With unrest and uncertainty rippling through markets and shaking investor confidence, we have seen a surge in private credit’s popularity – offering potential for reliable, steady income, protection against inflation, and diversification away from public markets. As this growth continues, private credit is set to become an even greater focus for investors, borrowers and regulators.
Traditionally, multi-asset portfolios have relied on the negative correlation between bonds and equities for diversification. Yet, increasingly, we are seeing a positive correlation in public markets. 2022 was an extreme example, where we saw significant correlated dips in both bonds and equities. With current heightened volatility in global markets, investors need true diversification and downside protection via uncorrelated asset classes.
As public markets fluctuate, the need for portfolio resilience and alternative income sources has never been greater. This has driven institutional and high-net-worth investors to seek diversification in uncorrelated asset classes, such as real estate private credit.
Just as corporate bonds provide an alternative to buying shares in companies, CRED provides exposure to the property market without needing to own the assets. However, unlike bonds, which depend on the yield curve, CRED offers a contracted return from day one.
Alan Greenstein, Zagga CEO & Co-Founder, joined Ausbiz to discuss how declining interest rates are shaping private markets and what this means for both investors and borrowers.
Despite the RBA commentary, financial markets are continuing to price in further interest rate cuts with a cash rate of approximately 3.40 per cent factored in by the first half of 2026. Softer economic data out of the US in recent weeks has helped reinforce the market pricing for lower interest rates.
“I don’t think more regulation is going to necessarily improve the outcome of the performance and all that will do potentially is erode returns.”
The Australian Securities & Investments Commission has released a discussion paper on the dynamics between public and private markets.
ASIC has warned private market operators as it moves to expose the opaque market to greater transparency.
Despite easing rates, the Australian private credit market is poised to continue attracting investors seeking stable, income-generating alternatives to traditional fixed-income assets.
Despite global uncertainty, Australia’s private credit market is predicted to see strong growth in 2025, fuelled by business lending and attractive returns, as the Reserve Bank’s cautious rate cuts support continued demand.
Can defensive investments protect your portfolio and provide stability? Zagga’s Director of Investment & Risk, Tom Cranfield, shares the strategies and opportunities you need to know about.
The important news in the first month of 2025 centred on a further sharp deceleration in inflation, the full pricing in of a series of interest rates cuts from the RBA and the start of the Trump Presidency in the US.
The other major issue to unfold in Australia is falling house prices at a national level, but it remains the case that market conditions are uneven from city-to-city…
Explore the causes of Australia’s housing shortage, its impact on the economy, and potential solutions for individuals to address this pressing issue.
We are very pleased to report that all Funds across the Zagga portfolio have performed very well for the period ended 31 December 2024.
ZCF has been assigned a VERY STRONG rating indicating a very strong level of confidence that the manager can deliver a risk-adjusted return in line with its investment objectives. Foresight Analytics & Ratings designation as a COMPLEX product indicates that the underlying assets require specialist investment skills to acquire, manage and monitor.
A busy 2024 ended with the RBA holding official interest rates where they started the year – at 4.35 per cent.
Explore the world of commercial real estate debt in Australia. A strategic allocation to private commercial real estate debt: A pathway to defensive returns
Discover the intricacies of real estate private credit in Australia. This article explores the recent growth of this alternative asset class and offers valuable insights into the future of real estate private credit.
CEO & Co-Founder, Alan Greenstein, reflects on 2024, the challenges and opportunities for the Australian economy and the private credit sector, and what these mean for our clients.
Tom Cranfield, Director, Investment & Risk, joined Ausbiz to discuss the critical role private credit plays in financing sustainable housing and tackling Australia’s housing supply shortage.
Insights from industry experts on navigating a shifting economic landscape at a recent Zagga Fireside Chat where the panel discussion centered on the topic “Adapting to change: The opportunities and challenges for developers and investors in a shifting economic landscape”.
The commercial property market has become a cautionary tale for many investors as they turn to private credit as an alternative pathway to property, writes Tom Cranfield, Director, Investment and Risk.
