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Recent Memos
The Crown hybrid conundrum and hybrid misconceptions
Owners of Crown hybrids (CWNHB) have one heck of a bet on their hands. Given the current price, holders have taken a strong view that they will be redeemed on …
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Who’s to Blame for the Greensill Mess?
Since its insolvency just over a month ago, plenty of information has come to light that helps us understand what went wrong at Greensill. Whilst most of the media attention …
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RBA to APRA – we’ve set house prices on fire, you fix it
Two recent presentations by senior RBA staff have acknowledged that cutting interest rates has put a rocket under house prices. This is a refreshing change, as for years Philip Lowe …
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Credit lessons from the Greensill downfall
The expected imminent bankruptcy of Greensill Capital might come as a surprise given it had recently been touted as having an equity valuation of $7 billion. However, for credit veterans, …
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It’s (almost) all about the yield
Two big questions asked this week had a common thread. The questions were; are stocks overvalued and why doesn’t the RBA undertake more quantitative easing? The common thread is that …
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Neoliberalism is greatly misunderstood
The last decade has seen the concept of Neoliberalism go out of fashion. Today it is typically used as a slur against people holding small government and free market beliefs, …
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