Market Monitor Summaries:

Early in every month Philo provides client firms with its house view on markets and economies via the Market Monitor publication. This is a brief document that comments on topical issues, provides a view on market valuation and a brief assessment on the outlook for long run returns. This summary document complements the much more comprehensive review of these issues that Philo provides to client firms quarterly. Quarterly publications provide detailed asset class and sub asset class recommendations along with in depth analysis of market valuations and drivers for future performance.

Samples of our quarterly updates are not available via the website, but if you contact us a meeting can be arranged to explain Philo's services and walk you through samples of our quarterly asset allocation reports and detailed fund and security reports.

Date Topical Section Link
Mar 2015 'Negative yields on 'risk-free' bonds Article 
Feb 2015 Real dividend yields and market rallies Article 
Jan 2015 Australian Bond Yields at Depression Era Lows Article
Dec 2014 Another Good Year for Investors Article
Nov 2014 Commodities Prices Collapse in 2014 Article
Oct 2014 US 'QE': Fact -v- Fiction (Theory & Logic) Article
Sept 2014 Housing & Household Debt Article
Aug 2014 Eurozone needs CPR Article
July 2014 Policy pincers: Australia v USA Article
June 2014 Another great year for "risk" assets Article
May 2014 The calm before the even calmer Article
Apr 2014 Budget deficits are good for shares Article
Mar 2014 Aussie dollar still over-valued Article
Feb 2014 The Taper Caper Article
Jan 2014 2013 Economic Growth + Stock Markets Article
Dec 2013 Another great year for shares Article
Nov 2013 Global Equities: High Returns + Low Volatility - Again! Article
Oct 2013 Australia joins the PIIGS Article
Sept 2013 Global Car Market Article
August 2013 Australian reporting season Article
July 2013 Once in a lifetime returns from the US Article
June 2013 Global Bond Yield Spike Article
May 2013 USA v Japan Article
Apr 2013 Gold Article
Mar 2013 US Budget Deficit Crisis Article
Feb 2013 Australian Earnings and Dividends firming Article
Jan 2013 Industrial Commodities point the way Article
Dec 2012 2012 - one of the best years ever for investors Article
Nov 2012 The Australian Dollar - hardly a "safe haven" Article
Oct 2012 5 Years on - Where do we stand? Article
Sep 2012 Chinese Steel driving our mining exports Article
Aug 2012 Profit reporting season in Australia Article
Jul 2012 Global bond yields head in two directions Article
Jun 2012 A good year so far for all asset classes Article
May 2012 How large is the 'PIIGS' debt problem? Article
Apr 2012 A good year for all asset classes so far... Article
Mar 2012 Inflation outlook for Australia Article
Feb 2012 Earnings and Dividends up in Australia Article
Jan 2012 Stock Markets -v- Economic growth - 2011 Article
Dec 2011 Bonds the winners in 2011 Article
Nov 2011 Households aren't de-leveraging here... Article
Oct 2011 'Double-Dip' or start of the next boom? Article
Sep 2011 Update on the European Debt crisis Article
Aug 2011 The rise of Apple Inc Article
Jul 2011 Australian -v- Global Stock Markets Article
Jun 2011 A pretty good year for investors Article
May 2011 Australian House Prices Article
Apr 2011 Commodities Prices and the Australian Dollar Article
Mar 2011 Libya/Japan crisis: impact on prices of shares and bonds Article
Feb 2011 Oil prices & Returns from Shares Article
Jan 2011 US Housing & Economic crisis Article
Dec 2010 Shares -v- Economic growth - 2010 Article

Privacy Statement 


We may hold personal information about you, principally because you are a client of ours or give us information through this website. Personal information means information we hold about you from which your identity is either apparent or can be reasonably determined.

We respect your rights to privacy concerning your personal information which we hold. Our privacy policy is consistent with Australia's legal requirements.

Things change

If you think our records about you might be wrong or out of date - particularly your name, address, phone, email address or financial adviser - it’s important that you contact us and they will be corrected free of charge. 

Why is personal information collected?

Broadly, we use personal information you provide only for purposes consistent with the reason you provided it, or for a related purpose, for example to:

  • Subscribe to research or another service using this website;
  • Contact you regarding our services ~ you can opt out of these communications of course, just contact us;
  • Comply with legal obligations such as identifying you if you become a client; and
  • Administer your account (should you be a client).

If you do not provide us with the information which we ask for, we (or others) may not be able to provide you with some or all of the services available through us. 

How we collect

Most information is collected when you become a client of one of the financial services which we make available, often a managed discretionary account. But there may be other ways we collect personal information such as through contact with you and from this website and your advisers. We will collect personal information from you only by lawful and fair means and not in an unreasonably intrusive way.

What we collect

The kinds of personal information collected can include the following:

  • Name, gender and date of birth;
  • Contact details;
  • Bank account details;
  • Tax file number;
  • Any access and use details for this website; and
  • Other information you or others for you (for example, your financial adviser) might tell us.

Disclosure of personal information

We will not disclose personal information we hold about you unless:

  • This policy allows or with your other express or implied consent;
  • It is to joint account holders;
  • It is to companies within our group;
  • It is to those who help our business to run;
  • It is in the public interest (for example where a breach of law is committed or suspected, and we consider that disclosure against your rights to confidentiality is justified);
  • We consider that law requires disclosure, or a regulator requests (for example, to various government departments and agencies such as the Australian Taxation Office, CentreLink, the Child Support Agency, or disclosure to courts under subpoena or to ASIC or AUSTRAC if asked);
  • We consider someone relevant to you needs the information, for example your financial adviser or someone who we have no reason to doubt is acting for you; or
  • It is to administer your account.

