Here's why fixed income has a good shot at beating equities
With the TACO (Trump Always Chickens Out) trade in full swing, we seem to have come full circle, ending up back where we were at the start of the year from a fundamental perspective – yet risk assets have ended up well ahead.
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AU Financial Review
6 days ago
- AU Financial Review
Here's why fixed income has a good shot at beating equities
Winston Churchill once said Russia was a 'riddle wrapped in a mystery inside an enigma'. He might well have been talking about the financial markets in 2025. With the TACO (Trump Always Chickens Out) trade in full swing, we seem to have come full circle, ending up back where we were at the start of the year from a fundamental perspective – yet risk assets have ended up well ahead.
AU Financial Review
16-07-2025
- AU Financial Review
Chalmers' reform summit will be 3 days of nothingness
Summits have gone downhill since the Tehran Summit of 1943 committed the Allies to two military fronts in the Second World War, paving the way for eventual victory over Nazi Germany. Its successor, the Yalta Conference of 1945, kicked off the Cold War and the takeover of half of Europe by the totalitarian Stalinist regime of the Soviet Union. Grown men put away their philosophical differences and Joseph Stalin walked away with, well, everything. Winston Churchill, the great warrior of democracy, together with Franklin Roosevelt, traded off peace for communism and what would be decades of misery for half of Europe.
The Age
23-06-2025
- The Age
Master stroke or mistake? Trump defies his base in seizing the moment to strike Iran
Washington: Five months after the starter's gun fired on Donald Trump's second presidency, he has made his most consequential decision. Perhaps not just the most consequential decision of just his presidency, but of several, given the decision to bomb Iran's nuclear facilities had been one faced by many of his predecessors, who ultimately opted against the idea. The merits of this cannot and will not be known today, not until the damage to the three Iranian sites has been assessed and the regime's retaliation, whatever that may be, has taken place. But politically, this move fundamentally changes the shape of the Trump presidency. The accusation of timidity and indecision – Trump Always Chickens Out (TACO) – that has so irritated him in recent months can no longer be credibly levelled against him. Did that irksome critique contribute to his resolve? We don't know. But it is becoming clearer that Trump has followed a predetermined path, or at the very least, seized on an opportunity with relish – and along the way, he has obscured his intentions to America and the world. Loading It was not true on Thursday, when Trump told Iran he would decide within two weeks whether to intervene. It is looking increasingly untrue that Israel, when it kicked off this offensive nine days ago, acted unilaterally and without US involvement, as we were told at the time. 'We worked as a team like perhaps no team has ever worked before,' Trump said on Sunday (AEST) of the US and Israel. Of Iran's state-sponsored terrorism, he said: 'I decided a long time ago that I would not let this happen.'
