Complexity Premia

Welcome to the Complexity Premia podcast by Coolabah Capital, a hosted by Christopher Joye, Chief Investment Officer and Portfolio Manager at Coolabah Capital, and Ying Yi, a Senior Portfolio Management Director at Coolabah Capital. The Complexity Premia podcast strives to deconstruct modern investment problems for wholesale (not retail) participants in capital markets. You can listen on your favourite podcast app, or you can find it on Spotify, Podbean or Apple Podcasts.

Chris and Ying Yi unpack the Fed and RBA outlook, April portfolio performance, and where yields sit across fixed-income markets before turning to the escalating Iranian conflict and Australia’s 12 May Federal Budget. They assess how markets reacted, what the budget means for investors across housing, CGT and broader asset classes, and why Australia’s productivity problem, fiscal choices and capital flows could shape returns well beyond the next rate decision.

This information is suitable for wholesale investors only and has been produced by Coolabah Capital Institutional Investments Pty Ltd ACN 605806059, which holds Australian Financial Services Licence No. 482238 (CCII). The views expressed in this recording represent the personal opinions of the speakers and do not represent the view of any other party. The information does not take into account the particular investment objectives or financial situation of any potential listener. It does not constitute, and should not be relied on as, financial or investment advice or recommendations (expressed or implied) and it should not be used as an invitation to take up any investments or investment services. Whilst we believe that the information discussed in the podcast is correct, no warranty or representation is given to this effect, and listeners should not rely on this information when making any decisions. No responsibility can be accepted by CCII to any end users for any action taken on the basis of this information. Any performance data presented on this site is pre-fees for institutional clients that negotiate custom fee rates, and these solutions are not available to retail investors. No investment decision or activity should be undertaken without first seeking qualified and professional advice. CCII may have a financial interest in any assets discussed during the podcast. Listeners in Australia are encouraged to visit ASIC's MoneySmart website to obtain information regarding financial advice and investments.

Welcome to the Complexity Premia podcast by Coolabah Capital, a hosted by Christopher Joye, Chief Investment Officer and Portfolio Manager at Coolabah Capital, and Ying Yi, a Senior Portfolio Management Director at Coolabah Capital. The Complexity Premia podcast strives to deconstruct modern investment problems for wholesale (not retail) participants in capital markets. You can listen on your favourite podcast app, or you can find it on Spotify, Podbean or Apple Podcasts.

Chris and Ying Yi break down what rates markets are pricing in Australia and the US, and what that implies for housing, the Aussie dollar, and broader asset valuations. They assess the market impact of escalating conflict in Iran, where capital is flowing in periods of stress, and which assets are proving resilient. The discussion then turns to positioning—how to think about risk, where to hide, and where the most compelling opportunities are emerging in an increasingly volatile global environment.

This information is suitable for wholesale investors only and has been produced by Coolabah Capital Institutional Investments Pty Ltd ACN 605806059, which holds Australian Financial Services Licence No. 482238 (CCII). The views expressed in this recording represent the personal opinions of the speakers and do not represent the view of any other party. The information does not take into account the particular investment objectives or financial situation of any potential listener. It does not constitute, and should not be relied on as, financial or investment advice or recommendations (expressed or implied) and it should not be used as an invitation to take up any investments or investment services. Whilst we believe that the information discussed in the podcast is correct, no warranty or representation is given to this effect, and listeners should not rely on this information when making any decisions. No responsibility can be accepted by CCII to any end users for any action taken on the basis of this information. Any performance data presented on this site is pre-fees for institutional clients that negotiate custom fee rates, and these solutions are not available to retail investors. No investment decision or activity should be undertaken without first seeking qualified and professional advice. CCII may have a financial interest in any assets discussed during the podcast. Listeners in Australia are encouraged to visit ASIC's MoneySmart website to obtain information regarding financial advice and investments.

Welcome to the Complexity Premia podcast by Coolabah Capital, a hosted by Christopher Joye, Chief Investment Officer and Portfolio Manager at Coolabah Capital, and Ying Yi, a Senior Portfolio Management Director at Coolabah Capital. The Complexity Premia podcast strives to deconstruct modern investment problems for wholesale (not retail) participants in capital markets. You can listen on your favourite podcast app, or you can find it on Spotify, Podbean or Apple Podcasts.

Chris and Ying Yi challenge the Reserve Bank of Australia’s claim that policy is “close to balance,” arguing the data instead point to a persistent inflation problem driven by excessive fiscal spending, ultra-low unemployment, and years of overly easy monetary policy. They explain why the RBA may ultimately need to lift rates well above market expectations, why global inflation risks remain underpriced, and how AI capex, energy shocks, and Trump’s economic strategy could reinforce a higher-for-longer rate environment. The discussion concludes with the investment implications: avoid default risk, prioritise liquidity, and recognise why cash and high-quality bonds may now be among the most attractive assets available.

