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Jonathan Rochford

What is 'cash' and why it matters

APRA’s letter to super funds highlights concerns about 'cash' investments. A lack of understanding might haunt investors when the next downturn comes as too many people forsake protection for yield.

Emerging markets: Nothing new under the sun

As interest rates fell in recent years, there was a push into emerging markets debt, but as worldwide central bank stimulus reduces, many of these 'emerging' countries are showing why they are poorly rated.

High yield downturn will be long and ugly

The high yield debt market is now much larger and riskier than just before the GFC. That doesn’t bode well for when the next downturn happens and investors have several options to de-risk.

Bond demand is dumb, dumber and dumbest

A sign that the strong credit cycle is ending is the funding of some emerging market governments that are more than likely to default, but demand is driven by desire for yield regardless of risk.

Watch the low returns on 'high yield' debt

Investors seeking yield need to watch the margin contraction on so-called 'high yield' debt, especially since the protective covenants are weaker than in the past.

Harvard shows pitfalls of internal funds management

Bringing funds management in-house is a popular move for large Australian super funds, but the potential problems have been highlighted by Harvard, an early pioneer of the practice, returning to outsourcing.

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Is it time to bail on Australian stocks?

For generations, Australian investors have backed banks, miners and dividends. But has that loyalty come at a cost? A look at the numbers raises an uncomfortable question about where future returns will come from.

Investment strategies

Making a case for the 40 year mortgage

The housing debate tends to focus on prices, interest rates and deposits. Yet an overlooked feature of the mortgage itself could help buyers enter the market sooner without abandoning prudent lending standards.

SMSF strategies

Red flags to watch out for when considering an SMSF

Thinking about an SMSF? Before you sign anything, learn how to spot the difference between genuine advice and a sales pitch, understand the real costs, and avoid the compliance mistakes that attract ATO attention.

Investment strategies

Not all income is created equal

Market conditions are shifting as familiar yield sources quietly lose momentum. Australian public credit may be the most compelling source of income in today's market but many investors haven't noticed the shift. 

Investment strategies

The market paid for change, not comfort

Reporting season has delivered a clear message: the market is no longer paying simply for quality, resilience or an earnings beat. It is paying for change in earnings expectations and the outlook ahead. 

Investment strategies

Will AI destroy investor capital?

Some of history's most important innovations changed the world while leaving investors much poorer. As trillions pour into AI, a familiar pattern may be emerging, one that rewards society far more generously than capital.

ASX reporting season: Signals, surprises, stock stories

August reporting season delivered strong earnings and bigger-than-expected dividends, but beneath this, a more nuanced story emerged. First Sentier Investors’ David Wilson and Christian Guerra unpack the key trends.

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