bonds

Jock! Start the Engine! The longer the rout in global bond markets continues, the more difficult it will become for central banks to control. We continue to...

Falling bond rates have helped propel the prices of long-duration assets – like shares, housing and gold – as well as speculative "assets" like cryptocurrency. But, if...

In the AFR today I write that for years we've argued that investors should not rely on the age-old assumption that fixed-rate bonds are a powerful equity hedge. We...

In the AFR today I write that it is one of the worst bloodbaths “long duration” bond lovers have endured since the great crash of 1994, ramming home the interest rate...

Investors' favourite word last year was “unprecedented," but this year “reflation” appears to be on everyone’s lips. For central bankers and investors, breakeven rates...

The furore of the Australian Open outbreak highlighted the reality that COVID-19 may be here to stay, despite the widespread preparation for an uninterrupted 2021. In...

This week the RBA Governor Philip Lowe has delivered his outlook for the year and an additional $100 billion in QE, bringing the total expanded balance sheet to over...

An even-bet chance of a “hot war” with China poses a grave threat to Australian investors and the economy overall, warns Coolabah Capital’s Christopher Joye. “We’ve...

The market adage of January being the barometer for equity market performance for the year will always get tossed around as investors outline their roadmap for the...

The health crisis that combined elements of the Spanish flu pandemic, the Great Depression and the GFC helped redefine what fiscal and monetary policies can achieve....

In the AFR today I write that markets are focused on what the Reserve Bank of Australia’s Governor Phil Lowe and Deputy Governor Guy Debelle decide regarding how they...

The RBA's dilemma is very neatly explained by these charts, which are screen-shots from our internal systems (see below). They show that the interest rates on both...

It was English writer Rudyard Kipling who famously wrote in his poem "If" of the value of "keeping your head when all about you are losing theirs". In a similar vein,...

In the AFR I write that after experiencing the mother of all “known unknowns” via this awful, one-in-100 year pandemic, you’d be brave to venture into the forecasting...

In a development that could rain on the parade of bullishness that has enveloped global markets, the median correlation across nine types of global risk...

The past year has not smiled on forecasters. Making predictions about 2021 therefore demands even more humility than usual. Covid-19 quickly made our concerns 12...

Investors could be forgiven for missing the RBA’s latest cut that saw the local cash rate plumb new depths of 0.1%, given competing headlines from the Melbourne Cup...

Income from all asset classes has been declining for over a decade, and accelerated this year since COVID took hold. From cash to fixed income, property to dividend...

Henrietta Howland (“Hetty”) Green (1834-1916) exemplifies the practice of investment that Benjamin Graham pioneered in the 1930s, Warren Buffett has advocated since...

Had the Australian population agreed with the mainstream press that the FY21 edition of the Commonwealth Budget was the “most anticipated” in years, then they would...