banks

Zigging and zagging have been the story of 2020. The equity market zigged higher, then zagged sharply lower as the health and economic ravages of COVID-19 became...

Frank Partnoy has lit up financial media with his claim that CLOs are set to cause a financial crisis level of bank collapses. He argues that today’s CLOs are the...

The recent volatility in global corporate bond markets has caused some long-standing pricing relationships to dislocate. In this piece we will highlight why a) US...

Matt Williams, Portfolio Manager of the Airlie Australian Share Fund, discusses the challenges the coronavirus is posing to Australian companies and investors, and how...

The easy premise is that the scourge of COVID-19 will change societies, economies and company profits forever. The harder forecast is where, and to what extent. Just...

The COVID-19 crisis and country shutdowns is placing enormous pressure on the earnings, cash flows and balance sheets of many companies. We have provided a brief...

The Australia Day long weekend feels like a lifetime ago now. Back then, there were just 400 cases of Coronavirus, all of which were in some far off place called...

A strong year for equity performance has seen the ASX200 increase more than 25% year to date. It’s all been driven by re-rating. It was recently put to us that this is...

Guys the latest episode of our very popular Complexity Premia podcast is live! You can listen on your favourite podcast app, or you can find it on Apple Podcasts here...

Uday Cheruvu, Portfolio Manager of the Australian Companies Fund, says he has sold out of Australian banks as they are coming under a quadruple threat from capital,...

It is time to unveil a new expectation: if the RBA continues cutting through conventional and unconventional means, which is our central case, I expect that this...

The bank sector has had a tough time over the last few years, with falling lending volumes, lending restrictions imposed, competitive margin pressures, heightened...

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...

In predictably cutting its cash rate to a new record low of 0.75 per cent in October, the RBA moved itself one meeting away from initiating quantitative easing (QE),...

This weekend I write that the ECB's decision to start buying bonds again to reduce the long-term cost of capital (aka QE)---coupled with the Fed cutting in a few...

Today I show that the great Aussie housing boom is well and truly back, with Sydney and Melbourne house prices surging in August, up by north of 1.2% in the month...

Today I argue that since we blindsided participants by first putting the likelihood of the Reserve Bank of Australia launching quantitative easing (QE) back in May,...

The back-story... I try to put my money where my mouth is. A couple of months prior to the Federal Election, we shifted more than $100m into franked ASX hybrids for...

Today I write that the RBA has been spinning stories (basically blatant BS) on housing, the most miraculous of which is the completely fallacious claim that cutting...

Today I write that the “bail-in-able” debt tsunami we forecast last week did not disappoint with two incredibly large "Tier 2" subordinated bond transactions executed...