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Investors who shun small-cap stocks may miss out on valuable opportunities as the economy recovers from the COVID-19 downturn, an investment manager has warned.

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GSFM chief executive Damien McIntyre explained that while periods of underperformance for global small caps do coincide with recessionary environments, small caps historically go on to experience meaningful outperformance in economic recoveries.

“For instance, between 2000 and 2006, small caps outperformed large caps by 200 per cent, and between 2009 and 2014, they outperformed large caps by 35 per cent,” Mr McIntyre said.

“In fact, the MSCI World Small Cap Index has outperformed the MSCI World Index over the long term, with global small caps returning two times that of large caps over the past 20 years.”

Mr McIntyre said small caps are a larger, less well-researched universe and, overall, small caps trade at a wide discount to that of large caps on a PE basis.

“Historically, MSCI World Small Caps trades at a significant discount to MSCI World Large – that premium is between 1.0-1.2 times. It is currently trading at 0.8 times,” he said.

While he acknowledged that small-cap investing can be linked to increased volatility, focusing on high-quality businesses and exhibiting considerable secular growth can help address these risks.

“Investing in profitable companies, with strong underlying cash flow, a conservative balance sheet and a demonstrated ability to allocate capital, helps protect investors on the downside,” he said.

Investors should also be looking at small-cap opportunities across the world, he said, with the small-cap opportunities in Australia alone too limited.

“Stock markets are inefficient, and this creates opportunities for patient, well-informed investors to buy an ownership stake in a company below intrinsic value. This is particularly evident in smaller companies that tend to be under-researched by the investment community,” he said.

“Investors can take advantage of these inefficiencies through time horizon arbitrage, identifying strong capital allocators and recognising businesses at inflexion points.”

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Investors who shun small-cap stocks may miss out on valuable opportunities as the economy recovers from the COVID-19 downturn, an investment manager has warned.

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Business administrations have started to rise for the first time since June, with Victoria and Queensland recording the biggest spikes, new data from CreditorWatch has shown.

Write comment (0 Comments) " ["fulltext"]=> string(4135) "

Business defaults also rose for the first time since May this year, increasing by 23 per cent in September.

The monthly CreditorWatch Business Risk Review found business administrations in Victoria rising by 23.8 per cent, following a 49.3 per cent drop in August, while Queensland recorded a 24.1 per cent increase after a decrease of 25.4 per cent in August.

In contrast, NSW recorded a further 1.6 per cent decrease in business administrations off the back of a 34.3 per cent drop in August.

CreditorWatch chief executive Patrick Coghlan said the timing of the rise in administrations with the end of the first round of JobKeeper suggests that some “zombie” companies are now waking up to the reality of their situation.

“September’s increase in default and administration rates does indicate that some businesses which have been reliant on government support are starting to accept the reality of their situation and are taking steps to settle with their creditors,” Mr Coghlan said. 

“What we don’t want to see is businesses that are doomed to fail continuing to operate and taking healthy companies down with them.

“The long-term trend is that zombie companies will continue to survive on government support, and so, the next six months are crucial in determining what position we start our economic recovery from.”

While the government has announced an extension of insolvency relief measures to the end of the year, other support measures such as JobKeeper and loan repayment deferrals have started winding up.

The Reserve Bank of Australia believes government support has helped save 4,600 businesses from failing this year, with another 6,600 businesses to be saved once all measures are tapered off.

The RBA’s biannual Financial Stability Review has estimated that if the aggregate 3 per cent decline in 2019-20 revenue fails to recover in the current financial year, a further 5,200 businesses would fail in addition to the typical 15,000 to 20,000 firms that fail each year.

“Business failures will increase, although there is a high degree of uncertainty about the magnitude and timing,” the RBA said.

“It will depend on the strength of the economic recovery, which will be influenced by the duration and severity of future COVID-19-related disruptions, and the timing and extent of the unwinding of the various support measures.

“Bankruptcies and insolvencies are currently very low because of the income support, loan repayment deferrals and temporary insolvency relief.

“Business failures have flow-on effects to their creditors, both financial institutions and other businesses, and their employees.”

Payment times decrease in some sectors

Despite the rise in business administrations, average payment times were down by 10 per cent across all industries in September.

Payment times, however, remain high, with a 222 per cent year-on-year increase on average.

While industries like information media and telecommunications saw payment times fall by 30 days, the financial sector saw an increase of nine days, bringing payment time to a 62-day average.

“For a signal of how Australian businesses are faring, payment times provide a glaring picture of how tough the environment is, especially when juxtaposed against 2019,” said CreditorWatch chief economist Harley Dale.

