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Memos

There’s a reason emerging markets look cheap

August 22, 2020 by Jonathan Rochford

Emerging markets road sign

Emerging markets are cheaper than developed markets for good reason, with three recent examples highlighting commonly ignored risks.

Filed Under: Investment Tagged With: Asset Classes, Cheap Deals, Emerging Markets

Company directors: if you can’t stand the heat, get out of the kitchen

August 15, 2020 by Jonathan Rochford

Company Directors

Company directors hold themselves out as experts, but are increasingly demanding protection from the consequences when they fail to act reasonably.

Filed Under: Business Tagged With: Accountability, Board Members, Business Performance, Company Directors

Is Anyone Crazy Enough to Lend to Argentina?

August 8, 2020 by Jonathan Rochford

Crazy Enough Argentina Hero

Argentina is a deadbeat borrower that will probably default again, but there’s a high probability lenders will be back anyway

Filed Under: Lending Tagged With: Argentina, Argentina Bonds, Debt Deal, Lending

In a Crisis, the Quality of Spending and Debt Matters

July 25, 2020 by Jonathan Rochford

Debt Quality Matters

There is no free lunch, Keynesian responses do provide short term stimulus but place an anchor on future economic growth.

Filed Under: Debt Tagged With: Crisis, Debt Matters, Keynesian Responses, Quality of Spending

Eviction Moratoriums Are Terrible Economic Policy

July 18, 2020 by Jonathan Rochford

Eviction Moratoriums

Eviction moratoriums are supposed to help poorer citizens, but in the long term they result in rental accommodation being more expensive.

Filed Under: Economics Tagged With: Broken Window, Economic Policy, Eviction Moratoriums, Property Rights, Tenants

There’s Always Something Interesting Happening in Debt Markets

July 11, 2020 by Jonathan Rochford

Interesting debt Markets

If you venture off the well trodden pathways, there’s always something interesting happening in debt markets.

Filed Under: Debt Tagged With: China, Debt Markets, Green Bonds, Greenwashing

Could Austria’s Century Bond End Up Like Argentina’s?

July 4, 2020 by Jonathan Rochford

Austria Century Bond

It doesn’t take a default for Austria’s recently issued century bond to trade at the same price as Argentina’s defaulted debt.

Filed Under: Money Tagged With: Argentina, Austria, Century Bond

When the Truth is this Crazy, Who Needs Conspiracy Theories?

June 27, 2020 by Jonathan Rochford

conspiracy theories

The insolvency of Wirecard has made many look foolish, but short sellers and a journalist had been on the case for years

Filed Under: Money Tagged With: Conspiracy

Are CLOs Going to Cause Another Financial Crisis?

June 20, 2020 by Jonathan Rochford

financial crisis

Are claims that CLOs will bring down American banks another “Big Short” or merely a beat-up?

Filed Under: Australia Tagged With: CLOs, Financial Crisis

The Winner Is… Busted Companies

June 13, 2020 by Jonathan Rochford

Busted Companies Win

Retail investors piling into shares of bankrupt companies is a sure sign this isn’t a typical stock market rally

Filed Under: Australia Tagged With: Bankruptcy

The Federal Government Tacitly Approves Conflicted Financial Advice

May 22, 2020 by Jonathan Rochford

Conflicted Advice

The decision to ban commissions on only some listed securities encourages dodgy advisors to provide suboptimal advice.

Filed Under: Government Tagged With: Commissions, LIC, Listed Investment Funds, LIT

Credit is Normalising, But…

May 16, 2020 by Jonathan Rochford

Credit Normalising

Credit markets are improving but three dark clouds on the horizon point to the possibility of worsening conditions ahead.

Filed Under: Credit Tagged With: Credit Securities, Quantative Easing

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