Where profits come from, and the vulnerabilities in Australian corporate earnings

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Key points Equity investors rejoiced in June as the Fed signaled it may cut interest rates – but interest rates do not drive long run equity performance. Profits do. While

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17 Jul 2019

Modern Monetary Theory, and why you’re about to hear a lot more about it

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If you’re paying attention to US politics, you may be aware of an emerging new[i] economic theory supported by many US Democrats, including Congress ‘freshman’ Alexandria Ocasio-Cortez. This economic framework

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10 Apr 2019

The great unwind of the Federal Reserve’s balance sheet, and whether it actually matters

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Gyrations in equity markets over the past three months have been significant. After a -4.2% decline in December and -11% fall for the final quarter of 2018, global equities have

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21 Mar 2019

Interest rates may be set to fall: Quay Global Investors

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Contrary to the general consensus outlook, interest rates are probably set to fall as Australia’s household debt reaches an all-time high, according to principal and portfolio manager of Quay Global

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13 Nov 2018

Retail and residential population growth – the impact of demographics on real estate

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Demographics really matter! The study of populations, how and where people move, is integral to real estate. Very little can stop the effect of demographics on the economy – it

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04 Jul 2018

The only way is up: high inflation a positive for listed real estate

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If inflation starts to rise around the world, as is currently predicted, it will be an overwhelmingly positive outcome for long-term real estate investors, according to a recent paper by

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22 Mar 2018

Going up – what high inflation means for listed real estate

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Markets were roiled in February as investors worried that higher wages will lead to accelerating inflation. Bond yields acted accordingly. So, if higher inflation was to return, how would real

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12 Mar 2018

Australia, the lucky country (or is it?)

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Has Australia dodged another recession bullet? Since 2012, one of Australia’s biggest economic threats has been the collapse in mining investment. It was the associated capex boom pre- and post-GFC

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20 Sep 2017

Why (sustained) low interest rates are not always good for real estate

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Bricks and mortar are not bonds… Whenever pundits predict medium term increases in official cash rates, there is the inevitable ‘get out of bond proxies’ hype. Empirical evidence does not

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14 Aug 2017

Lonsec upgrades Quay Global Real Estate Fund to ‘Recommended’

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Lonsec has awarded a ‘Recommended’ rating to the Quay Global Real Estate Fund. The fund is an unhedged global property securities strategy managed by Quay Global Investors which aims to

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28 Jun 2017