Research Watch

Book your profits, the ASX looks stretched but value in small caps, dumping our dollar, Soros and the pound, and a bad bonus tip.

As stockmarkets continue to climb, strategists are worried the enormous gains are becoming unsustainable. This week Pimco’s Mohamed El-Erian advises investors to take a breather, book some profits and wait for a better re-entry point. Indeed, Global Macro Monitors thinks the All Ordinaries is the world’s most overbought market, though Citigroup still sees value among our small caps. Money managers take notice as some of the largest holders of Australian bonds unwind their positions, while George Soros, the man who famously ‘broke the Bank of England’ in the 1990s, is having another look at the pound. Elsewhere, gold is in a death cross, Australia is one of the easiest places to become a millionaire, and Goldman Sachs bankers offer teary tips for breaking news of a bad bonus. Finally, Jeremy Grantham’s excellent talk on managing progress in a world of finite resources.

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