The RBA has now held official interest rates steady for more than a year despite the substantial fall in inflation, the weak economy, the slowing in wages growth and the flood of interest rate cuts around the world.
With the commercial property market facing challenges, private credit is becoming a smart way for investors to still get good returns while avoiding too much risk.
Leading boutique private credit investment manager, Zagga, has partnered with award-winning, celebrity landscape designer, Jamie Durie, on his latest project, a luxury home set to be one of Australia’s most sustainable builds.
Zagga, has partnered with award-winning, celebrity landscape designer, Jamie Durie, on his latest project, a luxury home set to be one of Australia’s most sustainable builds.
With many economists expecting the Reserve Bank to start cutting interest rates in early 2025, returns on term deposits could feel the pinch. Private credit is an alternative, but those pursuing this investment option will need to do their homework – thoroughly.
Private real estate credit in Australia offers a unique investment opportunity for investors looking to diversify their portfolios, access defensive assets, and achieve attractive risk-adjusted returns. With the market for private credit continuing to grow, and non-bank lenders becoming more prominent, this asset class represents a valuable addition to a well-balanced investment portfolio.
Discover the intricacies of private debt, its role in the Australian market, and how it can benefit your investment strategy. Explore the advantages and risks, and learn how Zagga can help in your investment journey.
Zagga Director, Frank Hageali says the growth of the non-bank lending sector warrants a framework. He says it could include accreditation, compliance, CPD and education, regular communication of industry related matters to members, membership, committees and potential rating systems.
The last month has seen what might be called “green shoots” of an economic recovery in Australia, aided by an easing in cost of living pressures as inflation has retreated towards the RBA target band.
It is important to note that these encouraging signs are from a weak starting point – it is too early to be confident of a meaningful economic recovery, but it is encouraging to see some better news.
Private credit can avoid the volatility often seen in public markets for products such as bonds – which are extremely sensitive to interest rate movements and sentiment – instead, providing a predictable income stream based on the loan’s interest rate and duration.
Looking for higher returns and diversification? Dive into alternative real estate investments in Australia – discover new opportunities & explore how Zagga can help you build a stronger portfolio.
Unlock attractive returns in the Australian commercial real estate market. Explore debt opportunities, market trends, and how Zagga can help investors achieve their financial goals. Contact us today!
Despite playing an important role in the property ecosystem, CRED is often shrouded in myths and misinformation. Here, we help you master the CRED market, busting myths, understanding the role of alternative lenders, and providing tips and tricks on navigating this growing asset class.
This sad wreck of a terrace house in Sydney’s Redfern, abandoned by its owner, then occupied by a squatter and, as a final insult, set on fire, was once labelled ‘Australia’s worst house’.
In summary, economic growth in the Australian economy remains weak, the unemployment rate is rising, wages growth is slowing and inflation is falling back towards the RBA’s 2 to 3 per cent target. The interest rate hikes since May 2022 are working.
The Zagga CRED Fund is now available for investment by wealth advisors in Japan, catering to the increasing demand among investors for alternatives that provide stable returns and serve as a hedge against market volatility. This expansion underscores Zagga’s commitment to offering its innovative investment solutions to a broader audience.
According to the non-bank lender, this “significant milestone” will assist a growing cohort of Japanese investors seeking exposure to Australian real estate private credit for its income-generating, diversification, and defensive characteristics.
Real estate private debt can offer unique benefits, for both investors and borrowers. For income-seeking investors, the offer of attractive, reliable and risk-mitigated returns backed by a tangible, real property asset can be a compelling investment case.
The Federal Government is acutely aware that property prices are a simmering intergenerational issue and while ‘build more homes’ seems like a sensible solution, the reality is achieving this goal is more difficult than the campaign slogan sounds.
Private credit can avoid the volatility often seen in public markets for products such as bonds – which are extremely sensitive to interest rate movements and sentiment – instead, providing a predictable income stream based on the loan’s interest rate and duration.
Explore the dynamic and rapidly evolving world of Australian commercial real estate debt in this webcast featuring Zagga Director, Tom Cranfield.
