The hottest investment topic of the day is inflation and its possible impact on investment markets. In farrelly's view, it is a storm in a teacup. This sanguine view is very much an outworking of our core philosophy that the long-term is much easier to forecast than the short-term.

The idea that duration is to be avoided at this stage of the cycle? It's bad economics, bad market timing, and bad risk management. It's nuts and you can clearly see it's nuts!

Australian cash rates will stay low for decades. Low interest rates mean high asset prices, which means much lower returns ahead. Our client communications must be in tune with this new environment.

Japan is too different from the rest of the world to be used as a road map? Acutally, more often than not, the lessons we can learn from Japan's experience are completely valid in other, very different, economies.

A large and growing body of commentators is warning about the very real possibility - if not outright likelihood - of policymakers unwittingly letting the inflation genie out of the bottle.

In a low return environment, investors just have to accept more risk in order to meet their goals? On the face of it, this seems self evident and may even have a large element of truth. But, for many, it may be a very, very poor strategy.

This lecture instructs farrelly's subscribers on on the principles of managing currency in portfolios.

This lecture instructs farrelly's subscribers on the foundations of asset allocation in three parts - key principles of asset allocation, optimisation and how to define an asset class.

The fact is that we don't NEED growth. We need high after-tax returns. High growth at a reasonable price will always be attractive. But so too will no-growth at a high risk-adjusted yield.

This lecture instructs IMAC candidates on the foundations of asset allocation in three parts - key principles of asset allocation, optimisation and how to define an asset class.

In a world where interest rates are zero or negative, we need new ways of valuing assets. This is a very common refrain and it drives me nuts. It is almost all wrong - and on so many different levels!

The impact of Covid-19 and the resulting massive worldwide government fiscal response to the crisis has sparked new discussion about the risk of an upsurge in inflation - or deflation. This is not a trivial debate.

One of the touted benefits of hedge funds is that they provide returns that are largely uncorrelated with other risky assets. In practice, hedge funds returns are highly correlated to equity markets during downturns - when it matters.

This is a time to be buying not selling. Question marks remain as to how far this market will fall before it bottoms out. But what we do know is that valuations are attractive. The chances of long-term investors earning returns well in excess of Term Deposits over the next five to 10 years are very, very high.

Behavioural biases get in the way of good investment decision-making. A well-structured approach to goals-based planning can go a long way to defeating the worst impacts of many of these biases.

Bull market longevity tells us nothing about the timing of the next bear market. Valuations are a helpful warning, but don't inform us on the timing because the trigger is normally a shock.

In late May 2019, Australian 10-year bonds were at 1.64% per annum. A month on and they’d dipped under 1.3% per annum. This is quite a move.

Investment grade debt has become much riskier, default rates will rise when interest rates begin the inevitable normalisation, and credit spreads are too low – it’s a bubble waiting to burst. Actually, no.

The long boom in Australian residential property prices seems to have finally ended. Further falls to come will cause the Australian economy to slow but will not cause a recession.