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.
Memos
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.
What is “Cash” and Why it Matters
There’s a great deal of confusion over cash, enhanced cash & investment grade funds. Let’s clarify the purpose & underlying securities of each type of fund.
A Jobs Guarantee Could be a Better Form of Welfare
Many are calling for increased income support for society’s poorest. A jobs guarantee could be beneficial for unemployed, employers, taxpayers and society.
Emerging Markets: Nothing New Under the Sun
The events overtaking Argentina and Turkey in recent months are textbook cases of an emerging market crisis. This article reviews the build-up, the break-down, the responses and who else is at risk.
How a “Bear” Outperforms in a Rising Market
How is it possible that a “bear” can position their portfolios for the likelihood of a credit downturn and continue to outperform?
The Dirty Dozen Sectors of Global Debt
This article details twelve global debt sectors where there’s lax credit standards and increasing risk levels, pointing to global credit being late cycle with limited upside left beyond carry.