Feb 15
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, …
Feb 06
Source: RBA The RBA released its chart pack today and there are few charts I always like to look and in recent months its been the above, Forecast Earnings per Share. Its very difficult to see but the update to this chart shows a tiny movement sideways…so…its the first time for quite a few months …
Jan 11
Source: RBA, Delta Research & Advisory I had no idea that I’ve only posted twice since November, so here I am again with my favourite chart, the Australian Government Bond Yield. As the above chart shows, over the past couple of months, yields have increased on average around 20bps across the longer end of the …
Nov 29
I just did an interview with Money Magazine about investing in Asia and I have to admit that it is one of the most popular requests I’ve had in recent years from advisers and/or their clients. The main reason for the request is that investors want exposure to the strong Asian economic growth story (which …
Nov 09
There’s a brief article in today’s Investor Daily News that comments on “Managed Volatility” being the strategy to maximise returns…article here. I have to admit that I believe this strategy will be one of the new trends in equity focused managed funds over the next 12 months or so. Empirical evidence over the years the …
Nov 08
Source: MorningstarDirect The above chart shows the performance of the MSCI Australia Value index versus the MSCI Australia Growth index over the last 12 months (in fact through to close of trading yesterday). There’s obviously a hug divergence in performance as the Value index has returned more than 21% whilst the Growth index has barely …
Oct 22
Source: RBA & Delta Research & Advisory I can’t believe how time is flying and it is more than a month since I posted my last bond yield curve. The Mid Year Economic & Fiscal Outlook released today has provided numbers supporting a further slowdown in government revenue and this economic weakness has certainly been …
Sep 18
Source: RBA, Delta Research & Advisory Bizaarely as it seems but the above chart shows that over the last month the Australian Government Bond Yield curve has barely budged. There’s really no more than 5 to 10 bps difference across all terms and when you consider the various big announcements, economic results from here, overseas …
Sep 13
My new company, Delta Research & Advisory, has recently conducted some risk factor analysis of Australian fund managers and it is starting to yield some interesting results. We’ve analysed around 120 managers using Fama/French-like risk factors where thhe value/growth factor is simply MSCI Australian Value index minus MSCI Australia Growth index and the Size factor is MSCI Australia …
Aug 20
Source: RBA With equity markets improving over the past few weeks, so too have Australian Government Bond yields increased. 10 Year yields were below 3% a couple of months ago and now they are hovering near 3.5%. For Australian bond fund owners that should be a capital loss of close to 2% since mid-June. Nevetheless …