February offers insights on companies and economies around the world, including the US and China, which are of particular interest this time around. This years’ reporting offered the first real insight as to the impact of the US-China trade war on the largest companies and economies in the world. In... Show More
The following is an extract from a note that was recently sent to investors in the Montaka Global Fund. At Montaka, we believe there are five major forces that will significantly shape investment returns over the coming decades. One of these relates to the “New World Order” that is currently... Show More
We asked our portfolio managers to share their views on potential surprises for 2019 which on balance of probabilities are unlikely to happen but shouldn’t be written off entirely. Here are ten potential surprises for 2019. Show More
In December last year, I wrote an article entitled “Nothing Terribly Wrong” talking about the market fears being overdone. At the time the ASX 200 was down 12% from the top. In hindsight, a marvellous thing, I wrote it ten days before the market bottomed. The markets have bounced. Let... Show More
Asia is the best structural growth story in the world driven by strong demographics, a rising middle class, infrastructure build and technological leapfrogging. We believe that the combination of high growth and reasonable prices offer a compelling opportunity. Show More
Sometimes it seems like there’s nowhere to hide. Equity investors were smacked in the face over the month of October, with waves of selling hitting sharemarkets from Sydney to Shanghai and London to New York. Something like $7 trillion was wiped off the value of global sharemarkets. Tighter financial conditions,... Show More
Whether you're investing in equities, debt, or alternatives, uncertainty is an inescapable part of the game. But Michael Thawley, AO, Vice Chairman of Capital Group International, says this current period of political uncertainty is unique: Show More
The most important factor driving bond markets is the direction of global Central Bank short-term interest rates, as many of them are attempting to normalise rates in a post GFC era. The challenge is to achieve this without roiling capital markets, as we are late in the global business cycle,... Show More
We have passed the sweet spot in this business cycle, where easy monetary conditions and synchronised growth pushed share markets higher. We are transitioning into a more challenging phase, as China and Emerging Markets (EM) decouple and we are left with a US economy at risk of overheating. Show More
The tit-for-tat trade war between the US and China is ramping up, with neither country showing signs of backing down. This is a major global issue, and it looks like it’s getting worse before it gets better. Show More
In part 3 of this video series, we discuss some of the key risks associated with investing in Asian markets, which investors need to be cognizant of. Show More
Asian markets performed well in the last year. The MSCI Asia ex-Japan Index (AUD) is up 14% in FY18, outperforming the ASX 200 by approximately 5%. Looking forward to FY19, there are 5 critical questions that will determine the path of equity markets in Asia: Show More
Last week, the White House announced tariffs on imported steel and aluminum of 25% and 10% respectively – a move that sparked global indignation and threats of a trade war. But tariffs are more common than you may imagine. Show More
The prospect of a trade war has become more significant again. While China may fare worse than the US in this scenario, there are some broader implications that could enhance China's power on the global stage, not least via the One Belt One Road initiative. Here I discuss this and... Show More
