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Tuesday, 21 September 2021
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Long duration assets such as government bonds and property have benefitted from falling interest rates, but a turn is coming. It's time to find assets that may benefit from rising rates, such as private debt.
Howard Marks updates his views on markets and whether we are in a bubble, but his comments on fund managers in public markets, liquidity premiums in private markets and the role of SPACs were most original.
The recent spike in US Treasury bond yields is a clear warning that investors globally are again starting to worry about inflation and the potential impact it could have on monetary policy and financial markets.
In investing, income and capital gains are akin to scoring goals, but successful teams must also stop the other side from scoring. Most portfolios need a manager preserving capital and reducing drawdowns.
There are valid concerns about the coming pain among smaller companies but attractive risk-adjusted lending opportunities exist provided the right checks and precautions are taken.
Due to its illiquidity and higher risk, private debt as an asset class will not suit all investors. But for a patient investor with a longer-term horizon, private debt funds can provide a good risk/return trade off.
As term deposits no longer satisfy the need for income, more investors are turning to alternative sources. Here's a check on where three types of fixed income sit in the company funding structure.
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.
Non-banks are claiming market share from banks in many forms of private debt, and it's changing the nature of funding for many small to medium businesses.
Who knew? With some surprise results, the Government is on unexpected firm ground in asking people to draw on all their assets in retirement, although the comments show what feisty and informed readers we have.
The RBA Governor says rising house prices are due to "the design of our taxation and social security systems". The OECD says "the prolonged boom in house prices has inflated the wealth of many pensioners without impacting their pension eligibility." What's your view?
It's a remarkable statistic. In any year since 1875, if you had invested in the Australian stock index, turned away and come back eight years later, your average return would be 120% with no negative periods.
Never stand between Australian households and an uncapped government programme with $3 billion in ‘free money’ to build or renovate their homes. But excess supply is coming with an absence of net migration.
Picking macro trends is difficult. What may seem logical and compelling one minute may completely change a few months later. There are better rewards from focussing on identifying the best companies at good prices.
Some high-quality companies have emerged even stronger since the onset of COVID and are well placed for outperformance. We call these the ‘COVID Opportunists’ as they are now dominating their specific sectors.