“Payment times still remain too high, and some sectors are being particularly stubborn, such as the financial services and insurance sector, which jumped up in September, and the transport, postal and warehousing sector, which remains at a staggering 90 days.

“As government support is rescinded, which way this metric tracks will be crucial in determining how well Australian firms fare in our new economic world.”

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Business administrations have started to rise for the first time since June, with Victoria and Queensland recording the biggest spikes, new data from CreditorWatch has shown.

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Adelaide’s success with preventing the spread of COVID-19 is seeing consumer confidence grow and a return to a pre-COVID lifestyle, which is having a strong impact on house prices, a researcher has revealed.

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In a conversation with nestegg, InvestorKit’s head of research, Arjun Paliwal, explained what happens to the property market when cities emerge from COVID-19.

“The property council in South Australia recently shared that up to two-thirds of workers are back in the CBD,” Mr Paliwal said.

“It suggests that while we will have more people working from home, it’s unlikely that our CBDs become ghost towns. Currently, Adelaide is a leading indicator of what is happening as we come to some sort of normality.”

Mr Paliwal said this is building on a trend that has been going for a few years, with the Adelaide market remaining resilient while Sydney and Melbourne suffered its pre-election corrections.

“Adelaide has been resilient. When you think of the downturns in Sydney and Melbourne between 2017 and 2019 with the ups and downs of a changing political environment and credit changes, we didn’t see Adelaide respond to the same level,” he explained.

The researcher pointed to the high proportion of owner-occupiers that are returning to the market, with many properties selling above their reserve.

“Now we are starting to move from resilience to strength,” Mr Paliwal said.

“That is clearly happening as the missing component in Australia’s property market [since COVID] has been sentiment.”

He noted that Adelaide has the traditional fundamentals that would see a housing market grow.

“If you think of Adelaide’s house market that has low supply, if you combine that with cheap money and low rates, as well as owner-occupier affordability, all of a sudden that missing component of sentiment is now starting to show in a positive way in Adelaide,” the researcher said.

He also pointed to success on the COVID front – growing property prices in regions that otherwise would have struggled.

“What has been very interesting is the region of Marion was expected to see some negative impacts,” Mr Paliwal said.

“If you look at the workforce breakdown, 11 per cent of workers in Marion are in the retail trade, 10 per cent of workers in education and training, as well as 8 per cent in accommodation and food services.

“One in three workers [was] in the three top impacted areas if you include the education sector with the university in Marion.

“So, this just shows despite facing headwinds, it has remained resilient despite the pandemic,” Mr Paliwal concluded.

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Adelaide’s success with preventing the spread of COVID-19 is seeing consumer confidence grow and a return to a pre-COVID lifestyle, which is having a strong impact on house prices, a researcher has revealed.

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With the availability of credit improving and interest rates declining, it is very possible Sydney could once again enter a market frenzy.

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Much to the dismay of pundits, Sydney, Australia’s most populous city, often drives national housing market commentary. There are various reasons for this. One is its distorting effect on nationwide data and statistics. Another is its sensitivity to market forces such as the availability of credit. Take, for instance, the impact of the Australian Prudential Regulation Authority’s (APRA) mid-2010s interventions on residential mortgage lending. The most frequently discussed was APRA’s expectation that lenders “assess home loan applications using a minimum interest rate of at least 7 percent” which purportedly reduced the borrowing capacity of some buyers by five-to-six figures overnight. This guidance and others were wound back in mid-2019, around the same time as three cuts to the Reserve Bank of Australia’s (RBA) cash rate target (75 basis points in total). It also corresponded with a federal election outcome widely believed to benefit residential property investors.

 Expectations coming into 2020 were that Sydney, and Australia more broadly, were facing a year or more of strong housing price growth. Latent data from the Australian Bureau of Statistics (ABS)confirmed this had already been taking place in several city and regional markets from mid-to-late 2019 when changes took effect. Alas, the coronavirus pandemic then descended upon us, inspiring a flurry of both optimistic and pessimistic assessments of the future of Australian dwelling prices and rental incomes. In the first half of 2020, the RBA made additional cuts to the cash rate target and the federal government borrowed more than $115 billion to begin funding a suite of initiatives including JobKeeper, JobSeeker and HomeBuilder. Over this time, the CoreLogic Home Property Value Index has shown month-on-month price corrections in some capital cities, however house prices are still notably higher than they were 12 months ago in every city except Perth. In other words, the late-2019 housing price upswing was of greater magnitude than pandemic-induced corrections (at least to this point).