Zagga has carved a niche in the finance industry by providing innovative lending solutions that resonate with today’s challenges. Tom will share insights into what makes Zagga stand out in the competitive finance landscape, discuss the current economic environment, and share a few ‘war stories’ from the field.
In what could turn out to be an unwelcome tension in the economy, the weak economy continues to underpin a lift in the unemployment rate, while the pace at which the rate of inflation is falling is slower than the RBA would like.
Our FY24 numbers are in and we are incredibly proud of the result delivered through much hard work by our exceptional team across five locations and the support of our investor and borrower clients.
The broad economic themes that kicked off 2024 remain in place, with economic weakness, unemployment moving higher and inflation set to fall to the RBA’s 2 to 3 per cent target.
Explore private debt investments as a stable and credible alternative to traditional methods. Learn how to access investment opportunities in commercial real estate debt, understand risks, and potentially boost your portfolio returns. Contact Zagga to discuss your options.
Recently returned from a trip to a number of SE Asian countries, Zagga CEO & Co-Founder, Alan Greenstein, shares his thoughts on the increasing appeal of Australian real estate private credit among family offices in the Asia-Pacific region amidst global economic shifts and how this alternative asset class can be an attractive option for both foreign and local investors.
Australian investors seeking alternative investments? Explore active vs. passive investment strategies and discover why real estate private credit fund might be worth considering.
The Vue le Pont development is a multi-level building designed to the highest standard, with views of Sydney Harbour, the bridge, and the city. It is expected to garner appeal from locals, expats, and high-net-worth international buyers, who are looking for ‘lock-up & leave’ right-sized product situated within the local neighbourhood.
The Australian private credit asset class has become increasingly popular among investors, so it’s no surprise that the number of investment managers in this space has grown to meet the demand. One of the appealing aspects of debt-based investments is the ability to provide capital protection by holding a registered mortgage security over a real asset.
The past month was dominated by news of weaker economic growth, a still fragile labour market and an upward blip in inflation. There was no surprise when RBA left interest rates steady at 4.35 per cent after its June meeting, meaning there has been no policy change since the last rate hike in November 2023.
We have grown from an idea into an independent alternative investment manager focused on commercial real estate debt. Looking ahead, we are excited about the opportunities available to us, and our ability to originate secured investments, underpinned by high-quality commercial real estate assets, with strong, credible counterparties, offering consistent returns.
Learn how alternative investments like commercial real estate debt can complement traditional portfolios for less volatility and more reliable income
Explore feeder funds vs direct investments in real estate private credit. Diversify your portfolio by investing in this growing asset class – discover the best approach for you.
The Australian property market continues to deliver stable results in most jurisdictions despite the higher cost of living currently being experienced by many Australians… The construction sector remains tight with pressure on supply-chains relating to materials and labour evident, however we are seeing trends suggesting we are at, or very close to, the top of the price-hiking cycle.
SMSF investors can access private credit opportunities through the Zagga CRED fund, which is a unitised version of the Zagga Feeder Fund. The underlying investments for the offering are high-quality, mortgaged-secured loans in the commercial real estate sector.
Markets are volatile. Weak economic conditions and falling inflation has rekindled expectations of interest rates cuts in Australia and much of the industrialised world in coming months… The next readings on inflation and unemployment will be critical in the timing of those cuts.
Debt is one of the most fundamental layers of the commercial real estate capital stack. Explore the nuances of the different layers of debt and equity to understand the important role of debt in the overall capital stack.
Debt is one of the most fundamental elements of the commercial real estate capital stack. Explore the nuances of the different layers of debt to understand the role it plays in the overall capital stack.
Australia is still in the midst of a housing crisis. House prices have risen for 15 consecutive months. Rents are soaring. Demand is outstripping supply. Alan Greenstein talks to Sean about the potential for private credit to make a difference to the housing crisis.
The Australian economy has continued to track at a low growth rate with inflation continuing to ease. As a result of these trends, the RBA has moved to a clear neutral bias dropping the ‘next move is likely to be up’ comments at its March meeting.
