How exuberant is the credit market right now?

Livewire Exclusive

Andrew Lockhart from Metrics Credit Partners provides an insight into the domestic credit market. It’s part of the financial system usually reserved for the ‘big banks’ who provide credit to large corporates looking to invest and expand their businesses. While credit is available it seems appetite for growth remains patchy. Show More

Is it time to sell the bond proxies?

Clime Asset Management
Clime Asset Management Funds Management & Stock Research

One of the strongest and most predictable relationships in global equity markets over the last few years is that of bond yields and so-called ‘bond proxies’. As the name suggests, a bond proxy is a stock that is held in place of fixed interest securities, primarily for yield. They are... Show More

6 months of transformational change for Bega

Vince Pezzullo
Vince Pezzullo Perpetual Equity Investment Company (ASX:PIC)

A recent addition to the portfolio, Australian dairy and foods business, Bega Cheese, was the largest single contributor to performance of the portfolio for the month of June. Over the past 6 months, Bega has seen transformational change in its business through the completion of three major transactions: Show More

Aussie dollar catches us all out again

Livewire Exclusive

Howard Marks, Co-Founder of Oaktree Capital, criticised forecasters in a memo earlier this year, writing: “There are no facts about the future, just opinions”. And few asset classes are harder to forecast than currencies. Show More

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“There are no facts about the future, just opinions”. Very true. I have lost count how many times investors have asked me if they should sell or buy overseas exposure to take advantage [...]

The stockmarket season is changing

Callum Thomas
Callum Thomas Topdown Charts

Following on from the popular post on the seasonal turning point for the VIX last week, here's an insight into seasonality for the S&P500. The chart shows 2017 superimposed on the historical average price movement across the year, and it looks like a fairly decent fit, with the implication being... Show More

APRA's new capital rules: initial thoughts and implications for the banks

Andrew Martin
Andrew Martin Alphinity Investment Management

APRA have finally come out with their capital rules to fulfil the ‘unquestionably strong’ requirement of the Financial Services Inquiry. The focus is on is the Common Equity Tier 1 ratio requirement (CET1), which is the amount of equity the banks need to hold relative to risk weighted assets (loans).... Show More

If the bears are right

Roger Montgomery
Roger Montgomery Montgomery Investment Management

If the bears are right, an Australian property bubble, a recession for retailers and dramatically slowing Chinese growth rates towards the end of the year, combined with record high asset prices — especially assets that produce no income such as art and two-digit licence plates — are a recipe for... Show More

Janet Yellen just broke up with you

Angus Coote
Angus Coote Jamieson Coote Bonds - JCB

When we look back upon the financial excess prior to the GFC, the great bust and near financial Armageddon, the multiple bouts of global quantitative easing transferring private debt to governments thereafter, it will make a historic story for the grandchildren. Boom to bust to boom again within a decade,... Show More

Amazon Not Introducing Internet to Australia

Adrian Lemme
Adrian Lemme Merlon Capital Partners

Every day it seems the media is reporting how Amazon will destroy Australian retailers. We are under no illusion that Amazon will take market share and reduce the profitability of Australian retailers. It would be foolish to think otherwise given that Amazon grew its North American sales by 25% to... Show More

Standout stocks from the research trip

Ned Bell
Ned Bell Bell Asset Management

Only a few companies truly stood out from the 170 we met with on a recent trip. One of them, a smallcap healthcare stock, uses iPhone cameras in single-use, disposable endoscopes, and we forecast earnings to grow 3-fold over the next 4 years. We discuss this and several other standouts... Show More