Newsletter

Argentina and Lebanon are Broke, so let’s Lend to Angola The travails of Argentina are well known, they’ve defaulted on their debt yet again with bondholders now fretting over how …
Read Memo

Shenanigans in Leveraged Loans There’s something of an ongoing battle between journalists looking to write a sensational article about US high yield debt and fund managers saying that their investments …
Read Memo

The RBA’s decision yesterday to cut the Cash Rate to 0.75% was based on faulty logic and a short term focus. Philip Lowe’s speech in Armidale on September 24th laid …
Read Memo

The media sometimes uses the terms “smart money” and “dumb money” to describe institutional and retail investors respectively. The premise is that institutions have full time employees that specialise in …
Read Memo

The downgrade of Ford Motor Co this week by Moody’s from Baa3 to Ba1 (equivalent to BBB- and BB+ rating monikers for Standard and Poor’s) opens up the question of …
Read Memo

After the latest wave of central bank rate reductions my clients and contacts have been consistently asking whether central banks know what they are doing. Given rate cuts over the …
Read Memo