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22 April 2025
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LIC discounts can be a pain for existing investors but an opportunity for new buyers. To avoid further losses from discount widening or buy/sell spreads, hold for the long term and enjoy the increased income flow.
The rapid rise in US Treasury yields and widening spreads on almost all other types of credit have pushed down bond prices, but it now means diversified bond funds can give investors returns not seen for many years.
Most of us try a version of tactical asset allocation. The good news is the range of investments available has improved significantly, and anyone can become a version of the Future Fund or Jerome Powell.
Both equity and fixed interest markets now have far greater understanding of which companies will struggle during COVID. Supported by central banks, the markets have bailed out companies facing zero revenues.
Investors hold non-government bonds for both their income and defensive characteristics, but there must be sufficient diversification and liquidity in quality names to manage the risk.
Around $4 billion of listed bonds funds have filled a market that did not exist a couple of years ago, and more are coming. They are each buying different assets and promising varying returns.
The role of a portfolio manager changes when normal opportunities become constrained. Flexibility and diversification in seeking alternatives in new markets is vital to adapting.
The recent rise in the prices of bank hybrids fails to recognise the risks involved, and they now look expensive compared to alternatives available to both retail and institutional investors.
In seeking additional income, some type of market risk must be taken to earn above the 2% on term deposits. The listed market now offers a vast array of alternatives not available even a couple of years ago.
Bond markets are far larger than stockmarkets, and the BBB segments in the largest of all in the corporate market. Many analysts have pointed to potential weaknesses but it pays to look a bit deeper.
The intergenerational wealth transfer, largely driven by a housing boom, exacerbates economic inequality, stifles productivity, and impedes social mobility. Solutions lie in addressing the housing problem, not taxing wealth.
With an election due by 17 May, we are effectively in campaign mode with the Government announcing numerous spending promises since January and the Coalition often matching them. Here's what the election means for investors.
With fixed term deposit rates declining and bank hybrids being phased out, what are the best options for investors seeking income? This goes through the choices, and the opportunities and risks involved.
The S&P 500's recent correction raises concerns about a bear market. History shows corrections are driven by high rates, unemployment, or global shocks, and that there's reason for optimism for nervous investors today.
The famed investor says the rapid switch from globalisation to trade wars is the biggest upheaval in the investing environment since World War Two. And a new world requires a different investment approach.
Trump's tariffs and China's retaliatory strike have sent the Nasdaq into a bear market with the S&P 500 not far behind. What are the implications for the economy and markets, and what should investors do now?