Money's too tight to mention

Sam Ferraro

Global Founders Funds Management

Money's too tight to mention. In May this year, Evidente wrote an article published in the Fairfax press which drew parallels between the Reserve Bank's much anticipated recovery in capital spending by the non-mining business sectors and Samuel Beckett's play Waiting for Godot, in which the two protagonists wait for Godot under a willow tree, where he said he would meet them. Seven months down the track and regrettably, the RBA still finds itself in the same predicament; Australia is still stuck in a nominal recession and monetary policy remains too tight. Portfolio managers are no doubt re-assessing their portfolios in light of the prospect that the RBA might deliver more rate cuts in the new-year. But I believe that a better starting point for portfolio construction is to acknowledge that money is, and has been, too tight for at least three years now. (VIEW LINK)


Sam Ferraro
Senior Portfolio Manager
Global Founders Funds Management

Managing Director of Global Founders Funds Management, Sam has over 20 years experience in financial markets, with Merrill Lynch, JBWere and Goldman Sachs.

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