Perspectives

Undiscovered Fund: Active unconstrained global debt strategy

A total return oriented, actively managed global fixed income strategy that aims to outperform the Bloomberg AusBond Bank Bill Index by 3% pa over the medium-term.

Zenith Investment Partners0.75 CPD Research

Perspectives

Not a People’s Republic - an empire

The single most important macro-trend of our time is China's attempt to transform itself from a typical (if large) emerging market into an empire. The interesting bit for investors is that growing empires usually breed strong currencies.

Louis-Vincent Gave, GaveKal Opinion

Perspectives

China - the true risks to its future growth

China is a glass both half full and half empty. It will continue to grow and become a great superpower, but its future growth rate will be significantly lower than President Xi's "new normal" 6% forecast.

Dr Woody Brock, SED White Paper

Perspectives

Under-standing skill - a paradox

The challenge in finding differential skill among active managers reflects a surfeit, not a dearth, of skill. This is the major lesson of the paradox of skill. As Napoleon was reported to say, "Ability is nothing without opportunity."

Michael Mauboussin, Credit Suisse0.75 CPD White Paper

Perspectives

Market mani-pulation goes global

Market manipulation has become standard operating procedure in policy circles around the world. The more proactive Chinese approach is the policy equivalent of attempting to catch a falling knife – arresting a market in free-fall.

Stephen Roach, Yale University Opinion

Perspectives

Now for the next Euro Crisis

As we have just witnessed, it took an enormous effort to keep Greece in the eurozone. In the end, Europe could deal with the problem. For other members, such propping up will not always be possible. What happens next in France, Spain and Italy may well turn out to be more worrying than anything we have seen around Athens so far.

Oliver Hartwich, The New Zealand Initiative Opinion

Perspectives

The ratcheting safe withdrawal rate

A simple ratchet-style "safe" withdrawal rate approach, where spending is increased by 10% any time the portfolio rises more than 50% above its starting value, beats the traditional 4% rule, generating equal or better retirement spending, even while being conservative enough to not require a spending cut in the event of a market pullback in the future.

Michael Kitces, Pinnacle Advisory Group 1 commentWhite Paper

Perspectives

Bonds and the Fed's rate liftoff

This week, Chair of the Federal Reserve Janet Yellen has repeatedly said it is likely the Fed will lift its policy rate at its September meeting. It will be a minor adjustment but a momentous event. In short, I expect the first 100 basis points of Fed normalisation will have relatively little effect on long-term rates - with a critical caveat.

Dr Robert Gay, Fenwick Advisers Opinion

Perspectives

The end of an empire

We should acknowledge the Greek crisis for what it is - the death-knell for the European dream of empire. The growing reality is the return of borders, national preferences, and opt-outs. The euro has become a structurally weak currency and European bonds are likely to underperform those of other, nonshrinking, empires.

Louis-Vincent Gave, GaveKal Opinion

Perspectives

The mirage of the financial singularity

Will alpha eventually go to zero for every imaginable investment strategy, as suggested by Swedroe & Berkin's The Incredible Shrinking Alpha? The idea of financial singularity may seem inspiring, but real world markets are nowhere close to it.

Robert J. Shiller, Yale University Opinion

Perspectives

Markets from China, media commentary from Uranus

Despite all the negative ink that's been spilt over the recent collapse in Chinese equities, we continue to believe that a year from now there will be more marginal buyers of Chinese equities than today.

Louis-Vincent Gave, GaveKal Opinion