Ray Dalio’s seminal book should be read by all investors and policy makers. However, following its policy prescriptions helps create the next debt crisis.
Memos
Time for ASIC to Fix its Longstanding Problems
The Royal Commission embarrassed ASIC with stinging criticism. Here’s some overdue actions they should take.
Why Bother Investing in Government Bonds?
Australian government bonds are very unlikely to reproduce the great returns of 2018. Here’s some low risk alternatives with a much better return outlook.
APRA Should Ignore the Big Banks on Tier 3 Capital
APRA has recommended Australian banks hold more tier 2 capital. This submission covers key measures aimed at reducing the risk of banks needing bailouts.
Is Australia Ready for the Next Financial Crisis?
Have governments and regulators acted to lessen the likelihood and severity of a potential downturn in Australia across the banking/financial system, monetary policy, fiscal policy, taxation policy and competition policy?
Narrow Road Capital’s Greatest Hits
Here’s my top 20 articles from the last 5 years; a mixture of credit commentary and policy pieces. The market ructions of 2018 have made my articles on Deutsche Bank, emerging market debt, cryptocurrencies, aggressive asset valuations and US high yield debt look pretty good.
Credit Snapshots – November 2018
Bite size updates on the Australian Business Securitisation Fund, securitisation downgrade risks, TLAC and Deutsche Bank
The Arguments Against Austerity are Simplistic and Short Term
Recent articles arguing against austerity lack logic and economic analysis. This article demonstrates why austerity is the better long term prescription.