Bank hybrid notes versus bank shares

Bank hybrid notes have received a lot of unfavourable press in the last year.   I think many commentators simply don\’t understand them.  I like them a lot and think their combination of high yields and good capital protection should give them a place in most investor\’s portfolios as a solid defensive asset.

History moves on a frame

The Greek debt crisis is in a brief hiatus that can only last for weeks.  Then the impasse between the newly elected Government of Greece and a coalition of countries led by Germany will have to be resolved.  An important issue here is the rapidly changing way in which the German public perceives the role […]

Housing bubbles

There is growing concern that a bubble is developing in the residential property market in Australia.  Prices have certainly zoomed up in Melbourne, and especially Sydney, over the last two years; see the chart below of Australian residential property prices.