NSW continues to grapple with a significant housing shortage. Economic forecasts project a substantial increase in population over the next five years, further exacerbating the current housing situation… Looking forward, we remain buoyed by the market opportunity for us to fund many future projects.
Explore commercial real estate debt funds – an alternative investment option that can provide regular income and capital preservation benefits, all secured by Australian real estate. Invest via a real estate debt income fund for professional management and diversification benefits. A credible alternative for income-seeking investors.
As we step into the second quarter of 2024, it’s imperative to reflect on the economic landscape that shaped the preceding months. In Australia, the first quarter of 2024 was marked by a blend of optimism and caution, as various sectors navigated through both challenges and opportunities. Among the focal points of discussion was the state of commercial real estate debt (CRED), a critical component influencing the overall economic outlook.
Sick of riding the ups and downs of the sharemarkets? Explore alternative asset classes for stable, risk-adjusted returns, diversification and capital preservation. Learn about private credit, alternative real estate investing and more.
The Zagga Investments Lending Trust rated 4-star, SUPERIOR rating for fourth year running.
While there remain reason to be cautiously optimistic about the outlook for the economy later in 2024, the RBA needs confirmation that inflation is tracking towards the mid-point of its 2 to 3 per cent before moving to cut rates. This is likely to come the next quarter or two as the current sluggish growth dampens the pricing power of business and with that inflation is driven lower.
Discover the strategic significance of alternative investments in achieving a truly diversified portfolio. Explore the key benefits and challenges of diversification, and learn how incorporating alternative assets can enhance your risk-adjusted returns.
Current economic, real estate and investment trends driving the discussions at the PERE Asia Conference underscore the promising outlook for investors in private credit. The appealing fundamentals of Australia, coupled with the preference for fixed income strategies and low volatility, highlight the need for private credit to be a key component of every investor’s portfolio.
We recently shared news that our very own, Frank Hageali, Zagga’s Director, Property & Risk, has been appointed a member of the Property Council of Australia’s NSW Precincts Committee. As part of this new appointment, we asked Frank to share insights on the topics dominating media headlines: housing challenges, affordability issues, construction challenges and effects of inflation.
As risk-averse banks pull back from lending, a significant opportunity is rising for developers and investors.
Over the past four years since COVID, alternative investing has undergone a noteworthy expansion, particularly within private portfolios. This blog aims to delve into the democratisation of access for investors and the evolving role of alternative assets in diversified portfolios.
There are reasons to expect a better second half of 2024 for the economy: Income tax cuts will take effect from 1 July 2024, the prospect for interest rate cuts, rising real wages and a positive wealth effect for households from housing and the strength in the stock market.
As we approach the end of the interest rate rising cycle, we are seeing various indicators stabilise, including building materials, supplies, and stock. This is a positive sign that the market is adjusting, and we are closely monitoring these trends.
For Zagga, the year has begun, much like it ended, with a spate of activity. It was very pleasing, during the final quarter of 2023, to see several extended loans discharging, offering an opportunity for investors to re-cycle their money into fresher opportunities. We look forward to this trend continuing through 2024, as the industry implements solves for the various factors that caused these delays.
Cost pressures, labour costs and the interest rate hiking cycle have been headwinds to the sector in 2023. For 2024, with cost pressures easing and the labour market problems abating, the sector is poised for a stronger 2024 and 2025.
“It’s going to be a tough first half of 2024, I think, for the economy. But when we get to the second half, the tax cuts that we’re hearing so much about, will come through. If we get interest rate cuts and inflations under control, then the second half of 2024 will be a better year for the economy. And we could even have a pretty strong outlook for 2025.”
In today’s multifaceted investment landscape, sophisticated investors are seeking alternative investment opportunities which provide a more attractive return for risk proposition with lower volatility than what is currently available in the public markets.
2023 ended with a clear and marked slowdown… The key issues early in 2024 will be the extent of the fall in inflation – if it falls earlier and more aggressively than the RBA is currently forecasting, the start of the interest rate cutting cycle will be brought forward to the first half of the year.
