bonds

Today I explain why most global high yield bonds are really just equity risk, with similar volatility and maximum 40% losses, while also lifting the lid on one of our...

Here are some basic thoughts from my team on CBA's new hybrid issue, which is not investment advice and should not be relied on for any decision-making. Note that this...

On Thursday I debated and demolished my old foe Dr Steve Keen (of doomsday fame) on the contentious subject of Aussie housing. You might recall that Steve was the guy...

Approximately 30% of all bonds traded globally, have negative yields. Buy a bond with a negative yield, hold it to maturity, and you will lose money. It is one of...

Since the beginning of this year, financial markets and expectations have turned decidedly bearish. Concerns about a Sino-US trade war, along with the so-called...

(Ed note: First published 28th August 2019 - This remains our most popular video of all time, receiving over 750,000 views) Developed economies are at a crisis point,...

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,...

Over recent weeks the trade war ebbed and flowed, Hong Kong erupted in more protests, both the UK and Germany teetered on recession, New Zealand’s central bank stunned...

The latest episode of our Complexity Premia podcast is live and it is a big one! We discuss: what happened in bond markets in July and August; why the world’s best...

With bond prices going parabolic in the past few weeks (FIG 1), once again market participants are wondering whether the “bond market is in a bubble”. That concern...

The rally in 10-year bond yields over the past six months has seen the spread differential between 10-year and 3-month bond yields fall to -30 basis points....

The conventional explanation from recent moves in bond markets is that global bond yields are collapsing because investors fear a global recession, triggered by the...

The bond market is often seen as the most accurate indicator of what lies ahead for an economy, or at least what investors believe lies ahead. If the current gyrations...

With government bonds yielding around 1%, term deposits paying around 2%, and cash accounts often paying nothing, it’s no surprise that investors are looking in...

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...

One of the key principles of investing - diversification - works because different assets do well in different circumstances. Broadly speaking, shares go up when the...

Don't know what "bail-in-able" debt means? Want to understand why the big banks are going to have to increase the global supply of these securities by almost 40%? And...

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...

This week I outline our analysis of the coming tsunami of "bail-in-able" Tier 2 bonds care of APRA's finalised Total Loss Absorbing Capacity (TLAC) policy, which the...