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The chairman of Magellan has warned cocky investors that there is a real possibility that markets could collapse despite growing sentiment among the community.

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During a review, Hamish Douglass, Magellan’s chairman, CIO and lead portfolio manager, explained to investors two scenarios moving forward, one where equities grind up and the other where markets collapse. 

Under the first scenario, the world gets on top of the COVID-19 pandemic, which will see equity markets respond in a positive way growing by up to 20 per cent.

“I don’t know what is going to happen and what the pathway forward is, but it is completely foreseeable that we could have a relatively benign outcome here,” Mr Douglass said.

“That as we manage the opening of economies, we get vaccines or an effective therapy, we handle the second wave. And in that world in which we have very low interest rates, it is foreseeable that the markets could grind higher.”

However, the fund manager also warns the flip side could play out, with markets collapsing due to the pandemic, with markets falling by as much as 50 per cent. 

“It is also foreseeable we don’t get to a cure, some of these vaccine trials fail or get extended out, we get a major second wave into the Northern Hemisphere later this year as they go into winter,” Mr Douglass said. 

“Banks start foreclosing on loans, emerging markets enter crisis territory, bankruptcy starts happening, hundreds of billions of dollars of corporate bonds get downgraded around the world and we enter into a real crisis type territory financially and we enter a deep and prolonged recession.”

“In that world, if that starts happening, it is foreseeable there will be a collapse in equity markets. Markets have sold off 35 per cent in March. A collapse would be above that,” Mr Douglass explained. 

Mr Douglass noted that he can “see both pictures and that worries him”.

He warned that even if a vaccine against COVID-19 was discovered and widely distributed, the recovery is not assured, adding that investors should not take comfort from the fact that markets had rallied significantly since March. 

“We don’t know whether the world is on a bridge to recovery or on a bridge with a cliff at the other end,” Mr Douglass said. “As we don’t know, we will not speculate or gamble with our clients’ money. We understand the limits of our knowledge. We have no fear of missing out.”

How is Magellan managing their portfolio?

Mr Douglass explained that Magellan is taking a cautious approach to the recovery holding a larger cash reserve and reducing its risk ratio.

“We have sold a lot of things we call discretionary stuff that is really dependent upon the economy. We’ve sold down that,” Mr Douglass said.

“We’ve sold down our luxury exposures that we think are fabulous long-term companies, but they are very dependent in the next three or four years on what the economy is doing.”

Using the example of fashion icon Louis Vuitton, Mr Douglass explained his fund now owns a minimal stake in the business “despite thinking enormously of the company”.

“We’ve effectively sold out of the big emerging market-exposed companies. We had two large brewers, Hiekenians and ABI – we sold out of those companies mainly because we think there is so much uncertainty,” Mr Douglass explained.

“They are 50 per cent in Latin America and Africa, and you don’t want to make a call of what is happening in those areas of the world because I think it’s unknowable. 

“We’ve sold down one of our favourite stocks, HCA, which is the largest hospital operator in America. We’ve made a lot of money in that stock and we think the world of management and its positioning. But there’s a huge amount of uncertainty with the virus. At the moment, the two big states, Florida and Texas, they make money out of elective surgery and it’s very hard to do elective surgery when all the ICU facilities are filled with people with coronavirus,” Mr Douglass noted.

The rest of Magellan’s portfolio is made up of defensive assets and cash reserves, the fund manager noted.

“Like Crown Castle, Nestle, utilities and other investments. We are very comfortable with Microsoft and SAP and two great Chinese tech companies, Tencent and Alibaba,” Mr Douglass said.

“With the defensive [companies], we have growth. Those companies are growth companies. We also own Facebook, Alphabet, Visa and Mastercard – they are all growth companies.

“We will give up a little bit on the upside if people start backing in the cyclical recovery story. But we are not going to lose any sleep over that,” Mr Douglass concluded.

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The chairman of Magellan has warned cocky investors that there is a real possibility that markets could collapse despite growing sentiment among the community.

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Australians are expecting a lower inflation rate for longer, with a national survey showing the country is predicting a record-low inflation rate.

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In June, Australians expected inflation of 3.2 per cent annually over the next two years. This result signified a new record low for the index – down 0.1 per cent on May and a significant 0.8 percentage points on the pre-COVID period of February 2020.

Inflation expectations have declined around the nation; however, the magnitude of the drop has been far larger in some places than others – notably Melbourne where inflation expectations have dropped 0.9 per cent points since February to only 2.8 per cent in June.

The biggest decline has been in Tasmania, down from 4.9 per cent in February to 2.9 per cent in June, a drop of 2 per cent points as Hobart’s formerly hot housing market has cooled during the COVID-19 pandemic.

