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15 January 2015
Smarter Money Active Cash outperforms peers in 2014

The boutique fund manager Smarter Money Investments (“SMI”) is delighted to reveal that researcher Morningstar’s 31 December 2014 data show that the Smarter Money Active Cash Fund has convincingly outperformed competing active cash and short-term fixed interest products over every measurable period since its inception in February 2012.

“The latest Morningstar results indicate that Smarter Money Active Cash’s net returns have consistently beaten the “top quartile” (or 75th percentile) and “median” (50th percentile) peer fund over the 1 month, 3 months, 6 months, 12 months, and 2 years to 31 December 2014,” senior portfolio manager, Darren Harvey, said.

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1 January 2015
How to survive 2015: an investor’s guide

Published in The Australian Financial Review - Christopher Joye

A hedge fund pal overseeing $2 billion tells me he’s never been more bewildered in 30 years of investing. And he’s sympathetic to the hypothesis that the unprecedented decision of major central banks to set interest rates near zero and purchase trillions of dollars of privately traded assets is distorting prices.

Equities are expensive, fixed-rate government bonds (which trumped share returns in 2014) are in the biggest bubble in history, and Aussie housing (which is 30 per cent dearer than it was in 2008) is not far behind. Thus juts the question: how can one eke out reasonable returns above the cost of living without internalising unacceptable risks?

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9 December 2014
FSI's real winners and losers ...

There is a long and complex list of winners and losers from David Murray’s financial system inquiry, which is crucial for investors of all types to understand. The results are very much in line with my previous predictions, although the capital debate is now set to rage for days.

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12 November 2014
Why capitalism is not doing its job

Published in The Australian Financial Review - Christopher Joye

The biggest threat facing contemporary capitalism is democracies rejecting its key feature: the “creative destruction” imposed by freely functioning markets, which is the main driver of productivity.

The prices we see today for equities, bonds and housing are not remotely near their true market “clearing” levels.

They are fake prices – to borrow a phrase used by Australia’s Matthew McLennan who manages $80 billion for First Eagle Investments – that have been artificially lifted by governments spending trillions of dollars buying assets in a misguided bid to maintain their values.

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7 October 2014
Smarter Money Active Cash Rated by Australia Ratings and Mercer

Smarter Money Investments is pleased to announce that its rapidly growing active cash product, the Smarter Money Active Cash Fund, has received two new ratings from leading research groups, Mercer Investment Consulting and Australia Ratings.

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29 September 2014
YBR Funds Management rebrands, launches new fund

Yellow Brick Road has rebranded its funds management business under the new name 'Smarter Money Investments Pty Ltd' (SMI).

The rebranding also coincides with the launch of a new fixed income fund, Smarter Money Higher Income Fund, which focuses on Australian floating-rate notes. It also coincides with the funds being listed on ASX's mFund.

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29 September 2014
Introducing Smarter Money Investments

The specialist fixed-income manager YBR Funds Management Pty Ltd is pleased to announce that it has completed a rebranding of its business to “Smarter Money Investments Pty Ltd” (“SMI”) in recognition of strong wholesale demand for SMI’s products.

“This is a natural evolution for us given that over 60 per cent of the money flowing into our funds has been wholesale”, Darren Harvey, an SMI director and portfolio manager, said.

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11 September 2014
Big four more risky than pre-GFC

New data released during the week allows us to objectively lift the lid on the true level of risk in Australia’s banking system. Remarkably the evidence suggests the biggest banks have actually reduced tier-one “equity” capital and increased leverage over the past decade, which contradicts the consensus that our banks are more conservatively capitalised since the global financial crisis.

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22 July 2014
Will the Murray inquiry lead to "financial Amazon.coms"?

Christopher Joye analyses the authors, moral hazards, risks to competition and advice and the IT promise of David Murray's financial system inquiry.

22 July 2014
Smarter Money Active Cash outperforms peer products over all periods

The Manager is pleased to announce that Morningstar’s 30 June 2014 data show that the Smarter Money Active Cash Fund has convincingly outperformed competing cash and active cash products over every measurable period since its inception in February 2012.

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