Donnelly Money Management Pty Ltd
Investment Plans in Brisbane

It is independent, unprejudiced and liberated from the conflicting interests that are inherent in the financial planning industry, and is therefore seen as an indispensable guide to the best investments in the best asset classes with the confidence they will retain their significance in 3, 5, 10 or 15 years (as opposed to the shorttermism of tomorrow). The Investing Times has been running for 45 years and counting. These days, the Investing Times continues to exhibit the equivalent core values that Austin advocated, but is now a resourceful business comprising the collective voice of sensible, conservatively minded commentators with an abundance of experience and expertise. The Investing Times tracks nine key supply and demand data indicators to answer this question, and while we admit is not a crystal ball, it does seem a useful proxy in a world of extravagant fear mongering and ignorance. Rental yields strong relative to interest rates (differential less than 1.5). One reason for continued demand is record low interest rates especially relative to rental yields and this is unlikely to change in the close term. Therefore, while the general supply and demand outlook of property fundamentals has deteriorated over the previous year, there are still well demand drivers. Long term investment themes: 10 year view of the trends, opportunities and challenges. Recession risks: what are 10 of the top indicators to watch and why it works. However, there are at minimum 10 factors that have had a potent historical track record. Since 2005, China has accounted for approximately 40 of total global growth with the economy growing five fold in just 15 years. And what should an investor need to know in order to make educated decisions in related markets? Firstly, China’s debt has ballooned relative to history on both a nominal basis and in comparison to the size of their economy. However, prior everyone runs for the hills it is important to also illustrate the debt position of other key economies that many consider perfectly safe. Therefore, even behind factoring in the misunderstood shadow banking, the Western World faces very similar levels of whole debt as China according to the Bank of International Settlements. Firstly, the composition of the debt is considerably different to its Western peers, with a much greater piece of higher risk corporate debt (especially lower grade non financial corporate debt). This is a major risk for an economy obvious for volatility. On the contrary, it also provides the greatest opportunity for growth if the asset value grows at a rate greater than the interest expense. On a country level, this is no different, and for China a high debt smooth creates this leverage. Whether we will see a spike in wrong debts in China will relate to the ability of corporate China to confront its debt obligations. The biggest difference between China and its global peers is the historical analysis of bad debt cycles, with Chinese downturns far more severe and worrisome than Western counterparts. For example, a commonly cited downturn was the 1997 Asian debt crisis, which reportedly wiped more than 10 of bank assets in China. Regardless of whether you think a crisis will occur, it is believable to worry about the impact a Chinese financial crisis would have on the global economy (including share markets), particularly because of its size and historical volatility. Emerging market bond spreads are one way to monitor proceedings, as this is the markets way of telling us the risk of corporate debt, which China happens to have a lot of.