Resources & news

AUGUST 2014 INVESTMENT COMMITTEE THEMATIC: VALUATIONS

We run the rules over equities as an asset class using three different valuation techniques. Equities as an asset class may not be as ‘overvalued’ as you might think…

Read more in our August thematic  →

JULY 2014 INVESTMENT COMMITTEE THEMATIC: GEOPOLITICAL RISK – IMPLICATIONS FOR PORTFOLIO CONSTRUCTION

Do geopolitical events really matter in the constructing of investment portfolios? And can they be anticipated and hedged against in any case?

Read more in our July thematic  →

JUNE 2014 INVESTMENT COMMITTEE THEMATIC: OUTLOOK FOR THE BOND MARKET

A number of indicators illustrate to us that a considerable degree of excess is being exhibited in select pockets of income producing asset markets. How should we respond and what can we do to prepare our portfolios in the event of a disorderly normalisation of interest rates…

Read more in our June thematic  →

MAY 2014 INVESTMENT COMMITTEE THEMATIC: THE NEXT HOUSING BUBBLE

It appears we are in the early stages of forming a bubble in the Australian housing market. What are the factors at play and how might this cycle unfold…

Read more in our May thematic  →

APRIL 2014 INVESTMENT COMMITTEE THEMATIC: THE IMPORTANCE OF REMAINING ACTIVE

Active asset allocation becomes more important as you get older simply because you have less investment years left to recover from any substantive losses. Active asset allocation is therefore useful for not only enhancing returns but also in side-stepping the prospect of large negative portfolio outcomes…

Read more in our April thematic  →

MARCH 2014 INVESTMENT COMMITTEE THEMATIC: DEMOGRAPHY & ASSET PRICES

The world’s population is growing by 200,000 people a day – that’s an additional 2.3 people every second. In short, there’s a lot more people coming onto this planet than leaving it which creates problems and opportunities…

Read more in our March thematic  →

FEBRUARY 2014 INVESTMENT COMMITTEE THEMATIC: AUSTRALIA’S ECONOMIC OUTLOOK

It appears Australia’s economic growth prospects look challenging – GDP growth has already slowed thanks to a declining terms of trade and is set to slow even further in response to impending fiscal tightening…

Read more in our February thematic  →

JANUARY 2014 INVESTMENT COMMITTEE THEMATIC: THE OUTLOOK FOR VOLATILITY

Volatility shocks are notoriously difficult to forecast. Still, we must acknowledge that there do appear to be pressures building within the global financial system that will set in place the foundations for the next market volatility shock…

Read more in our January thematic  →

DECEMBER 2013 INVESTMENT COMMITTEE THEMATIC: 2014 OUTLOOK – BULL VS BEAR

This thematic piece discusses the most important call for 2014 – are we about to enter into a bear market given that global equities are ‘hopelessly overbought’; or are we in the midst of forming a secular bull market where as Keynes said ‘the market can stay irrational longer than you can stay solvent’…

Read more in our December thematic  →

NOVEMBER 2013 INVESTMENT COMMITTEE THEMATIC: EMERGING MARKETS OUTLOOK

Is the emerging markets asset class the ‘next shoe to drop’ in the ‘great rotation’ investment cycle or a proverbial disaster waiting to happen once tapering takes hold?

Read more in our November thematic  →

OCTOBER 2013 INVESTMENT COMMITTEE THEMATIC: THE GLOBAL YIELD CURVE OUTLOOK

The US yield curve has not only steepened considerably of late, it has also been quite volatile. Forming a view on whether this is a permanent of temporary shift will have major implications for asset allocation decisions going forward…

Read more in our October thematic  →

A BUDGET SNAPSHOT

The Autumn 2013 issue of our newsletter reviews the state of the world and Aussie economies and takes a brief look at the recent Federal Budget. The uncertain political environment has caused many personal and business investment decisions to be put on hold as many of the proposed Budget reforms and other Government policies may never be implemented if speculation that this Labour Government may not be in power come September is right. Finally, we take a high level look at investment considerations across key asset classes stemming from economic conditions and the major Budget proposals.

