<turbo-stream action="append" target="latest-wire-list"><template>
  <div data-controller="load-engagement-count">
    <div class="wires-container divide-y divide-gray-200 w-full">


    <div class="flex border-t border-gray-200">
      <div class="py-6 md:py-8 lg:py-10 w-full" >
        <div class="mx-0 sm:flex sm:items-start">
    <div class="w-full sm:flex-grow order-2 wire">
      <div class="flex items-center">
        <div class="flex flex-col-reverse flex-grow sm:flex-row">
            <a class="pre-header-sm lg:pre-header-md uppercase text-primary hover:underline" href="/categories/fixed-income">Fixed Income</a>

          <div class="__Wires_TolTagComponent_41800 w-36"></div>
        </div>

          <time datetime="2019-07-22T18:23:48+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 22, 2019 18:23</time>
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        <div class="absolute -top-2 lg:top-0 -left-3">
          <div class="wire-menu relative" id="Home_WireComponent__dropdown_menu_41800"></div>
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          <div class="sm:flex-grow">
            <h2 class="mt-2 headline-md lg:headline-xl lg:group-hover:underline sm:max-w-full ">
              US treasury term premium: pricing for disaster
            </h2>
            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
    The term premium is the difference between bond yields for a given maturity and the expected path of short term interest rates over the same period.  By examining...
</div>

          </div>
</a>      </div>
      <div class="lg:flex lg:items-center clear-both">
        <div class="mt-2 lg:mt-4">
          <div class="flex items-center">
    <div class="mr-2">
        <a data-controller="event" data-event-name-value="link_click" data-event-id-value="32881" data-event-statisticable-value="profile" data-event-custom-data-value="{&quot;position&quot;:19241,&quot;section&quot;:&quot;latest_feed&quot;}" data-event-ga-category-value="Homepage Latest Feed" data-event-ga-action-value="link_click" href="/contributors/ken-liow">
            <picture style="">
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    alt="Ken Liow"
    style=""
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</picture>
</a>    </div>
  <div id="profile-link" class="text-heavy-sm md:text-heavy-md text-darkestgray">
    <div>
        <span class="profile-name-hover-container" data-controller="event tooltip" data-event-name-value="contributor_hover_view" data-event-id-value="32881" data-event-statisticable-value="profile" data-event-custom-data-value="{}" data-event-event-value="mouseover" data-tooltip-url-value="/hotwired/hovercards/32881/contributor">
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</span>    </div>
      <div>
        Realm Investment House
      </div>
  </div>
</div>

        </div>
        <div class="hidden lg:block lg:mt-4 mx-4 w-1 h-4 border-l border-gray-300"></div>
        <div class="mt-4 flex items-center text-heavy-sm md:text-heavy-md text-darkestgray">
          <div class="flex items-center mr-4">
            <div id="wire-listing-like-41800" data-load-engagement-count-target="like" data-wire-id="41800" data-position="19241">
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  data-controller="
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    turbo-stream 
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  aria-label=home_like
  
  
  
>
  <svg class="home_like">
  <use xlink:href="#home_like"></use>
</svg>

  
  
  
</button>


</div>            <div class="flex items-center ml-1">
              <div id="comment-link-41800" data-load-engagement-count-target="comment" data-wire-id="41800" data-position="19241">
    <a
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>
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</svg>

  
  
  
</a>

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    <div class="flex flex-row-reverse">
        <time datetime="2019-07-22T18:23:48+10:00" data-controller="datetime" class="hidden sm:block sm:flex-none order-1 w-36 uppercase pre-header-sm lg:pre-header-md text-darkgray">July 22, 2019 18:23</time>
    </div>
</div>


      </div>
    </div>


    <div class="flex">
      <div class="py-6 md:py-8 lg:py-10 w-full" >
        <div class="mx-0 sm:flex sm:items-start">
    <div class="w-full sm:flex-grow order-2 wire">
      <div class="flex items-center">
        <div class="flex flex-col-reverse flex-grow sm:flex-row">
            <a class="pre-header-sm lg:pre-header-md uppercase text-primary hover:underline" href="/categories/daily-report">Daily Report</a>

          <div class="__Wires_TolTagComponent_41798 w-36"></div>
        </div>

          <time datetime="2019-07-22T17:27:03+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 22, 2019 17:27</time>
      </div>