 Something that came unexpected, at least to me, was the Treasurer’s 23 September announcement to wind back the National Consumer Credit Protection Act 2009, effective April 2021. The reasoning was that responsible lending obligations (RLOs) are no longer “fit for purpose… which risks slowing our economic recovery”. It aims to reduce the red tape involved in obtaining credit for households and small businesses, which serves as one less barrier for prospective Australian home buyers obtaining a mortgage. With greater availability of credit, consumers are likely to find themselves better able to shop around for the best deal. This has the clear potential to increase competition between lenders, placing downward pressure on mortgage interest rates.

Improvements to credit availability follow a decade of progressively declining mortgage interest rates and upward trending Sydney house prices. This places Australian home buyers in a perceptively enviable position. As it stands already, mortgages have become more affordable and easier to obtain than has been the case for at least the past half-decade or so. Consider the three primary determinants of mortgage affordability: house prices, incomes and interest rates. Figure 1 below charts the last two decades of two of these: standard variable mortgage interest rates and Sydney’s median house price. You can see a negative correlation (lines going in opposite directions) between these two variables since 2011.

But what does this recent negative correlation say about Sydney’s property market? We can contemplate this further by looking at a more familiar statistic: the ratio of house prices to annual incomes. Figure 2 shows that the ratio of Sydney’s house price to NSW’s median personal income generally bounced between 11 and 12.5 from 2002 to 2010. By 2017, however, it had peaked at 16.193. Between 2010 and 2017, income growth had little in common with price growth. It was all about interest rates. This did not happen to other Australian cities, at least not to the same extent.

I would argue the biggest factor that stalled Sydney house price growth from 2017 was the APRA interventions discussed at the beginning of this article. Now that they’ve been relaxed, it is very possible Sydney could enter a market frenzy at equal or greater magnitude as was occurring a little over a half-decade ago. By aligning current income and interest rate ratios with those last experienced during Sydney’s 2017 peak, the implied median house price approaches and even exceeds $1.5 million (see Figure 3). With speculation that more lenders are working towards sub-2 per cent interest rates, upward pressure on Sydney’s house prices could be even greater in severity.

If Sydney’s median house price reached $1.5 million, it would become more than 22 times NSW’s median personal income. If other variables don’t intervene and Sydney prices indeed approach or exceed this level in the midst of the post-pandemic recovery, homeowners could reach an intimidating point of no return. For example, borrowers would have to prove they could afford $105,000 in annual interest payments if APRA revived their serviceability calculation above 7 percent on an 80% loan-to-value ratio home. This may seem absurd, but the very idea of a median house price exceeding $1 million also seemed absurd a mere decade ago. Aside from regulatory intervention, other ways of preventing the Sydney market from running off the tracks include variables not taken into account in the above scenarios. These could be internally imposed limits to periodic credit growth by lenders (as was the case recently for investors), inability for buyers to fund deposits on runaway property prices, or coronavirus-induced influences on sentiment and borrowing capacity. But here’s the kicker: last time APRA tried to intervene in a runaway Sydney property market, it took almost three years for median house price growth to stall. 

If the Sydney market (or any other Australian market) started getting out of control, I would caution would-be buyers to first contemplate how much of an interest rate increase they could afford.

Luke J. Graham, Property Analysis Australia. Luke is a property market and behavioural analyst. He is currently in the UK completing research and postgraduate study at the University of Oxford. 

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Learn the best strategies in investing and options like cryptocurrency, bonds, mutual funds, property and stock market." ["secure"]=> int(0) ["page_description"]=> string(7) "nestegg" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2020-10-14 01:27:59" ["slug"]=> string(63) "15862:could-sydney-house-prices-reach-a-1-5m-point-of-no-return" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(12) "293:property" ["event"]=> object(stdClass)#5053 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(354) "

With the availability of credit improving and interest rates declining, it is very possible Sydney could once again enter a market frenzy.

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Despite governments limiting access to venues, as well as sports around the world going into lockdown, Australians are gambling significantly more money, official figures show.

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A survey result of 2,000 gamblers by the Australian Institute of Family Studies found there was a statistically significant increase in the frequency of gambling during COVID-19.

The proportion of participants who gambled at least once a week increased from 79 per cent to 83 per cent, and the proportion who gambled more than four times per week increased from 23 per cent to 32 per cent.

Young men (aged 18-34 years) were the group most likely to sign up for new online accounts and have increased their monthly spending on gambling from $687 to $1,075, which is increasing the risk of gambling-related harm.

“I found that due to being so bored in isolation that my friends and I would put stupid bets on horses/dogs/overseas sport with little to no knowledge of the sport just to get a thrill out of it. This hit all of us quite hard financially,” an 18-year-old male told the study. 

