Exciting new episode of Coolabah’s Complexity Premia Podcast out now!
This is an article published by Kieran Davies, Chief Macro Strategist, on Livewire recently. In a world of near-zero interest rates, the stance of monetary policy is now better measured by the size and composition of a central bank’s balance sheet. In Australia’s case, the RBA’s adoption of unconventional monetary policy has seen its balance …
In this new paper, Coolabah’s Chief Macro Strategist, Kieran Davies, and its Chief Investment Officer, Christopher Joye, examine the case for the RBA launching QE 2.0 after the current $100 billion QE program, which has helped slow the ascent of both long-term interest rates and Australia’s trade-weighted exchange rate, expires. They focus, in particular, on …
In this new paper, Coolabah’s Chief Macro Strategist, Kieran Davies, and its Chief Investment Officer, Christopher Joye, examine the case for the RBA launching QE 2.0 after the current $100 billion QE program, which has helped slow the ascent of both long-term interest rates and Australia’s trade-weighted exchange rate, expires. They focus, in particular, on …
This is an article published on Livewire recently. Smart active managers in high-grade credit can find and exploit bond mispricings to generate alpha (or capital gains) that is as big, if not bigger, than the yield earned on these securities. This is Coolabah Capital Investment’s investment philosophy, which Portfolio Management Director Ying Yi Ann Cheng …
Authored by Kieran Davies, Coolabah Capital Investments. In this new report, we review our real-time tracking of the Commonwealth budget. Treasurer Frydenberg is expected to publish a budget update this week, with the Mid-year Economic and Fiscal Outlook (MYEFO) reportedly due on Thursday. Treasury’s strong preference would be to publish no change to the outlook …
This is an article published on Livewire recently. Ying Yi Ann Cheng, Portfolio Management Director at Coolabah Capital Investments, says the manager spent almost one billion dollars buying assets in March 2020 in anticipation of the fiscal and monetary policy stimulus packages that ultimately lead to a strong market recovery. At the time, many investors …
Why Coolabah is painting a rosy picture for 2021 Read More »
In a new report published today we argue that this year has seen a sea change in the operation of monetary policy in Australia with the Reserve Bank adopting several unconventional measures that have been part and parcel of its peers’ policy toolkits since the global financial crisis. With the cash rate now at the Reserve …
QE, the collapse of the money multiplier, and the bond multiplier Read More »
This is an article portfolio manager Christopher Joye published on Livewire recently. Consistent with our March 2020 forecast for a very mild 0% to 5% correction in national house prices followed by a recovery around six months later, CoreLogic has reported today that national dwelling values increased by 0.4% in October for the first time …
Aussie house prices increase in October (in line with our March 2020 forecast) Read More »
In the seventh session of Wattle Partner’s ‘Market Thinkers’ series, Chief Investment Officer and Portfolio Manager, Christopher Joye, discusses with Jamie Nemtsas and Drew Meredith the topic of: “Pandemics, Money Printing and Property Prices.”
Authored by Dr James Yang, Senior Data Scientist, Christopher Joye, Chief Investment Officer, Matthew Coleman, Senior Consultant, Coolabah Capital Investments. This brief note seeks to provide some evidence on how tight state government (semi) bond spreads in Australia could go in an environment in which the RBA is seeking to drive the jobless rate back …
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