Diversification lessons from the March quarter
The perception and the reality of portfolio diversification can turn out very different in adverse market environments.
Market Insights
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.
Liquidity lessons from March
Liquidity often gets little attention until something goes wrong … and in March 2020 things certainly went wrong.
Fiscal is the new black ( …until the bond vigilantes return )
Government bond markets are now at the precipice of a paradigm shift.
Where to find truly uncorrelated returns
For several decades now, the correlation between asset prices has generally been increasing.
How to reduce the risk of a portfolio
In this Livewire video, Dr Laura Ryan discusses a strategy that can produce returns regardless of whether interest rates are rising or falling.
Bond yields can be misleading
How can a negative yield bond deliver a positive return, or a positive yield bond deliver a loss?
Household wealth and its hidden exposure to the housing market
The average Australian household’s wealth may be even more exposed to the housing market than many people realise.
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.