Horse racing, sports betting, greyhound racing and lotto were the main products that participants gambled on before and during COVID-19.

“A gambler like me will always adjust. Can’t go to [casino] to play poker, then just find an illegal site to play online. Can’t bet on the sports I usually do, just bet on other sports that are still on,” a 46-year-old male said. 

However, the COVID-19 pandemic has also helped some gamblers break their addiction with forced lockdowns, meaning they were unable to gamble.

“People have stopped gambling, but they are very eagerly awaiting the pokies venues to reopen … in my opinion there will be a big influx [of people] with a lot of money put into pokies … I wish [the venues] would stay shut,” a key expert said.

Despite the break helping many Australian gamblers, the reopening of licensed venues has seen a sharp increase in spending at venues previously closed.

The key experts noted that because of social distancing and limits on patron numbers in venues, it was likely to be people who were more at risk of gambling-related harm who were gambling, and with larger amounts of money.

“That gambling spend [once venues reopened] ... actually represents about a 50 per cent increase, because there were about 50 per cent less machines in venues because of social distancing … so we’ve seen a smaller number of people gambling more money,” the key expert said.

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Despite governments limiting access to venues, as well as sports around the world going into lockdown, Australians are gambling significantly more money, official figures show.

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Current monetary policy strategies, including slashing cash rates and quantitative easing, are inflating asset prices and creating a greater inequality gap, an industry expert has said.

Write comment (0 Comments) " ["fulltext"]=> string(4296) "

Monetary policies, including QE, work via central banks creating money to buy government bonds from banks. It is hoped that the banks will then lend this cash to the real economy. 

As the central bank buys government bonds, demand increases and the price of these securities goes up. Subsequently the yield, or interest rate, on government bonds falls, slashing borrowing costs for households, businesses and the government.

During a recent Fidelity International media briefing, cross asset investment specialist Anthony Doyle told viewers how central banks through QE are simply raising the price of assets.

“One thing we do know is low interest rates and unconventional monetary policy tend to inflate financial assets and generally increase income inequality,” Mr Doyle said.

He noted those who have assets generally do well in this type of environment because the policy is designed to lift asset prices, which creates a bigger gap between the rich and poor.

“And if you think about the sectors and the types of workers that have been most impacted by the current crisis in terms of the lockdown measures that have been undertaken, it tends to be lower-skilled workers on lower incomes,” the analyst continued.

“Because the unemployment rate has risen, there is a lot of spare capacity in the economy, so they don’t necessarily get the wage increases to compensate for rising inflation either.”

“With this in mind, you see the increase in polarisation to the left and the right of politics.”

However, while explaining that economists are unaware of the real-world implications for such policies on the economy long-term, he notes central banks believe they need to act.

“Bear in mind central banks will articulate the reason they are undertaking these actions is because the counterfactual is so bad. If they didn’t do this, you’d have labour markets and unemployment rates much higher than they are,” Mr Doyle said.

The analyst also believes the independence of central banks and government action is likely to diminish, with the two working hand-in-hand to grow the economy.

“The RBA is making it clear that by buying government bonds at the three-year maturity and by having a set target in terms of the yield curve control, it isn’t monetary finance of the budget.

“For me, it isn’t direct finance of the budget, but it is indirect finance of the budget. They are saying we are keeping yields low so you can borrow and you should be borrowing to fill this gap that has been left by private investment and the private sector not going about its normal business because of the shutdowns you’ve enforced,” Mr Doyle noted.

The analyst came out in support of the government supporting the economy, noting they should fill the hole and borrow money at a record-low rate. 

“I think you’re seeing this explicitly from Philip Lowe saying the government, states and territories have ready access to capital markets, they can borrow at historic low rates of interest, and public debt is entirely manageable and affordable.

“With this in mind, the RBA and the bond market, these low yields are a gift to governments. They should be borrowing, they should be expanding fiscally in order to support the Australian economy.”

“In terms of central bank independence, I think monetary and fiscal policy will work closer together in Australia and abroad,” Mr Doyle concluded.