Roy Morgan CEO Michele Levine said the rapid decline in inflation expectations in recent months is a sign of ongoing economic weakness as Australia experiences its first recession for three decades.

The sharpest declines have been in Melbourne and Tasmania, she explained, noting that the Victorian capital has experienced a spike in new cases of COVID-19 since mid-June, and in response, restrictions have been tightened progressively, with the Melbourne metropolitan area returning to a stage 3 lockdown this week. 

The renewed restrictions will place a great deal of pressure on businesses that have already endured more than three months of turnover well below normal levels.

“The surge in new cases in Melbourne has also led to the Tasmanian government extending its state of emergency until the end of August – Tasmania’s economic dependence on Victorian businesses and tourists is larger than for any of the other mainland states,” Ms Levine said.

“The island border remains closed to visitors until at least late July.”

States that are surviving the COVID-19 pandemic are seeing stronger inflation expectations, the research also showed.

Adelaide experienced the least change, with inflation expectations of 3.7 per cent in June down only 0.1 per cent percentage points since February, while expectations in Brisbane, Sydney and Perth are down by 0.5-0.6 per cent

“Although most parts of Australia appear to have flattened the curve and suppressed COVID-19 to almost negligible levels, the renewed outbreak in Victoria also provides a stark warning to other jurisdictions about remaining vigilant,” Ms Levine said.

“The situation in Victoria clearly illustrates that the consequences of another nationwide outbreak would be devastating to businesses and the fragile economic recovery already underway. All efforts must be undertaken to prevent this from happening.”

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Australians are expecting a lower inflation rate for longer, with a national survey showing the country is predicting a record-low inflation rate.

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While the current recession is the sharpest since 1930, a new cycle of economic expansion has already begun, according to one economist, who has indicated it could also make this recession the shortest.

Write comment (0 Comments) " ["fulltext"]=> string(2530) "

Dr Bob Baur, the chief global economist for Principal Global Investors, has highlighted how China is leading the way to a COVID-19 recovery, which bodes well for metrics across the rest of the world.

“China was the first country to emerge from the COVID-19 lockdown, and data from its government notes economic improvement in March from the collapse in January and February,” he commented.

While consumer spending in the country “is still somewhat restrained” thanks to a lingering fear of infection, Dr Baur said “demand seems to be improving overall”.

This is coupled with a rush to reopen businesses across the United States, where a V-shaped upwelling occurred in May after its record April contraction.

And while the “early reopening energy will have dissipated” by September, Dr Baur is still expectant of further growth – just at a more gradual pace.

While March and April’s economic plunge had ended a 128-month period of expansion after a February peak, Dr Baur has expressed optimism in the short-term future of economic activity.

In the context of global macroeconomic data, the economist said it suggests a new cycle of economic expansion has already begun.

“While many are calling for a prolonged period of stagnation, economic data suggests the opposite, with a recovery already under way in much of the world,” he offered.

While an end date on the current recession is yet to be known, “it is likely that despite it being the worst since 1930, it may well be the shortest”.

So, what does this mean for your investments?

According to Dr Baur, “The continued revival of world growth should keep the equity uptrend intact at least for a while.”

Despite this, a lot of uncertainty does remain around the strength of the rebound into next year, as well as the potential for a second wave of virus activity.

Looking even further ahead, the economist flagged that stock valuations as well as bond prices are very high – signs that long-term financial returns may be far less than exciting.

“The best potential for robust long-term equity profits is a rotation into value and cyclical stocks, a reverse of the investment climate of the last decade,” he explained.

“For now, though, the recovery seems on track, and we’d stay fully invested commensurate with one’s tolerance for risk.”

“Stay optimistic for now,” he concluded.

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While the current recession is the sharpest since 1930, a new cycle of economic expansion has already begun, according to one economist, who has indicated it could also make this recession the shortest.

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Treasurer Josh Frydenberg has opened the door to forwarding $20 billion in tax cuts, while announcing income support will remain to avoid the September cliff.

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Under the proposed tax reform, middle-income earners could pocket an additional $2,565 a year, as tax changes proposed for 2022 are brought forward.

On Wednesday, 8 July, Mr Frydenberg was asked about bringing forward the second phase of the government’s tax cuts, which lifts the income threshold at which the 19 per cent tax rate applies from $41,000 to $45,000, and the rate at which the 32.5 per cent rate applies from $90,000 to $120,000.

The Treasurer said the creation of “one big tax bracket” was already clear, and cabinet will consider bringing the cuts forward in coming weeks.

“We are looking at that issue and the timing of those tax cuts,” he told ABC radio.

With consumer spending making up more than half of Australia’s GDP, the Treasurer highlighted how changing the tax rate could help the national economy.

