The past 12-months have marked a turning point for global equity markets, as they experienced the first retraction in Price-Earnings (PE) multiples since 2011.  Read More

Interest-Bearing Securities, or Bonds, provide a key source of income and portfolio ballast to any asset allocation, an importance that has been highlighted by the market turmoil of 2018.  Read More

The listed property (A-REIT) market as a whole experienced a difficult 2018 as the spectre of higher rates early in the year, contracted earnings multiples.  Read More

2018 has been a year of recalibration by market participants, after the goldilocks euphoria of 2017 – where all asset classes simultaneously rose.  Read More

12-months ago global growth reached a post-recession peak as we experienced synchronised global growth across many different countries.  Read More

Quantitative easing and falling interest rates have been universally good for the holders of capital and investors. The reversal of this process is unlikely to be beneficial for investors and holds the potential to unwind ...  Read More

At the end of a bull market, when the gains have been disproportionately shared between ‘winners’ and ‘losers’, it is not unusual for governments to seek to interfere in an otherwise effectively functioning market.  Read More

Since the Global Financial Crisis, global banks have stepped back from lending to corporates as they adapt to the litany of regulatory changes and higher capital requirements.  Read More

The Australian economy is expanding, with GDP of 3.4% and unemployment at 5.0%. This growth has supported the increased revenues of the ganders (Commonwealth and State Governments)... but what about the geese (households)?  Read More

After nearly a decade of increasingly easy monetary policy, characterised by steadily declining central bank interest rates and quantitative easing – the printing of money to buy long-term bonds with the intent of reducing long-term yields – the ...  Read More

Retail sales for July were unchanged from June, going against hopes for a rise of 0.3%. Whilst only a monthly statistical read, it joins a number of poor monthly reads. This, combined with a fall of 0.6% ...  Read More

Properly diversifying your investment pool not only means diversification at an asset class level but also diversifying individual exposures at the security level.  Read More