Read more in our Autumn 2013 newsletter  →

PLANNING CONSIDERATIONS - FOOD FOR THOUGHT...

In this edition we take a break from discussing ‘investments’ and turn our attention to some of the practical decisions most Australians will have to face at some stage during their lifetime. Specifically, we take some time to consider issues relating to aged-care accommodation, an important issue for our ageing population; and we look at the trade-off between using any surplus cash flow to pay down the mortgage or contribute more to super, offering some valuable conclusions and food for thought.

read more in our Spring 2012 newsletter  →

ARE SHARES DEAD?

Since the beginning of the Global Financial Crisis in late 2007, sharemarkets around the world have suffered significant losses. Because of this, you would not be alone if you wondered whether shares as an investment are dead. As such, we want to address the rationale for equities and cash in asset allocation - should we still be investing in shares?

Read More in our Winter 2012 newsletter  →

CUTTING THROUGH THE NOISE

We are bombarded daily in the media by so-called experts and analysis, but taking a step back from the noise it is helpful to ask what the issues are that really matter and what factors we should focus on, particularly in respect to our businesses and our investment strategies.

In this newsletter we propose some ideas to help us focus on what matters, and also break down some of the recent events in financial markets such as the long term refinancing operation (LTRO), the slowdown in China, the Bank of Japan's changed monetary stance and EU leadership changes…

Read More in our Autumn 2012 newsletter  →

BIGGER PICTURE ISSUE NO. 1: POPULATION

Have you ever seen the movie ‘Groundhog Day’? It’s about a weatherman who wakes up every morning and finds himself living the exact same day over and over again… Certainly, the markets over the last few months have given the feeling of ‘Groundhog Day’.

Of course, the reality is that no two days are the same and that economic circumstances are constantly changing - so in this edition we provide a quick update of where things currently stand.

Read More in our Christmas 2011 newsletter  →

MAY YOU LIVE IN INTERESTING TIMES

With the recent volatility surrounding financial markets these words have certainly crossed our lips on more than one occasion. The last couple of months has seen a significant fall in equity markets around the World so in this edition we wanted to take the time to digest the situation. Specifically, we want to:

  • Understand where we are currently
  • Articulate what we see as the major issues
  • Crystal ball the future

'May you live in interesting times’ is actually a curse – the wishing for the experience of upheaval and trouble throughout another person’s life. It would be fanciful to suggest that we have been living in anything other than ‘interesting times’ (from a financial perspective) over the last 4 years and particularly so now. The real crux of this newsletter is drawing a conclusion as to whether we think this financial upheaval and trouble is likely to continue or whether better days are coming.

Read More in our Winter 2011 newsletter  →

LOOKING BACK ON 2010

The markets
Looking at the markets, 2010 ended up being a year of consolidation for the Australian market, whilst the US performed stronger than most expected and Europe was weighed down by the ongoing sovereign debt issues. Surprisingly, despite the relatively strong growth in their economies, the stock markets of China and India were sluggish, perhaps in anticipation of the inevitable moderation that must follow a period of such growth.

One interesting feature of the last 12 months has been the performance of the Aussie market in comparison to that of the US and Great Britain as depicted in the graph below.


Read More in our Summer 2011 newsletter  →

World Wealth Report 2015 from Capgemini and RBC Wealth Management

Looking at the trends that affect high net worth individuals (HNWIs) around the globe.

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Russell Investments / ASX Long-term Investing Report 2014

Taking a long-term view of the historical investment landscape

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Credit Suisse Global Wealth Report 2013

A comprehensive study of wealth across nation

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The US - Australia Outlook, July 2013

A discussion piece looking at the different prospects for the US and Australian economies.

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Infographic - World Wealth Report 2013

An illustrated guide to the Capgemini - RBC Wealth Management World Wealth Report…

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Julliard Newsletter - Autumn 2013

All the news from our latest quarterly newsletter.

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The Forecasting Game – 24 July 2012

Just as your parents and teachers always told you, don’t believe everything you read…

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A Statistical Argument for Sharemarket Value – 21 July 2012

With hindsight we may all be experts but how can we assess future value in the market? One way may be to consider what history tells us about share market performance…

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