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Research Documents

The Financial Engineer - February 2012
The View from the Outer: Hardware & Home Improvement
The View from the Outer: The
International Equity Market Review - December Quarter 2011
The Financial Engineer - January 2012
The View from the Outer: All Upside
The View from the Outer: A low quality boom
The View from the Outer: More Give, Less Take
The View from the Outer: The A$ - Yesterday's Story
The View from the Outer: Courage under fire
The View from Kansas City
International Equity Market Review - September Quarter 2011
The View from the Outer: Any Vista Will Do
The View from the Outer: ASX left at the altar
The View from the Outer: Early Days
The View from the Outer: Cannon to the right of them...
The View from the Outer: Relief Required
The View from the Outer: Tis but a scratch
The View from the Outer: Broken every promise plighted...
The View from the Outer: Generally Stable Prices
The View from the Outer: The bi-annual double-dip
The View from the Outer: Cost Pressures
The View from the Outer: Launching Australia-Plus
The View from the Outer; A Budget Speech
The View from the Outer: Good Stuff
The View from the Outer: www.zappos.com: The key to survival in mid-West America
The View from the Outer: Conquering Fear
The View from the Outer: Lucky Country Mk II
The View from the Outer: Forward & Reverse
The View from the Outer: Think Tortoise
The View from the Outer: Back to the Beginning
The View from the Outer: Let's see you get out of this one, Mr. Bernanke
The View from the Outer: The Big Squeeze
The View from the Outer: What Wall Street destroys; Main Street repairs
The View from the Outer: A quiet start
The View from the Outer: ASX200 - How accessible is ~5500?
The View from the Outer: Don't worry, the NBN will save us
The View from the Outer: 8 worthwhile things to do with an ounce of Gold
The View from the Outer: Hot money & cold hard facts
The View from the Outer: Spending a penny
The View from the Outer: Quantitative Easing - The Millennium Bug Returns?
The View from the Outer: Go forth and plunder
The View from the Outer: Bread & Petrol
The View from the Outer: The Wash-up
The View from the Outer: A year of vigorous contemplation
The View from the Outer: Revitalized
The View from the Outer: Conventional Wisdom
The View from the Outer: Deflation - Bring it on
The View from the Outer: Rebound welcome but quality low
The View from the Outer: Moving Forward
The View from the Outer: Waiting for the definitive answer
The View from the Outer: A more friendly Reserve Bank
The View from the Outer: Desert Island Hits
The View from the Outer: An encouraging start
The View from the Outer: Gerry Harvey is right
The View from the Outer: Patience before panic
The View from the Outer: Now for the austerity
The View from the Outer: Lacking Core Strength
The View from the Outer: Tax Reform - A timid start
The View from the Outer: Not so great
The View from the Outer: From asset to liability
The View from the Outer: Excitement-plus
The View from the Outer: Unaccustomed as we are...
The View from the Outer: White hot with the best still to come
The View from the Outer: Switching from macro to micro
The View from the Outer: Sunday afternoon with the family
The View from the Outer: Known knowns
The View from the Outer: Little by little
The View from the Outer: Profitable Contemplation
The View from the Outer: Equities vs a 6.2% 12 month term deposit
The View from the Outer: Reversion to mean
The View from the Outer: Subtle Shifts
The View from the Outer: Another failed prediction
The View from the Outer: A Progressive Dinner
The View from the Outer: I Can See Clearly Now...
The View from the Outer: Go party!
The View from the Outer: Myer's piece of you
The View from the Outer: Sticking to the script
The View from the Outer: Disparity
The View from the Outer: Impervious
The View from the Outer: Best not dig too deep
The View from the Outer: Holiday Reading
The View from the Outer: Boring & Expensive
The View from the Outer: The dog days
The View from the Outer: Easily Confused
The View from the Outer: Follow the earnings
The View from the Outer: Instant Gratification Preferred
The View from the Outer: Incremental progress
The View from the Outer: Show Me The Money
The View from the Outer: Three Cheers
The View from the Outer: Resilience - From asset to liability?
The View from the Outer: Hollow themes can take you only so far
The View from the Outer: The soft option
The View from the Outer: The hunter awakes
The View from the Outer: Cerealously Impressive
The View from the Outer: Heading straight for dessert
The View from the Outer: Resources - No Rush
The View from the Outer: Spinning out of control
The View from the Outer: Passing the bucks
The View from the Outer: We need rain, not green shoots!
The View from the Outer: When dead cats stop bouncing
The View from the Outer: Regulatory Blitz
The View from the Outer: Capital vs Labour
The View from the Outer: Conflicting signals
The View from the Outer: Reviewing the checklist
The View from the Outer: A 20/20 downturn?
The View from the Outer: And so it began
The View from the Outer: Profitable Relief
The View from the Outer: Drowning in numbers
The View from the Outer: Not convinced
The View from the Outer: If you build it they will come
The View from the Outer: Protection Racket
The View from the Outer: The Benjamin Button Scenario
The View from the Outer: Reminiscing
China Chart Book - January 2012
The View from the Outer: Government bonds: thank you & good bye
The View from the Outer: Prelude
The View from the Outer: Brutality
The View from the Outer: So far, so good
The View from the Outer: Upon reflection, 2009 is looking difficult for Australia
The View from the Outer: Liquidity Blues
The View from the Outer: 10 things to be happy about.
The View from the Outer: An IMF solution
The View from the Outer: Creative destruction
The View from the Outer: The least of our problems
The View from the Outer: A little Q & A
The View from the Outer: Plenty of cleansing but not much clarity
The View from the Outer: Mr. Paulson's weekend announcement
The View from the Outer: Welcome to a world of nappies & pathology tests
Investment Climate Chartbook - January 2012
The View from the Outer: Iron ore, coal & fleecing the financially illiterate
The View from the Outer: Fine, with the occasional shower...

Research & Markets

The View from the Outer

The View from the Outer: Hardware & Home Improvement

  • The View from Kansas City: Hardware & Home Improvement: As we spoke with Reality Channel supplier and retailer industry contacts throughout November and December, the overwhelming sentiment was one of respect for Masters identification of a corner of the market that had not been effectively captured under one roof until now.
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The View from the Outer: The

  • While global equity markets have been relatively peaceful over the past month, little has changed.
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The View from the Outer: All Upside

  • As was the case in 2010, the US economy is ending the year with a burst of momentum.
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The View from the Outer: A low quality boom

  • Granted there are bigger problems in the world at the moment than the quality of Australia’s growth path but just as today’s reality in Europe is a product of decisions made and avoided over the past 20-30 years, so future investment outcomes in Australia (and our standard of living) will reflect our inability/unwillingness to address the unfolding decline in competitiveness.

  • If I was the marginal supplier of global capital I would have more faith in the broad industry base and aggressive entrepreneurial culture of the US economy to deliver dividends and pay interest than I would of an increasingly narrow, short sighted and foreign capital-hungry Australia.

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The View from the Outer: More Give, Less Take

  • The core challenge facing the major banks remains revenue generation with deleveraging by Australian households and small business; greater use on non-bank funding by large corporates and weak financial markets posing both a cyclical and structural headwind.
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