What the US election and a COVID-19 vaccine mean for real estate

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The outcome of the US presidential election and Pfizer’s coronavirus vaccine announcement have resulted in some significant swings in market prices across global equities and listed real estate. The following update is from Quay Global Investors’ principal and portfolio manager, Chris Bedingfield. US presidential election It appears Joe Biden will win the US presidency and

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CPD: Thinking about liquidity

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A slightly controversial chart Last month, we published a paper of the 10 most interesting charts right now. One chart, which suggested the Federal Reserve does not influence long-term stock market returns, garnered the most attention.   The chart (and our observation) runs at odds with much of the mainstream financial commentary that suggests central

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10 interesting charts right now – COVID-19 edition

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Is government debt bad or good? What it means The government fiscal response to COVID-19 and the associated forced shut-down of the economy has been significant. In our view, there is little doubt these policies have helped companies and households navigate the crisis (and therefore in turn, support equity prices). The risk now is that

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Explaining the April US equity bounce

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Key points US unemployment is heading for levels not seen since the Great Depression. Despite the current dire economic outlook, US equity indices are back to October 2019 levels after a sharp recovery in April. Ultimately, share prices are driven by corporate profits; and corporate profits are driven by, among other things, government deficits. The

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CPD: 30 years of investment lessons from Japan, and the implications for real estate

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Imagine a person of prime working age (~40 years old) seeking investment advice for long-term financial security, and ultimately, a comfortable retirement. The potential investment advice may look something like this: Invest in long-term growth assets, like equities Avoid currency risk and favour domestic asset allocation Choose a low-cost index fund Don’t look at the

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QE and low interest rates won’t stimulate the economy: Quay

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The Reserve Bank of Australia’s policy in 2019 of cutting interest rates has done little to stimulate the Australian economy, but any attempt at introducing quantitative easing (QE) in 2020 is also doomed to fail, says Chris Bedingfield, principal at Quay Global Investors. “The big challenge for policy makers in 2020 will be to find

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CPD: Negative bond yields – What does it mean, and what’s the end game?

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Since the beginning of this year, financial markets and expectations have turned decidedly bearish. Concerns about a Sino-US trade war, along with the so-called ‘inversion’ of the US yield curve, have heightened apprehension of a US-led recession. This is highlighted by the recent increase in negative-yielding bonds. As per the chart below, the amount of

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CPD: Aussie QE may be coming, but it will probably do nothing

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Over the past 18 months, the Reserve Bank of Australia (RBA) has changed tack from “the next move in interest rates is up” [i] to a dovish bias. So much so, that this year they have cut the official cash rate from 1.5% to 0.75% (at the time of writing), with potentially more to come.

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Avant backs Quay Global Investors in global real estate equities

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Bennelong Funds Management’s global real estate manager, Quay Global Investors, has won its first institutional mandate, partnering with Avant, one of Australia’s leading medical defence organisations representing over 78,000 health practitioners and medical students. Founded in 2013, Quay is a boutique asset manager focused on the preservation of capital and creation of wealth through strategies

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Quay’s strong performance sees rating upgrade

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The Quay Global Real Estate Fund has been upgraded to a recommended rating from Zenith Investment Partners, recognising the fund’s recent strong performance and business growth. The Quay Global Real Estate Fund, which was launched in 2014, is the flagship fund of Quay Global Investors, founded by portfolio managers Justin Blaess and Chris Bedingfield as

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