This article outlines four reasons why anti-austerity proponents are wrong and the difficult but unavoidable choice faced by highly indebted countries
Memos
Is the World Addicted to Debt?
This article discusses the risks posed by the increasing levels of government, business and consumer debt and recommends treatments for the global debt addiction
Why Volatility Matters for Credit Investing
This article discusses why credit investors should consider the potential volatility of the companies they lend to with examples provided of good and bad risks
Four Dangerous High Yield Credit Myths
This article debunks four common high yield credit myths and explains the actual triggers and warnings signs of a downturn in credit markets
Is a Debt Bonfire Building? (Issues with the Quality and Quantity of Debt Outstanding)
This article summarises three major pieces of research that highlight potential issues with the quality and quantity of debt outstanding, and the implications for investors.
Are Bonds Liquid?
This article examines proposals to improve the liquidity of bonds and explores why liquidity is important to many investors and fund managers.
The Beginner’s Guide to Peer to Peer Lending
This article covers the development of P2P lending, its future prospects and recommendations on how potential lenders should analyse loan risks.
Second Round Submission to the Financial System Inquiry
This submission primarily covers bank capital and supervision but also looks at RMBS, small business credit, insolvency, superannuation, financial advice, regulators and credit cards.
The Great Fee Debate – Resetting Manager and Investor Expectations
This paper highlights some of the unrealistic expectations that managers and investors have in the ongoing debate over fees, with changes recommended for both sides.
The Perils of Preference Shares
This paper analyses the weaknesses of preference shares, using recent Australian examples to illustrate the issues.
Taking the Heat Out of Home Lending
This article details specific measures banks should take beyond current prudential guidelines to de-risk their home lending operations in advance of a potential fall in house prices.
Beware of Greeks Selling Bonds? (A 5 C’s Analysis of Greek Debt)
This article uses the 5 C’s of credit to analyse the creditworthiness of Greece and to provide an opinion on the recently issued bonds.