Fixed Income
Stuart Dear

Understanding how the cycle is progressing has been especially difficult in the post-GFC years. The apparent impotence of monetary policy via its traditional credit (and inflation) creation channel contrasts with the relative strength of labour employment. Yet monetary policy has become much more important for markets, as central banks have... Show More

Expert Insights

Fund managers and CEOs around the world have been adjusting their estimates and guidance in the wake of the recent volatility. As defensive stocks have come back to the fore, and growth stocks have sold off, this has created an unexpected situation: based on EBITDA multiples, Amazon is currently cheaper... Show More


There are only two times in history that the market has been more expensive than today; March of 2000, and in 1929. Students of financial history would recognise these ominous dates, as they preceded two of the largest crashes in the last 100 years. Disconnects like this require a major... Show More

Vinay Agarwal

Over the last few years, valuations have generally become expensive in our universe of quality companies. Valuations reaching these levels remind me of the mistakes I made running into the 2008 crash. While it is hard to predict a market turn like that, some of the signs look eerily similar. Show More

Jason Kim

All major value equity indices show that the last five years, and in particular the last 12 months, have been a challenge for value as a style. If we look at any relative valuations or relative performance between value and growth in Australia, globally or the US, we see that... Show More