Michael

Author's details

Date registered: January 28, 2012

Latest posts

  1. Random Thoughts on Cryptocurrencies at a Random time of the year — December 31, 2022
  2. Investment Philosophy … a short primer — June 6, 2022
  3. A Few ESG Investment Thoughts — June 28, 2021
  4. Approaching the Zero bound — May 22, 2020
  5. Worry about Valuations??? … yeah, a bit … — April 24, 2020

Most commented posts

  1. The disappearing credit spread…US now at pre-GFC levels — 6 comments
  2. ASX200 to go through 5000!!! — 4 comments
  3. A Must Read on “The Economic State of Australia” — 4 comments
  4. Tonight should be a turning point…either way — 3 comments
  5. Asset Allocation that considers Asset Weighted Returns — 3 comments

Author's posts listings

Jun 12

RimSec June Research Report

Categories:

Economy, Fixed Interest, Interest Rates, Japan, Yield Curve

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The RimSec Monthly Research report came out today and can be downloaded here. Whilst the view hasn’t changed too much…i.e. inflation is low, interest rates across the curve to stay low, thanks to the weakening Australian economy…there’s also a little piece on Japan and their massive fiscal and monetary expansion…if it works it could be …

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May 31

Australian Government Bond Yield Curve…plus a bit on lifetime annuities

Categories:

Annuities, Equities, Fixed Interest, General Investment, Government Bonds, Retirement Income, Yield Curve

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Source: RBA, Delta Research & Advisory Not too many posts in recent times and its been a while since I looked at the yield curve and I have to admit that after scanning the various newspapers I was expecting to see some significant moves. As the above chart shows, the curve has barely moved in …

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May 14

Rimsec May Research Report

Categories:

Currency, Economy, Equities, Fixed Interest, General Investment, Government Bonds, Interest Rates, Investment Strategy, Yield Curve

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The Rimsec Monthly Research report came out today which has commentary on current investment market themes, interest rate thoughts and some information on one of the significant risks within China…their property bubble. Anyway, if it is of interest you can download it by clicking here.    Send article as PDF   

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May 06

Australian Government Bond Yield Curve…pointing to lower rates

Categories:

Economy, Equities, Government Bonds, Interest Rates, Yield Curve

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Source: RBA, Delta Research & Advisory Whilst there has been so much talk about how funds are flowing out of bonds into equities there is little sign of it in the markets. The above chart shows Australian Government yields near the low levels of last June when the Eurozone was looking like blowing up creating …

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Apr 12

Is there a “value” bubble in Australia?

Categories:

Equities, Investment Strategy

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Source: Morningstar Direct, Delta Research & Advisory The above chart shows the performance of the MSCI Australian Value GR index vs the MSCI Australian Growth GR index and I’m sure you would agree there is quite a divergence in performance. In fact, as the numbers show over the last 3 years, the Value index has outperformed …

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Apr 12

A Couple of Market Outlook Reports (JV w RIMSec)

Categories:

Economy, Equities, Fixed Interest, Government Bonds, Interest Rates, Investment Strategy, Yield Curve

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I’m a little late with the first one of these but the second is hot of the press, so to speak. The following links are Market outlook reports provided by Rim Securities, and written by yours truly for Delta Research & Advisory. The March update (that is only 2-3 weeks old) can be downloaded here; …

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Mar 30

Australian Government Bond Yield Curve…still well supported

Categories:

Equities, Europe, Fixed Interest, Government Bonds, Interest Rates, Yield Curve

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Source: RBA, Delta Research & Advisory The above chart shows that the Australian Government Bond Yield Curve really hasn’t moved that much in the last 3 months…around an increase of 20bps which is not much at all when you consider all the talk about switching from equities to bonds. The reality is that there has …

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Mar 06

The most powerful financial planning tool

Categories:

Financial Planning, Investment Strategy, Retirement Income

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The process of financial planning is like any planning process… you find out where the client is positioned today, work with the client to establish goals whilst understanding the constraints to reaching those goals, and then design, present and implement a strategy to reach those goals…which is then reviewed on a regular basis..therefore go back …

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Feb 15

Global Returns Yearbook

Categories:

Data, Equities, Fixed Interest

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One of my favourite reports has just been released, Credit Suisse Global Returns Yearbook. Aside from showing long term investment returns from the major exchanges around the world there are some fascinating articles on some of the latest thinking that relates to investment considerations. This year the articles are… The low return world Mean reversion, …

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Feb 11

A quick look at equity and bond markets

Categories:

Equities, Fixed Interest, General Investment, Government Bonds, Interest Rates, Investment Strategy, Portfolio Construction, Uncategorized, Yield Curve

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Source: www.incrediblecharts.com As the above chart shows the Australian Sharemarket has had a stellar run over the last 3 months. Not a hint of volatility just upwards she goes from around 4350 to just short of 5000…throw in a very small number of dividends and its a superb return. Newspaper talk has suggested that there is a …

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