blowing the great Aussie housing bubble and what assets currently look cheap in a world where most remain dear (click on that link to read for free or AFR... Show More

rba housing bubble

Why Rate Rises Will Crush All Asset Prices

Christopher Joye

In my AFR column I explain how we faded the recent equities shock picking up $159m of cheap assets but why in the longer-term equities and property are likely to be subject to more serious corrections as higher wages growth and inflation inevitably become the dominant investment dynamic, forcing discount... Show More

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Why Ian Narev is the All Black of Banking

Christopher Joye

In my AFR column I argue that Ian Narev is the best commercial and retail banker of his generation and that Standard & Poor's is behaving like an economist desperately clinging to a controversial forecast that has proven horribly wrong (click on that link to read for free or AFR... Show More

asx: cba

Living to 150 will revolutionise markets

Christopher Joye

In my AFR column I interview Harvard geneticist David Sinclair about his transformational new research that is literally reversing the ageing process through repairing DNA. which he argues will extend life expectancies to more than 150 years, creating the third revolution in medicine after vaccines and antibiotics, and have profound... Show More

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Contagion Risk in Big Bond Bubble

Christopher Joye

As we roll into another new year, in the AFR I ask: "Is the fixed-rate government bond market – to be distinguished from floating-rate securities – in the mother-of-all bubbles? Very likely. Has it burst? Maybe, although the evidence is not persuasive. As it normalises, will it cause mayhem in... Show More

equities bonds bubble

House Prices to Fall in 2018

Christopher Joye

In the AFR today I outline my views on markets for 2018, including forecasting that Aussie house prices will fall year-on-year for the first time since 2012---after we projected house price increases every year between 2013 and 2017---and that US inflation will surge (in fact, US inflation has already spiked... Show More

inflation housing house prices

Best and Worst Calls of 2017

Christopher Joye

In the AFR today I review our best and worst calls of 2017 in what has been a fast-paced and intense 12 months (click on that link to read for free or AFR subs can use the direct link here). I also gave an interview to Livewire in the video... Show More

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Royal Commission Bad for Equity, Good for Debt

Christopher Joye

In the AFR today I argue that the Royal Commission will give us even more conservative and risk-averse "narrow" or "utility" banks with fewer non-core businesses (bye bye planners, wealth, insurance, funds management and proprietary traders). As with the Austrac saga, the end game is stronger banks with lower risks... Show More

banks bank hybrids royal commission

RBA Way Wrong on Unemployment

Christopher Joye

In the AFR today I explain why long-term forecasting is a waste of time; why Australia's jobless rate in December 2018 will likely be 0.75% to 1.0% lower than the 5.5% rate the RBA is currently forecasting; why the enigmatic Guy Debelle might one day make a great governor; and... Show More

rba unemployment challenger Hybrids

Big Four Banks' Zero-Sum Problem...

Christopher Joye

In the AFR today I wax lyrical about what I think might be the big four banks' zero-sum, as opposed to positive-sum, game problem; the merits of putting their clients' interests first and being long-term greedy; the problems associated with business model complexity; and introduce readers to my mate "Noddy"... Show More

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