“We are looking at that issue and the timing of those tax cuts because we do want to boost aggregate demand, boost consumption, put more money in people’s pockets, and that’s one way to do it,” Mr Frydenberg said.

Opposition Treasurer Jim Chalmers responded to Mr Frydenberg’s confirmation that the government was looking at bringing forward the flat tax rate and would be announcing new stimulus measures on 23 July.

“If they want to bring those tax cuts forward, then put a plan on the table and Labor will engage with that constructively and responsibly. If they want to bring tax cuts forward, let’s see what they intend to do,” Mr Chalmers said.

Treasurer refuses to rule out JobKeeper extension

The Treasurer did not announce whether he would extend the $1,500 a fortnight JobKeeper subsidy, which is due to expire at the end of September.

But he did flag that more income support beyond September for struggling businesses was now likely as a second wave of COVID-19 cases hit Victoria.

It follows calls from Victorian Premier Dan Andrews to extend JobKeeper or other forms of income support due to Melbourne having to go back into lockdown.

“The first thing to say is that the JobSeeker and JobKeeper programs are already legislated to the end of September. So, even with the six-week lockdown announced by Premier Andrews, that takes it out to the end of August,’’ Mr Frydenberg said.

“But after that, there’s going to be that really awkward and tough reopening measures again, which might last a couple of months past that.

“Yes, and there’s going to be another phase of income support. The details of which will be announced on July 23. We recognise that some sectors are going to recover more slowly than others. For example, the tourism sector as a result of the international borders being closed. We’ve announced a number of sector-wide specific packages for housing, for the arts, for tourism,” he said.

Mr Frydenberg thanked the banks for agreeing to extend support after concerns were raised about a September economic cliff due to the legislated end of the JobKeeper payments coinciding with the end of loan deferrals.

“The government acknowledges and thanks the banks, APRA and ASIC for their collective efforts in support of Australians who are facing financial hardship during this difficult time,” Mr Frydenberg said.

Australian Banking Association chief executive Anna Bligh said over 800,000 people had now deferred over $260 billion worth of loans since repayment holidays were rolled out back in March.

“This next phase of bank support will avoid a ‘cliff’ for customers in September and give them the breathing space they need to work with their bank and get back on their feet financially,” Ms Bligh said.

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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) "2020-07-09 02:28:10" ["slug"]=> string(47) "15418:frydenberg-flags-tax-and-jobkeeper-reform" ["parent_slug"]=> string(16) "284:invest-money" ["catslug"]=> string(11) "313:economy" ["event"]=> object(stdClass)#4462 (3) { ["afterDisplayTitle"]=> string(0) "" ["beforeDisplayContent"]=> string(0) "" ["afterDisplayContent"]=> string(0) "" } ["text"]=> string(396) "

Treasurer Josh Frydenberg has opened the door to forwarding $20 billion in tax cuts, while announcing income support will remain to avoid the September cliff.

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Australia’s tax system was ill-equipped to support a growing economy even before the COVID-19 crisis hit, which is why Australia’s GST system is in need of a complete overhaul, a consultancy firm has said.

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The analysis is contained in a new report from consultancy giant PwC, How GST reform can help reboot prosperity for Australia, which flagged a number of structural factors, including an over-reliance on personal and corporate taxes, as contributing to Australia’s economic woes.

It argued that a more efficient tax system will be necessary for long-term economic recovery and budget repair “once the impacts on the economy of the pandemic have eased and reform of consumption tax is a clear option for investigation”.

According to the firm’s chief economist, Jeremy Thorpe, GST is “underperforming” in Australia.

He flagged that GST collections in 2018-19 as a proportion of all Commonwealth taxation revenue were at their lowest level since the levy was first introduced in 2001.

“Australia’s GST collections have also not kept pace with the overall rate of growth in the economy, in part because people are spending a higher proportion of their income on areas that are currently exempt, including housing, healthcare and education,” he added.

He then noted that “our GST rate of 10 per cent is one of the lowest among developed economies, and even at 12.5 per cent, would still be well below the OECD average of 19.3 per cent”.

In a properly structured reform package, Mr Thorpe said, “GST expansion should lead to higher economic growth.”

A revenue-neutral switch from less efficient taxes (principally income taxes) to consumption taxes can increase GDP, while a 1 per cent tax switch can generate somewhere in the order of 0.25 per cent to 1 per cent in extra GDP in the long run, the economist explained.

Also weighing in was PwC tax partner Paul Abbey, who considered that “the reality is that meaningful tax reform, including state and territory taxes, can only be achieved by tackling either the GST rate or its exemptions”.

He argued that GST reform could help reduce Australia’s reliance on personal income tax, “which is currently more than twice the OECD average”.

