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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.

Is Aussie Credit Cheap or Dear?

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In the AFR today I examine whether Aussie corporate and financial bonds are currently cheap or expensive relative to pre-GFC and post-GFC spread levels, on the basis of bottom-up modelling of their fundamentals, and compared to US investment-grade and high-yield credit (click on that link to read for free or... Show More

Bond Bull Rips Apart Bears

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In the AFR today I dwell on the doves' case apropos "low rates for long" and, in particular, engage with the lord of the domestic bond "bulls", Charlie Jamieson, who is uncompromising in his evisceration of the bond "bears" as represented by the likes of Tim Toohey and Brett Gillespie... Show More

Westpac's Landmark Hybrid Impresses

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In the AFR I argue that Westpac's landmark US$1.25 billion hybrid issued into the US market this week, which was initially 11x oversubscribed, will reduce the bank's need to issue future hybrids on the ASX and thereby choke domestic supply. This 10 year hybrid was also priced at a credit... Show More

Hedging nuclear war's downside risk

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

After interviewing leading strategic thinkers I argue in the AFR that there appears to be a 1-in-10 to 1-in-4 probability of full kinetic conflict erupting between the US, South Korea, Australia and North Korea, possibly backed by China, which could turn radioactive, and you had better consider how you can... Show More

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Smallest Budget Deficit Since 2013 + Why Hybrids Are Cheap

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In the AFR I review the government's latest monthly financial data, which shows that Australia's budget deficit is the smallest since 2013 and currently running much better than expected care of strong commodity prices, corporate profits, and asset price appreciation. I also present new research that prices the downside risk... Show More

Dysfunction Across Bank Capital Structure

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In my Weekend AFR column I offer my latest analysis of relative value investment opportunities across the banks' capital structures in the context of the recent AMP subordinated bond deal, highlighting what appears to be dysfunctions between senior bonds, subordinated debt and hybrids (click on that link to read for... Show More

Heterodox Analysis of Billion Dollar Money Fight

Christopher Joye
Christopher Joye Smarter Money Investments/Coolabah Capital Investments

In the AFR I present my heterodox analysis of this weekend's billion dollar "money fight" between Floyd Mayweather and Conor McGregor, which implies that betting markets may be mispricing the latter's probabilities of success (click on that link to read for free or AFR subs can use the direct link... Show More

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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