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string(19) "2020-07-08 05:42:04" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#4807 (3) { ["data":protected]=> object(stdClass)#4810 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4809 (3) { ["data":protected]=> object(stdClass)#4812 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(18) "Second article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [9]=> object(stdClass)#5070 (32) { ["id"]=> string(1) "9" ["title"]=> string(17) "Third article URL" ["name"]=> string(17) "third-article-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-07-08 05:42:42" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "0" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#4811 (3) { ["data":protected]=> object(stdClass)#4814 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4813 (3) { ["data":protected]=> object(stdClass)#4816 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(3) "url" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "3" ["label"]=> string(17) "Third article URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(16) "Related Articles" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [4]=> object(stdClass)#5067 (32) { ["id"]=> string(1) "4" ["title"]=> string(9) "Video URL" ["name"]=> string(9) "video-url" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-19 05:54:21" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "1" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#4815 (3) { ["data":protected]=> object(stdClass)#4818 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4817 (3) { ["data":protected]=> object(stdClass)#4820 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(9) "Video URL" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [6]=> object(stdClass)#5068 (32) { ["id"]=> string(1) "6" ["title"]=> string(33) "Image Caption / Video description" ["name"]=> string(31) "image-caption-video-description" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 16:29:55" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "2" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#4819 (3) { ["data":protected]=> object(stdClass)#4822 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4821 (3) { ["data":protected]=> object(stdClass)#4824 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(4) "text" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(33) "Image Caption / Video description" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [3]=> object(stdClass)#5063 (32) { ["id"]=> string(1) "3" ["title"]=> string(6) "Status" ["name"]=> string(6) "status" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:45:26" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "3" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#4823 (3) { ["data":protected]=> object(stdClass)#4829 (1) { ["options"]=> object(stdClass)#4827 (2) { ["options0"]=> object(stdClass)#4826 (2) { ["name"]=> string(8) "Inactive" ["value"]=> string(1) "0" } ["options1"]=> object(stdClass)#4828 (2) { ["name"]=> string(6) "Active" ["value"]=> string(1) "1" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4825 (3) { ["data":protected]=> object(stdClass)#4831 (10) { ["hint"]=> string(0) "" ["class"]=> string(9) "btn-group" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(5) "radio" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(6) "Status" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [5]=> object(stdClass)#5066 (32) { ["id"]=> string(1) "5" ["title"]=> string(22) " Essential information" ["name"]=> string(21) "essential-information" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-25 06:10:20" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "4" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#4830 (3) { ["data":protected]=> object(stdClass)#4833 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4832 (3) { ["data":protected]=> object(stdClass)#4835 (10) { ["hint"]=> string(0) "" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(0) "" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(22) " Essential information" ["description"]=> string(35) "3 points that summarize the article" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } [2]=> object(stdClass)#5076 (32) { ["id"]=> string(1) "2" ["title"]=> string(14) "Embedded Video" ["name"]=> string(14) "embedded-video" ["checked_out"]=> string(1) "0" ["checked_out_time"]=> string(19) "0000-00-00 00:00:00" ["note"]=> string(0) "" ["state"]=> string(1) "1" ["access"]=> string(1) "1" ["created_time"]=> string(19) "2020-06-20 01:43:32" ["created_user_id"]=> string(4) "2351" ["ordering"]=> string(1) "5" ["language"]=> string(1) "*" ["fieldparams"]=> object(Joomla\Registry\Registry)#4834 (3) { ["data":protected]=> object(stdClass)#4837 (4) { ["buttons"]=> string(0) "" ["width"]=> string(0) "" ["height"]=> string(0) "" ["filter"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4836 (3) { ["data":protected]=> object(stdClass)#4839 (10) { ["hint"]=> string(29) "Paste your embedded code here" ["class"]=> string(0) "" ["label_class"]=> string(0) "" ["show_on"]=> string(1) "2" ["render_class"]=> string(0) "" ["showlabel"]=> string(1) "1" ["label_render_class"]=> string(0) "" ["display"]=> string(1) "2" ["layout"]=> string(0) "" ["display_readonly"]=> string(1) "2" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["type"]=> string(6) "editor" ["default_value"]=> string(0) "" ["context"]=> string(19) "com_content.article" ["group_id"]=> string(1) "2" ["label"]=> string(14) "Embedded Video" ["description"]=> string(0) "" ["required"]=> string(1) "0" ["language_title"]=> NULL ["language_image"]=> NULL ["editor"]=> NULL ["access_level"]=> string(6) "Public" ["author_name"]=> string(18) "Jeremiah Sebastian" ["group_title"]=> string(22) "Summary points + video" ["group_access"]=> string(1) "1" ["group_state"]=> string(1) "1" ["group_note"]=> string(0) "" ["value"]=> string(0) "" ["rawvalue"]=> string(0) "" } } ["link"]=> string(59) "/invest-money/economy/does-the-central-bank-favour-the-rich" ["image"]=> string(34) "images/Philip-Lowe-money-bag_1.jpg" ["image_alt"]=> string(38) "Does the central bank favour the rich?" } }