Paul Moore

Old economy once again the place to be? #ausbiz

Pushback on negative rates building momentum. Distorting capital markets and at some point will cause major disruption. #ausbiz

S&P500 cash dividend yield now higher than the bond yield

Flows still risk averse which is typically positive for equities.

Push back getting louder; better late than never. ft.com/content/03c8f174-e502…

Another rate cut would = another transfer of income from pensioners (lower deposit rates) to corporates (lower borrowing costs). #RBA afraid to be different. How is discouraging savings via negative real rates the way to achieve economic stability? Genius!

Thanks to Dr Brendan Nelson AO for hosting Karen and I at the Australian War Memorial and thanks for your passion for this national treasure – a must see for all Australians @AWMemorial

Finally - push back on negative rates/ fiscal flexibility. Dutch Govt sends a letter to ECB signalling disapproval of further monetary stimulus. Penny finally dropping that it’s not working and why the dramatic rotation from crowded growth to value over last two weeks.

My Portugal research trip a stark contrast to visit 7 yrs ago when it was like a ghost town. Now, cranes everywhere. A disconnect with bond market sentiment. If macro ok, some extraordinary valuations on offer. Reminds me of 2000 old economy v new economy debate.

Danish bank to offer 20 year fixed rate 0% home loan - free housing! cnbc.com/2019/08/12/danish-b….

Keating the only one that gets it; top marginal tax rate is the big issue. Reform the tax system = more efficient allocation of capital and higher trend growth. Not rocket science!! smh.com.au/politics/federal/…

What's more irrational - the S&P 500 at 3000, or Greek bonds at 2.5%? #ausbiz

As with Brexit and Trump pollsters got it wrong because their process was wrong – 100% quantitative and no qualitative – highlights the risk with process investing. smh.com.au/federal-election-…

Interesting insight into @KKR_Co, one of our largest investments. forbes.com/sites/antoinegara…

Versus Greek bonds at 3.29% all equities look cheap! reuters.com/article/eurozone…

Late cycle does not necessarily mean end of cycle. cnbc.com/2019/04/12/jamie-di… #ausbiz

Suspect high beta stocks may actually be low risk? High risk European stocks at near record low valuations compared to high quality stocks.