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          <time datetime="2019-10-22T14:16:57+11:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">October 22, 2019 14:16</time>
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              Two stocks with uncorrelated returns
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  This time last year, I presented the case that there was hidden value in IMF which would be realised as the company generated strong returns from cases in which it had...
</div>

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        Perpetual Asset Management (Australia)
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        <time datetime="2019-10-22T14:16:57+11:00" data-controller="datetime" class="hidden sm:block sm:flex-none order-1 w-36 uppercase pre-header-sm lg:pre-header-md text-darkgray">October 22, 2019 14:16</time>
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            <a class="pre-header-sm lg:pre-header-md uppercase text-primary hover:underline" href="/categories/investment-theme">Investment Theme</a>

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          <time datetime="2019-10-22T11:19:18+11:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">October 22, 2019 11:19</time>
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              Revisiting our lower long-term returns Whitepaper from Jan 2017
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  In January 2017 Providence published a whitepaper on Long Term Returns. At the time we suggested that Long Term returns from a traditional balanced portfolio were...
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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>3 rules of thumb for emerging market <span class="whitespace-nowrap">debt<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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  The often-quoted US$17 trillion worth of negative-yielding bonds are from developed economies such as Japan, Germany and France. In stark contrast, government bonds...
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        Independent Investment Research
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        <time datetime="2019-10-22T09:25:00+11:00" data-controller="datetime" class="hidden sm:block sm:flex-none order-1 w-36 uppercase pre-header-sm lg:pre-header-md text-darkgray">October 22, 2019 09:25</time>
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          <time datetime="2019-10-22T07:00:22+11:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">October 22, 2019 07:00</time>
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              Waiting for the fallout
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            <div id="wire-summary" class="paragraph-sm text-darkestgray break-word mt-2 sm:paragraph-xs lg:paragraph-lg">
  We continue to expect downside economic risks will dominate markets for some time, even as central banks are easing policy and there are signs US–China trade tension...
</div>

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        Schroders
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          <time datetime="2019-10-21T17:43:19+11:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">October 21, 2019 17:43</time>
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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>Fund in Focus: Pengana International Equities <span class="whitespace-nowrap">Limited<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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   Pengana International Equities Limited gives investors access to a long-only portfolio of 30-50 global equities through a Listed Investment Company (ASX: PIA). The...
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          <time datetime="2019-10-21T14:17:23+11:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">October 21, 2019 14:17</time>
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  When ‘growth’ stocks go out of favour and stop attracting a premium, there’s often a large valuation gap that must be crossed before they begin to look attractive as...
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          <time datetime="2019-10-21T14:14:20+11:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">October 21, 2019 14:14</time>
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              Profiting from the insatiable desire for luxury
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  France-based LVMH, which sells fashion, alcohol, watches, jewellery and cosmetics, is the world’s leading personal-luxury-goods company. In its 2018 annual report, the...
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          <time datetime="2019-10-21T13:57:01+11:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">October 21, 2019 13:57</time>
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              Do negative yields really matter?
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  I always judge the severity of any market theme by how often it crops up in conversation around the desk. And in truth, we don’t talk about negative yields at all.I...
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              BetaShares Global Markets Update
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        Global MarketsGlobal equities ground higher again last week reflecting ongoing hopes with regard to US-China trade discussions, encouraging US earnings reports,...
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        Betashares
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          <time datetime="2019-10-21T10:32:35+11:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">October 21, 2019 10:32</time>
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              Getting the best deal on your cash
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  In the last six months, the cash rate set by the Reserve Bank of Australia has fallen 0.75%. It is estimated that cash returns on savings accounts and term deposits...
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          <time datetime="2019-10-21T10:02:54+11:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">October 21, 2019 10:02</time>
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  What could go right? In this wire, I’m taking a break from pessimism. I want to play devil’s advocate and explore what could go right with economic growth and...
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  What’s going on with the share price of data center provider NextDC (ASX: NXT)? Over the past year, it has massively underperformed other firms in both the tech and...
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  The team at Credit Suisse follow seven indicators to give them a read on the likelihood of a recession in the United States. Right now, only one of the seven...
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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>Embracing <span class="whitespace-nowrap">complexity<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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  One of the current investment mantras at KKR is to ‘embrace complexity’. It sums up the global investment firm’s view that if assets are easy to access and easy to...
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   			 				 					 						The Australian Bureau of Statistics informs that the weighted average residential property price in the 8 capital cities has fallen for the sixth...
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          <time datetime="2019-10-18T13:20:45+11:00" data-controller="datetime" class="pre-header-sm lg:pre-header-md uppercase text-darkgray sm:hidden">October 18, 2019 13:20</time>
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              Big banks have never faced more competition...
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  Today I write that the ACCC inquiry into the big banks, and the front book/back book fracas that reportedly precipitated it, are completely bogus. Let’s get a few...
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        Coolabah Capital
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        <time datetime="2019-10-18T13:20:45+11:00" data-controller="datetime" class="hidden sm:block sm:flex-none order-1 w-36 uppercase pre-header-sm lg:pre-header-md text-darkgray">October 18, 2019 13:20</time>
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