Acknowledging that discussions around GST changes have been “contentious to date”, PwC argued that reform can be possible without adversely impacting the overall equity of Australian communities.

The PwC report considered a number of scenarios as to how the GST system could be overhauled:

• A broadening of the GST base to cover five currently GST-exempt main categories – water and sewerage, childcare, health, education and food;
• An increase of the rate to 12.5 per cent without broadening the base;
• A broadening of the GST base and an increase of the GST rate to 12.5 per cent; and
• A tiered system to base current exemption items at 5 per cent, and increasing the rate on the current base to 12.5 per cent.

After modelling each scenario, PwC showed how revenue gains of $14 billion could be made by increasing the rate to 12.5 per cent but retaining the five main exemptions.

A revenue improvement of $40 billion could occur where the GST rate rises to 12.5 per cent and is coupled with a broadening of the base of goods and services covered.

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A local or global recession is the greatest financial concern for Australians at the moment, followed closely by paying bills and managing debts, according to a recent survey.

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Recent research by Fidelity, based on a survey conducted by CoreData in May, has revealed that 28 per cent of Australians have seen their financial wellbeing suffer from the impact of COVID-19.

The financial impact of COVID-19 has been most significant for younger Australians and those approaching retirement, with 41.4 per cent of respondents age 50-59 and 36.2 per cent of under 30s stating that COVID-19 had negatively affected their financial wellbeing.

The research indicated that a recession in the local or global economy was one of the biggest money worries for Australians, with 14.5 per cent of respondents listing this as one their greatest concerns at the moment.

This was followed by paying bills and commitments at 11.5 per cent, managing debt at 10.9 per cent and not being able to support children or family at 9.6 per cent.

Fidelity International, managing director, Australia, Alva Devoy said the types of concerns people had varied across different age groups.

“For those over the age 60, the number one concern was recession, for those age 40 to 59, it was managing their debts, and for those aged 50-59, it was paying bills and other commitments,” said Ms Devoy.

Those aged under 30, however, are most concerned they won’t be able to get on the property ladder, she explained.

Job security was also identified as a key concern in the survey, with 29.3 per cent of those currently employed worried about job security. Before the pandemic, this figure was only 18 per cent. For those in casual employment, this number increases to 45.4 per cent.

The research also indicated that more than half of people or 55.4 per cent say they could only last three months or less if they were suddenly made unemployed, including 16.9 per cent who would not be covered at all.

“This is going to have flow-on effects on consumer sentiment and consumer behaviour which influences the broader Australian economy as well,” said Ms Devoy.

“As you’d expect, the younger generations are most vulnerable, which is reflected in the research, with 20 per cent of under-30 saying that they are worrying about job security regularly.”

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A local or global recession is the greatest financial concern for Australians at the moment, followed closely by paying bills and managing debts, according to a recent survey.

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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)#4228 (3) { ["data":protected]=> object(stdClass)#4231 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4230 (3) { ["data":protected]=> object(stdClass)#4233 (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)#4479 (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)#4232 (3) { ["data":protected]=> object(stdClass)#4235 (1) { ["relative"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4234 (3) { ["data":protected]=> object(stdClass)#4237 (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)#4476 (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)#4236 (3) { ["data":protected]=> object(stdClass)#4239 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4238 (3) { ["data":protected]=> object(stdClass)#4241 (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)#4477 (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)#4240 (3) { ["data":protected]=> object(stdClass)#4243 (2) { ["filter"]=> string(0) "" ["maxlength"]=> string(0) "" } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4242 (3) { ["data":protected]=> object(stdClass)#4245 (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)#4472 (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)#4244 (3) { ["data":protected]=> object(stdClass)#4250 (1) { ["options"]=> object(stdClass)#4248 (2) { ["options0"]=> object(stdClass)#4247 (2) { ["name"]=> string(8) "Inactive" ["value"]=> string(1) "0" } ["options1"]=> object(stdClass)#4249 (2) { ["name"]=> string(6) "Active" ["value"]=> string(1) "1" } } } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["params"]=> object(Joomla\Registry\Registry)#4246 (3) { ["data":protected]=> object(stdClass)#4252 (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)#4475 (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)#4251 (3) { ["data":protected]=> object(stdClass)#4254 (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)#4253 (3) { ["data":protected]=> object(stdClass)#4256 (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)#4485 (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)#4255 (3) { ["data":protected]=> object(stdClass)#4258 (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)#4257 (3) { ["data":protected]=> object(stdClass)#4260 (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(72) "/invest-money/economy/recession-tops-the-list-as-biggest-financial-worry" ["image"]=> string(55) "images/article-826x550/woman-financial-documents-ne.jpg" ["image_alt"]=> string(15) "financial worry" } }