      <div class="relative">
        <div class="absolute -top-2 lg:top-0 -left-3">
          <div class="wire-menu relative" id="Home_WireComponent__dropdown_menu_41798"></div>
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        <a class="group block sm:flex hover:no-underline visited:text-darkestgray text-body" data-controller="event" data-event-name-value="link_click" data-event-view-name-value="summarized_longform_wire_view" data-event-id-value="41798" data-event-statisticable-value="wire" data-event-custom-data-value="{&quot;position&quot;:19242,&quot;section&quot;:&quot;latest_feed&quot;}" data-event-ga-category-value="Homepage Latest Feed" data-event-ga-action-value="link_click" href="/wires/quiet-above-the-surface-but-a-few-ducks-paddling-hard-below">
          <div class="sm:flex-grow">
            <h2 class="mt-2 headline-md lg:headline-xl lg:group-hover:underline sm:max-w-full ">
              Quiet above the surface but a few ducks paddling hard below
            </h2>
            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
  A fairly quiet day at the index level overall (-9 points) with the market peaking +10 points up around lunchtime before the sellers took hold. It looked like a decent...
</div>

          </div>
</a>      </div>
        <div class="pt-4 pb-4 sm:hidden">
          <div class="flex gap-2">
    <div data-controller="tooltip">
  <a aria-label="EHL" data-controller="event" data-event-name-value="link_click" data-event-id-value="41798" data-event-statisticable-value="wire" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tags&quot;}" href="/stock_codes/asx-ehl">
    <div
  class="lw-badge rounded-2xl  md"
  
  
>
  <div class="flex items-center gap-2">
    <span class="text-bold-md">EHL</span>
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</div>

</a>  <div class="hidden" data-tooltip-target="content">
    <div class="w-80 rounded-md overflow-hidden shadow-horver-card border border-light">
  <div>
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      <div class="p-4 flex group">
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          <div class="text-heavy-17 text-body truncate truncate-two-lines break-words group-hover:underline ">Emeco Holdings Ltd</div>
            <div class=" text-darkestgray truncate font-sans leading-4 font-semibold capitalize text-heavy-md">ASX:EHL</div>
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</a>    <div class="px-4 mt-0.5">
      <div class="flex items-center py-4 border-t border-light">
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</div>

    <div class="h-0 w-full flex justify-center">
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  </div>
</div>

    <div data-controller="tooltip">
  <a aria-label="WSA" data-controller="event" data-event-name-value="link_click" data-event-id-value="41798" data-event-statisticable-value="wire" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tags&quot;}" href="/stock_codes/asx-wsa">
    <div
  class="lw-badge rounded-2xl  md"
  
  
>
  <div class="flex items-center gap-2">
    <span class="text-bold-md">WSA</span>
  </div>
</div>

</a>  <div class="hidden" data-tooltip-target="content">
    <div class="w-80 rounded-md overflow-hidden shadow-horver-card border border-light">
  <div>
    <a data-controller="event" data-event-name-value="link_click" data-event-id-value="2165" data-event-statisticable-value="stock_code" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tooltip&quot;}" href="/stock_codes/asx-wsa">
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          <div class="text-heavy-17 text-body truncate truncate-two-lines break-words group-hover:underline ">WESTERN AREAS LIMITED</div>
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</a>    <div class="px-4 mt-0.5">
      <div class="flex items-center py-4 border-t border-light">
        <div class="flex-grow text-darkestgray text-bold-sm" id="followed-count-stock_code-2165">
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          <div 
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  data-load-engagement-count-target="follow"
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      </div>
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  </div>
</div>

    <div class="h-0 w-full flex justify-center">
      <div class="border-6 border-tooltipDownArrowLight"></div>
    </div>
  </div>
</div>

</div>

        </div>
        <div class="pt-4 pb-4 lg:pb-2 hidden sm:block">
          <div class="flex gap-2">
    <div data-controller="tooltip">
  <a aria-label="EHL" data-controller="event" data-event-name-value="link_click" data-event-id-value="41798" data-event-statisticable-value="wire" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tags&quot;}" href="/stock_codes/asx-ehl">
    <div
  class="lw-badge rounded-2xl  md"
  
  
>
  <div class="flex items-center gap-2">
    <span class="text-bold-md">EHL</span>
  </div>
</div>