What about security?

We are committed to ensuring that your personal information is kept secure. We have a number of physical access and technology policies and procedures in place designed to provide a robust security environment. No personal data is stored on our web site.

In those instances where we secure your personal information in transit to us and on receipt, we use the industry standard encryption software, Secured Socket Layer (SSL) 128 bit encryption. The URL in your browser will change to "HTTPS" instead of "HTTP" when this security feature is invoked. Your browser may also display a lock symbol on its bottom task bar line to indicate this secure transmission is in place. But the internet is not a secure environment and we cannot guarantee the security of information we exchange electronically.

Website use

Our internet server logs certain information which is provided by your browser:

  • The type of browser and operating system you are using;
  • Your Internet Service Provider and top level domain name (for example - .com, .gov, .au, .uk etc);
  • The address of any referring web site (for example - the previous web site you visited); and
  • Your computer's IP (Internet Protocol) address (a number which is unique to the machine through which you are connected to the internet).

We may use cookies to obtain information with regards to web site activity (such as the type of browser used, the number of pages viewed, time of the site and navigation patterns) and to help you use this site when you visit again. This information on its own does not identify an individual but it does provide us with statistics that can help us with design of the web site. You can configure your browser to accept or reject cookies. If you reject all cookies you may not be able to use some or all of our web site.

Telephone services

We may monitor or record telephone calls for training, record or security purposes. If we do so, we will tell you at the time.

Access to personal information

In most circumstances, you have the right to access any personal information we collect and hold about you. In certain circumstances, the law permits us to refuse your request to provide you with access to your personal information, such as when:

  • We reasonably believe that access would pose a serious threat to the life or health of any individual;
  • Giving access would have an unreasonable impact on the privacy of others;
  • The request is frivolous or vexatious;
  • The information relates to a commercially sensitive decision making process;
  • Access would be unlawful; or
  • Giving access may prejudice enforcement activities, a security function or commercial negotiations.

Please contact our Privacy Officer at the address below if you wish to access, update or correct your personal information, or if you have a complaint about how we have handled your details. We have a compliance process for dealing with complaints and we undertake to deal with your complaint as quickly as possible, and to keep you informed of its progress. 

Further information

You can obtain further general information about your privacy rights and privacy law from the Office of the Australian Information Commissioner by:

  • Calling their Privacy Hotline on 1300 363 992; or
  • visiting their web site at, or
  • by writing to:

The Australian Information Commissioner
GPO Box 5218
Sydney NSW 1042


The Australian Information Commissioner
enquiries @ 


We may make changes to information handling and privacy policies and practices and this privacy policy. We will publish important changes on our web site and if necessary update this policy.   

Privacy Officer

Attention: the Privacy Officer
Philo Group

Level 11

37 York Street
Sydney NSW 2000

Tel: 1300 303 323

or send a message on Contact Us page


Terms of use 

This website is published by Philo Capital Services Pty Ltd ABN 91 154 859 284 and is operated by Philo Capital Services Limited and other companies that are associates of Philo Capital Services Pty Ltd including Philo Capital Advisers Pty Ltd ABN 70 119 185 974 AFSL 301808  (referred to collectively as the Philo Group).

Using this website is your agreement to these terms as amended from time to time. Please take the time to read them. Contact us if you have any suggestions or complaints.

We do not promise that this website is always up to date, always available or virus or third party cookie free.

We take reasonable care in the maintenance of information on this website. However, to the extent permitted by Australian law, all obligations which might otherwise be implied or imposed on us by law or equity in relation to this website are expressly excluded to the extent permitted by law. Loss arising to you from use of this site is limited to resupply by us of the services. Under no circumstances will we be liable for any special or consequential damages.

We may amend this site or any part of its contents without telling you. You must not modify this site. Contact us if you wish to link to this site. We are not responsible for links to outside this site.

Unless otherwise expressly stated to the contrary, this website is not designed for the purpose of providing personal financial or investment advice. Information provided does not take into account your particular investment objectives, financial situation or investment needs.

You should assess whether the information on this website is appropriate to your particular investment objectives, financial situation and investment needs. We recommend you seek financial, legal and taxation advice. You should do this before making an investment decision on the basis of the information on this website.

Opinions expressed are subject to change without notice. Past performance is not a reliable indicator of future performance. Any forecasts included on this website are predictive in character and may be affected by incorrect assumptions or by known or unknown risks and uncertainties. Actual results may differ substantially from the forecasts.

Unless otherwise expressly stated to the contrary, the information on this website is not a recommendation to invest or refrain from investing in any investments, securities or financial products, including those which may be offered by any member of the Philo Group.

This website and all it displays are the property of Philo Capital Holdings Pty Ltd and related entities and are protected by copyright, trade mark and other intellectual property laws. You may reproduce information for your personal use only. We reserve all other rights.

Unless otherwise stated, all figures are in Australian dollars and include GST. Examples used on this website are not exhaustive.

This website is for persons located in, and is designed to meet only the laws of, Australia. This website is not for use by people not located in Australia. It is very likely that it does not comply with all foreign laws. In any dispute arising from this site, New South Wales laws apply. You consent to the exclusive jurisdiction of the courts of New South Wales.