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The real danger lurking in the shadows

The real danger lurking in the shadows

JASON TEH | While many investors fret about bonds or bond-like proxies from rising interest rates, the real danger lurking in the shadows is the prospect of rising risk premiums. Interest rates globally have already normalised and maybe there is a little more to go. And today bond-like stocks already have wide risk premiums. But […]

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16, April 2018
Australian equities | Australian shares
Defensives: perception v reality

Defensives: perception v reality

JASON TEH | Are Australian bond-like proxies going to suffer a bondcano moment? Certainly, stocks that have defensive characteristics have been sold down in recent months. And bond bears would have it that they are collateral damage from rising US yields. However, we believe this is a false narrative. Hence, we need to go back […]

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11, April 2018
Australian equities | Australian shares
Run for the hills... interest rates are exploding

Run for the hills... interest rates are exploding

JASON TEH | …Or that is what some equity pundits masquerading as bond experts want you to believe. They predict that a ‘bondcano’ of rising interest rates will lead to collapsing prices for bonds and bond-like proxies. Over the last few months, this hype about rising global interest rates reached fever pitch due to: US […]

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06, April 2018
Australian equities | Australian shares
The sky is not falling, but storm clouds are brewing

The sky is not falling, but storm clouds are brewing

JASON TEH | The sky is not falling was the message in September 2017. Our message was that the overall market did not show excessive valuations, which generally is a precursor to stock market corrections. However, our market outlook dimmed due to recent ‘risk-on’ rally, where most of the year’s return was delivered in the […]

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29, January 2018
Australian equities | Australian shares