</a>  <div class="hidden" data-tooltip-target="content">
    <div class="w-80 rounded-md overflow-hidden shadow-horver-card border border-light">
  <div>
    <a data-controller="event" data-event-name-value="link_click" data-event-id-value="681" data-event-statisticable-value="stock_code" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tooltip&quot;}" href="/stock_codes/asx-ehl">
      <div class="p-4 flex group">
        <div class="flex flex-col">
          <div class="text-heavy-17 text-body truncate truncate-two-lines break-words group-hover:underline ">Emeco Holdings Ltd</div>
            <div class=" text-darkestgray truncate font-sans leading-4 font-semibold capitalize text-heavy-md">ASX:EHL</div>
        </div>
      </div>
</a>    <div class="px-4 mt-0.5">
      <div class="flex items-center py-4 border-t border-light">
        <div class="flex-grow text-darkestgray text-bold-sm" id="followed-count-stock_code-681">
            Followed by<span class="font-bold text-gray-700"> 60 </span>people
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          <div 
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  data-load-engagement-count-target="follow"
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      </div>
    </div>
  </div>
</div>

    <div class="h-0 w-full flex justify-center">
      <div class="border-6 border-tooltipDownArrowLight"></div>
    </div>
  </div>
</div>

    <div data-controller="tooltip">
  <a aria-label="WSA" data-controller="event" data-event-name-value="link_click" data-event-id-value="41798" data-event-statisticable-value="wire" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tags&quot;}" href="/stock_codes/asx-wsa">
    <div
  class="lw-badge rounded-2xl  md"
  
  
>
  <div class="flex items-center gap-2">
    <span class="text-bold-md">WSA</span>
  </div>
</div>

</a>  <div class="hidden" data-tooltip-target="content">
    <div class="w-80 rounded-md overflow-hidden shadow-horver-card border border-light">
  <div>
    <a data-controller="event" data-event-name-value="link_click" data-event-id-value="2165" data-event-statisticable-value="stock_code" data-event-custom-data-value="{&quot;section&quot;:&quot;stock_code_tooltip&quot;}" href="/stock_codes/asx-wsa">
      <div class="p-4 flex group">
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          <div class="text-heavy-17 text-body truncate truncate-two-lines break-words group-hover:underline ">WESTERN AREAS LIMITED</div>
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</a>    <div class="px-4 mt-0.5">
      <div class="flex items-center py-4 border-t border-light">
        <div class="flex-grow text-darkestgray text-bold-sm" id="followed-count-stock_code-2165">
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></div>

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    <div class="h-0 w-full flex justify-center">
      <div class="border-6 border-tooltipDownArrowLight"></div>
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  </div>
</div>

</div>

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      <div class="lg:flex lg:items-center clear-both">
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          <div class="flex items-center">
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              Is this the most underappreciated asset class in the world?
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            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
  Infrastructure can provide defensive income, allow investors some participation in the upside of equity investment, and provide diversification from equities and...
</div>

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              Amazon&#39;s billion dollar bet on toasters
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  Jeff Bezos is proving the sky’s no longer the limit for Amazon as they seek to launch thousands of toaster sized satellites to provide broadband to the world. Some...
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        Swell Asset Management
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              A different kind of portfolio manager
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  In our quest to evolve as fund managers we are constantly reading. Reading the likes of Peter Lynch, Warren Buffet (Alice Schroeder), Joel Greenblatt, Barton Biggs and...
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        Chester Asset Management
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              NAB gets a new CEO
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  The market stormed ahead to finish the week with the spurt higher, ticking around the 6700 level, near to where the ASX200 started the week helped by more dovish...
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              The hunt for predictable cash flows
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  An investor&#39;s job can be boiled down to two primary tasks, explains Warryn Robertson, Portfolio Manager at Lazard. First, to predict what a company&#39;s cash flows or...
</div>

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              Bail-in-able debt tsunami lands...
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  Today I write that the “bail-in-able” debt tsunami we forecast last week did not disappoint with two incredibly large &quot;Tier 2&quot; subordinated bond transactions executed...
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        Coolabah Capital
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        <time datetime="2019-07-19T13:54:22+10:00" data-controller="datetime" class="hidden sm:block sm:flex-none order-1 w-36 uppercase pre-header-sm lg:pre-header-md text-darkgray">July 19, 2019 13:54</time>
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          <time datetime="2019-07-19T08:57:54+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 19, 2019 08:57</time>
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          <div class="sm:flex-grow">
            <h2 class="mt-2 headline-md lg:headline-xl lg:group-hover:underline sm:max-w-full ">
              Back to the future: Paradice awaits in emerging markets
            </h2>
            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
  Veteran fund manager David Paradice has just unveiled his first new fund in over a decade. The Paradice Global Emerging Markets Fund will be a bold move and comes at a...
</div>

