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Everything from GSFM

The Fed: “transitory” turbulence?

From GSFM

As the Trump Administration assumed office, markets not only had priced ‘goldilocks’ but looked to be embracing a euphoric scenario. Inflation was in retreat; the Fed was cutting rates; bond

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21 Mar 2025

US CPI: a small mercy but Papa Bear looms

From GSFM

The big fear leading into last night’s US February CPI release was that it might reinforce the notion that the US is headed for a version of ‘stagflation-lite’ where inflation

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14 Mar 2025

Free cash flow works

From GSFM

The difference between earnings and free cash flow is an important investment concept, one explained here by GSFM’s investment partner TD Epoch. Earnings have long played a dominant role in

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10 Mar 2025

Private credit – a key sub-sector in private market investing

From GSFM

Private markets offer the potential to outperform public markets over the mid to long-term with the potential for lower volatility. Within this, private credit offers investors an attractive opportunity to

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03 Feb 2025

The Fed: extended sabbatical or a short break

From GSFM

As was pretty much universally expected the Fed’s Federal Open Market Committee (FOMC) kept the policy rate target range unchanged at 4.25-4.50 per cent when it met overnight. The Fed

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31 Jan 2025

A 2025 global growth equities outlook

From GSFM

It’s the question that greets every new year…what will be the investment landscape in the year ahead? Will bull markets prevail? As 2025 ticked over and the strains of auld

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23 Jan 2025

Will 2025 be the year of the bull market?

From GSFM

Global markets are showing signs of positive sentiment heading into 2025 but geopolitical uncertainty and the impact of the incoming Trump administration are the wild cards, according to GSFM and its

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22 Jan 2025

US CPI is better but still “sticky” and December labour force data could be pivotal for the RBA

From GSFM

US CPI: better but still “sticky”. The Fed policy rate: ditto. Where to for US bond yields? The robust December payrolls report was something of a death knell for a

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17 Jan 2025

The Fed: diluting the punchbowl?

From GSFM

Former Federal Reserve Chair William McChesney Martin was the longest serving Federal Reserve (Fed) Chair, serving almost 19 years until January 1970. He is famous for his description of the

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20 Dec 2024

Australian GDP and the RBA: the February door is ajar

From GSFM

In some sense the September quarter national accounts don’t reveal much that wasn’t already known. Private demand is weak, but apparent supply constraints (exemplified by ongoing languishing productivity) are a

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06 Dec 2024

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Earn CPD Points

CPD: A review of the Code of Ethics (part two)
This article, proudly sponsored by GSFM, examines standards seven to twelve of the Code of Ethics. Standards one to six were examined in a previous article you can read here. [...]
CPD: Designing retirement income streams
Since 1 July 2022, superannuation trustees have been required to formulate, regularly review and give effect to a retirement income strategy under the Retirement Income Covenant (the Covenant). It requires [...]
CPD: Quality Growth, ex-Growth
For much of the post-Global Financial Crisis period, quality growth investing occupied a privileged position within institutional portfolios. The proposition was straightforward: invest in businesses with durable competitive advantages, high [...]
CPD: The case for shareholder yield in client portfolios
For years, income-focused investors have leaned on a familiar approach: find companies with high dividend yields and hold them. It is a reasonable starting point, but it is an incomplete [...]
CPD: The case for Australian mid-caps – why quality is on sale
Share prices move every day. The underlying value of the businesses behind those prices does not move nearly as often, or as much. That distinction matters more than usual right [...]