Australian Credit Management - Higher Returns · Lower Fees
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Australian Credit Management
Higher Returns · Lower Fees
How We Work
Why Crossover Credit?
At Narrow Road Capital we believe the credit markets reward three key variables: perceived risk, perceived complexity and actual illiquidity.
Our Investment Process
Since the establishment of Narrow Road Capital in 2012, client returns have substantially exceeded benchmarks and the vast majority of our peers.
Our Track Record
We believe a well selected and diligently managed high yield and crossover credit portfolio will deliver far better risk adjusted returns than traditional investment categories.
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Recent Memos

End Lockdowns Faster With Basic Economics
With better incentives and information, Australians would get vaccinated and get back to normal faster.
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Governments Are Running an Anti-Productivity Agenda
Using debt-fuelled spending to drag forward consumption is counterproductive in the long term, it leads to stagnation, not innovation.
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Evidence of excess liquidity is everywhere
Central banks are repeatedly replenishing the punch bowl when the guests are already trashing the venue
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Does adding leverage reduce returns?
A new study says yes and there are plenty of historical examples of how leverage can go wrong
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The most dangerous words in finance and economics
The MMT experiment is just a sugar hit, we need productivity reforms to promote sustainable prosperity
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The Crown hybrid conundrum and hybrid misconceptions
With Blackstone and Oaktree showing interest there’s a wide range of possible outcomes on the Crown hybrids
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Who’s to Blame for the Greensill Mess?
Lex Greensill, Softbank, credit insurers, fund managers and BaFin all played a part in billions being lost
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RBA to APRA – we’ve set house prices on fire, you fix it
The RBA admits that rising house prices are creating financial stability issues, but it expects APRA to clean up its mess
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Credit lessons from the Greensill downfall
For credit veterans Greensill’s downfall isn’t a surprise with many common red flags long associated with this business
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It’s (almost) all about the yield
If central banks take away the metaphorical punch bowl, the party would quickly become a riot with asset prices trashed
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Neoliberalism is greatly misunderstood
Neoliberalism has lost the marketing battle, but the evidence points to its key tenets producing the best outcome for both rich and poor members of society.
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MMT’s key claim is true but simplistic
MMT’s claim that governments can print money is true, but there’s substantial negative consequences which are neither immediate nor blatantly evident to the untrained observer
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