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  Lithium stocks have been knocked down of late. But big car makers are forecasting huge increases in EV sales in the medium term, which may help explain why there is...
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              <span class="wire_title_component w-full block group-hover:underline"><span data-controller="logged-in-class" data-logged-in-class-logged-in-class-value="hidden"></span>Buy Hold Sell: 5 compelling value <span class="whitespace-nowrap">stocks<svg xmlns="http://www.w3.org/2000/svg" width="24" height="18" viewBox="0 0 24 18" fill="none" stroke="currentColor" id="embed_video" class="inline-block align-middle group-hover:underline w-6 h-4 lg:h-6 ml-2">
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            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
   Stocks in the ASX100 are well covered by analysts, and pricing inefficiencies are far harder to come by as a result. Picking through this index on the hunt for...
</div>

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          <time datetime="2019-07-18T17:21:34+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 18, 2019 17:21</time>
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              CIMIC tanks on earnings miss, but is the move overdone?
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  The market softened again today, however, overall it was another low volume session where a lack of buying interest rather than anything more sinister saw the index...
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        <time datetime="2019-07-18T17:21:34+10:00" data-controller="datetime" class="hidden sm:block sm:flex-none order-1 w-36 uppercase pre-header-sm lg:pre-header-md text-darkgray">July 18, 2019 17:21</time>
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          <time datetime="2019-07-18T14:11:14+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 18, 2019 14:11</time>
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              Two offshore growers set to reap the benefits of investment
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  This time last year, I wrote about Credit Corp&#39;s then just-released full year results, saying the market was not giving the company the credit it&#39;s due. Credit Corp...
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          <div class="text-heavy-17 text-body truncate truncate-two-lines break-words group-hover:underline ">FREEDOM FOODS GROUP LIMITED</div>
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        <time datetime="2019-07-18T14:11:14+10:00" data-controller="datetime" class="hidden sm:block sm:flex-none order-1 w-36 uppercase pre-header-sm lg:pre-header-md text-darkgray">July 18, 2019 14:11</time>
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          <time datetime="2019-07-18T13:25:24+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 18, 2019 13:25</time>
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              Does Challenger’s recent announcement imply good news?
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  At an investor day in Sydney last month, newly-appointed CEO of Challenger (ASX: CGF), Richard Howes, announced something that any new CEO would rather not. Howes...
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          <time datetime="2019-07-18T11:19:17+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 18, 2019 11:19</time>
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              Paul Taylor: Aussie equities are the standout asset class
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  Markets are very curious at the moment. The economy is weak, and earnings growth is almost non-existent, but stock market prices keep going up. In the following Q&amp;A,...
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        <time datetime="2019-07-18T11:19:17+10:00" data-controller="datetime" class="hidden sm:block sm:flex-none order-1 w-36 uppercase pre-header-sm lg:pre-header-md text-darkgray">July 18, 2019 11:19</time>
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          <time datetime="2019-07-18T10:32:36+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 18, 2019 10:32</time>
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  PKS listed 6th June, a 20c IPO, and traded modestly underwater until yesterday. Other than the IPO presentation, there has been no news released since IPO. We...
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          <div class="text-heavy-17 text-body truncate truncate-two-lines break-words group-hover:underline ">PKS HOLDINGS LIMITED</div>
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  </div>
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    <div class="h-0 w-full flex justify-center">
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  </div>
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</div>

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      <div class="lg:flex lg:items-center clear-both">
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  <div id="profile-link" class="text-heavy-sm md:text-heavy-md text-darkestgray">
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</span>    </div>
      <div>
        Alpine Capital
      </div>
  </div>
</div>

        </div>
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    <div class="flex flex-row-reverse">
        <time datetime="2019-07-18T10:32:36+10:00" data-controller="datetime" class="hidden sm:block sm:flex-none order-1 w-36 uppercase pre-header-sm lg:pre-header-md text-darkgray">July 18, 2019 10:32</time>
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            <a class="pre-header-sm lg:pre-header-md uppercase text-primary hover:underline" href="/categories/equities">Equities</a>

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          <time datetime="2019-07-18T09:31:59+10:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">July 18, 2019 09:31</time>
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          <div class="sm:flex-grow">
            <h2 class="mt-2 headline-md lg:headline-xl lg:group-hover:underline sm:max-w-full max-w-[60%] ">
              Is Instagram the next Amazon?
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            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
  Instagram has become the go to advertising platform for companies of all sizes wanting to increase brand awareness and grow sales.  It is estimated advertisers will...
</div>

          </div>
</a>      </div>
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</span>    </div>
      <div>
        Swell Asset Management
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</div>

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              Has the earnings cycle bottomed at Nufarm?
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  Nufarm Limited is primarily a formulator and distributor of agricultural chemicals, but it also operates a small seed supply business. Through a number of acquisitions...
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        Allan Gray
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