This information is suitable for wholesale investors only and has been produced by Coolabah Capital Institutional Investments Pty Ltd ACN 605806059, which holds Australian Financial Services Licence No. 482238 (CCII). The views expressed in this recording represent the personal opinions of the speakers and do not represent the view of any other party. The information does not take into account the particular investment objectives or financial situation of any potential listener. It does not constitute, and should not be relied on as, financial or investment advice or recommendations (expressed or implied) and it should not be used as an invitation to take up any investments or investment services. Whilst we believe that the information discussed in the podcast is correct, no warranty or representation is given to this effect, and listeners should not rely on this information when making any decisions. No responsibility can be accepted by CCII to any end users for any action taken on the basis of this information. Any performance data presented on this site is pre-fees for institutional clients that negotiate custom fee rates, and these solutions are not available to retail investors. No investment decision or activity should be undertaken without first seeking qualified and professional advice. CCII may have a financial interest in any assets discussed during the podcast. Listeners in Australia are encouraged to visit ASIC's MoneySmart website to obtain information regarding financial advice and investments.

Welcome to the Complexity Premia podcast by Coolabah Capital, a hosted by Christopher Joye, Chief Investment Officer and Portfolio Manager at Coolabah Capital, and Ying Yi, a Senior Portfolio Management Director at Coolabah Capital. The Complexity Premia podcast strives to deconstruct modern investment problems for wholesale (not retail) participants in capital markets. You can listen on your favourite podcast app, or you can find it on Spotify, Podbean or Apple Podcasts.

In this episode, Chris and Ying Yi run a top-down markets scan: recent performance and the outlook for yields, how hyperscaler AI capex is feeding into bond supply, inflation expectations and term premia, and where value is emerging across major asset classes. They cover the next moves from the RBA and the Fed, implications for housing and growth, and whether AI ultimately proves disinflationary. The conversation closes with the cross-asset tells—USD, gold and bitcoin—and what they’re signalling for the year ahead.

This information is suitable for wholesale investors only and has been produced by Coolabah Capital Institutional Investments Pty Ltd ACN 605806059, which holds Australian Financial Services Licence No. 482238 (CCII). The views expressed in this recording represent the personal opinions of the speakers and do not represent the view of any other party. The information does not take into account the particular investment objectives or financial situation of any potential listener. It does not constitute, and should not be relied on as, financial or investment advice or recommendations (expressed or implied) and it should not be used as an invitation to take up any investments or investment services. Whilst we believe that the information discussed in the podcast is correct, no warranty or representation is given to this effect, and listeners should not rely on this information when making any decisions. No responsibility can be accepted by CCII to any end users for any action taken on the basis of this information. Any performance data presented on this site is pre-fees for institutional clients that negotiate custom fee rates, and these solutions are not available to retail investors. No investment decision or activity should be undertaken without first seeking qualified and professional advice. CCII may have a financial interest in any assets discussed during the podcast. Listeners in Australia are encouraged to visit ASIC's MoneySmart website to obtain information regarding financial advice and investments.

Welcome to the Complexity Premia podcast by Coolabah Capital, a hosted by Christopher Joye, Chief Investment Officer and Portfolio Manager at Coolabah Capital, and Ying Yi, a Senior Portfolio Management Director at Coolabah Capital. The Complexity Premia podcast strives to deconstruct modern investment problems for wholesale (not retail) participants in capital markets. You can listen on your favourite podcast app, or you can find it on Spotify, Podbean or Apple Podcasts.

In this episode, Chris and Ying Yi assess what lies ahead for markets in 2026 as Trump’s America First doctrine reshapes global trade, geopolitics, and monetary policy. They argue that tariffs, reshoring, AI-driven capex, and unchecked fiscal spending are reviving inflation risks just as markets price complacency. From Trump’s clash with the Fed to Australia’s fiscal excesses and the RBA’s credibility test, this episode explores why the easing cycle may already be over—and why power, not policy orthodoxy, is once again driving the global order.

This information is suitable for wholesale investors only and has been produced by Coolabah Capital Institutional Investments Pty Ltd ACN 605806059, which holds Australian Financial Services Licence No. 482238 (CCII). The views expressed in this recording represent the personal opinions of the speakers and do not represent the view of any other party. The information does not take into account the particular investment objectives or financial situation of any potential listener. It does not constitute, and should not be relied on as, financial or investment advice or recommendations (expressed or implied) and it should not be used as an invitation to take up any investments or investment services. Whilst we believe that the information discussed in the podcast is correct, no warranty or representation is given to this effect, and listeners should not rely on this information when making any decisions. No responsibility can be accepted by CCII to any end users for any action taken on the basis of this information. Any performance data presented on this site is pre-fees for institutional clients that negotiate custom fee rates, and these solutions are not available to retail investors. No investment decision or activity should be undertaken without first seeking qualified and professional advice. CCII may have a financial interest in any assets discussed during the podcast. Listeners in Australia are encouraged to visit ASIC's MoneySmart website to obtain information regarding financial advice and investments.