Are bonds as defensive as they used to be?

Clive Smith

Many investors focus on the materially lower volatility in returns exhibited by fixed income securities when considering the potential diversification benefits when combining them with equities. Unfortunately, the equally important diversification benefits associated with the negative correlation of returns between the two asset classes can often be overlooked. Show More

Cash returns no longer set by committee

Clive Smith

In the shadow of accusations of rate rigging by several banks, the process by which the interbank lending rate is set in Australia is being overhauled. Importantly these changes, while technical in nature, may have material implications for investors seeking to get the optimal outcomes from their cash investments. Show More

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