November Rain – Implications of RBA QE for Investors
In November, the RBA took monetary policy to new extremes by cutting the cash rate to near zero and embarking on a massive new Quantitative Easing program.
The changing role of duration in an ultra-low yield world
Ultra-low yields fundamentally change the risk vs. reward proposition of government bonds.
Vanishing yield cushions and the asymmetry of duration risk
It is widely assumed that government bonds are inherently ‘safe’ investments but this assumption is no longer so reliable.
Extreme volatility; where can investors take shelter?
In a market where every asset class seems to be at the mercy of volatility, investors are left wondering if there are any real safe havens anymore.
Repo dislocations – a case study in market inefficiency
The ‘repo market’ – has received an unusual amount of attention since the latter part of 2019.
There’s more to fixed income than just buying bonds
This article outlines why a relative value approach is a compelling alternative to traditional fixed income investing.
Exploiting arbitrage in bond markets
In this podcast Portfolio Manager, Gopi Karunakaran, speaks to Alan Kohler about the Ardea Real Outcome Fund and how it operates.
The bizarre world of negative interest rates
Some central banks are pushing monetary policy into the upside down world of negative interest rates, but rather than success they are creating bizarre side effects.
Mrs. Watanabe meets European insurance companies
Since the early 2000’s the name ‘Mrs. Watanabe’ has been used to describe yield seeking Japanese retail investors, who were forced to increase their offshore investment risk taking in response to ultra-low interest rates back home.
Safe havens and risky assets rallying at the same time
How is it that traditional safe haven assets like gold, government bonds and the Japanese yen are all performing strongly this year, just as risky assets like equities, credit and emerging markets are also doing very well?