A WIN FOR AUSTRALIA You may have read that the AOFM (Australian Office of Financial Management) just pulled off the biggest bond issue in Australian corporate history. They just sold $19bn of November 2024 Government Bonds. The initial issue size was $13bn and they saw $53.5bn worth of bids at a coupon of 1.02%. There…
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“Australia back in business by July” is the message from the cabinet meeting yesterday. The government clearly don’t want to be seen to be slow getting the economy going again and have developed a few catch phrases like “A sustainable COVID-19 Safe Economy” which means continuing with social distancing and safe hygiene. They expect the…
Back on February 21st, we wrote of the need to be careful as snipers about. We had compared the market during reporting season to a bloody futile charge at enemy lines during WW1. One by one of the star stocks was being picked off. In fact, we had spent some time deliberating on the APT…
This morning the US Federal Reserve has thrown the kitchen sink at the markets – they have cut interest rates to zero (0 to 0.25%) and announced $700bn in money printing. Market sentiment and individual opinions about the market are bi-polar at the moment. Someone told me at the weekend (after the 13% bounce on…
I (Marcus) wrote on Saturday that “As the market floats in space, happy go lucky, we have to ponder where the gravitational pull is going to come from, the as yet unclear 2020 development that brings it back down to earth, because, as my accountant, a not unintelligent man, said to me last year, and…
I wrote an article at the beginning of last week called the “Anatomy of the Bounce” which included a look at the stocks that had fallen the most and were (presumably) likely to bounce the most on a relief rally. At the time the ASX 200 (ASX: XJO) had dropped 13.23% from top to bottom…
Paul Volcker was the Federal Reserve chairman before Greenspan. He was appointed by Jimmy Carter in 1979 and served as the US central bank’s chairman until 1987. Volcker was the man who, in an inflation obsessed era (the 1980’s), worked out that reacting to a rise in inflation didn’t work, and that central banks had to…
G20 met at the weekend. The headlines included – “Heads of ECB, BOJ, Fed and Eurozone meet at G20. The Bank of Japan has lessons to offer on dangers of low inflation” There is a potentially interesting development at G20. The usual uselessness of overpaid bureaucrats on a junket appears momentarily to have given way…