At Zagga, we are pleased to have successfully navigated the turbulent waters of the past 12 months… We close 2023 with a sense that economic and market conditions overall will start to improve, with some sunlight now peeking through the clouds… We look forward to the continued support of all of our stakeholders as we sail into 2024. We are ready for whatever the conditions might be.
Zagga explains the mechanics of this alternative asset class, which can serve as a defensive investment option for income-focussed investors.
How reputable finance brokers select the right investment managers for their clients in times of uncertainty In the Commercial Real Estate Debt (CRED) sector, stakeholders
A new unitised fund – An alternative investment option for income focused investors that provides equity like-returns with debt security.
Why is there a market for private lending and non-bank lending in Australia? Who is it for and what are the risks of private and non-bank lending?
House prices continue to rise at a solid pace with the strong demand / weak supply dynamics still at play… but the largest cities continue to register large price increases. Since the low point early in 2023, house prices have risen 8 per cent to be at a new record high. Importantly, auction clearance rates have turned down from the mid 2023 peak, while at the same time new listings of properties for sale are rising as sellers take advantage of what are positive issues for them to list their property.
In the second part of this series ‘Demystifying Private Debt: Separating Fact from Fiction”, we aim to debunk common myths and provide clarity, drawing from our team’s combined experience in credit, property, private debt and investment management.
Following a spate of builders collapsing, it’s crucial for investors to seek experienced CRED investment managers to protect and grow their capital.
A guide to income investing: Understanding different investment options that generate passive income.
One of the key issues for the Australian economy in 2023 has been the strength in house prices… The end point… is that house prices are set to rise by 10 per cent in 2023, not fall 20 per cent, as the demand and supply dynamics underpin prices across all capital cities and in many regional areas. From an economic perspective, this is good news.
These events have had a significant impact on global financial markets which have reaction by pricing in a higher probability – but not a certainty – that official interest rates will need to rise further to squash any re-emerging inflation pressures while at the same time, expectations for interest rate cuts have been dramatically scaled back.
In this series ‘Demystifying Private Debt: Separating Fact from Fiction”, we aim to debunk common myths and provide clarity, drawing from our team’s combined experience in credit, property, private debt and investment management.
The Capital Stack: A comprehensive guide for all Real Estate Investors. The importance of understanding both sides of the real estate coin.
As we look to build on the foundations established since 2017 and to grow our business, we remain committed, not only to sourcing top quality alternative investment options from our accredited borrower clients and trusted introducers, but also to innovate and diversify the manner in which these can be structured and delivered to best effect and to meet the expanding requirements of our broad investor base.
Boutique investment manager and non-bank lender Zagga has launched its initial unitised private debt fund aimed at providing investors with access to an asset class that can operate as a hedge against the rising interest rates currently pervading the Australian economy.
Boutique investment manager and non-bank lender Zagga has announced the launch of its inaugural unitised private debt fund, the Zagga CRED Fund (ZCF). According to the firm, given the asset class’ ability to serve as a robust hedge against rising interest rates, the fund presents as a compelling alternative for advisers aiming to increase their clients’ allocation to private debt in the current inflationary climate.
Boutique investment manager and non-bank lender, Zagga, announces the launch of its inaugural unitised private debt fund, the Zagga CRED Fund (ZCF). The introduction of this unitised fund underscores the growing appetite among financial advisors and wholesale investors for fixed-income investment alternatives.
This STEPtember, the team at Zagga are proud to be joining a community of over 120,000 Australians moving together to drive meaningful change for people with cerebral palsy. Our aim is to move 10,000 steps – or its equivalent – per team member, per day for the full 30 days! It’ll be a worthwhile challenge knowing we’re fundraising to support people with cerebral palsy.
Commercial Real Estate Debt (CRED) plays a pivotal role in the world of real estate investment. It’s a financial instrument that allows investors to participate
The 1.2 million dwelling target would mean…. just under 20,000 private sector dwellings per month every month for five years on average… a major positive for the construction sector with an extended upswing.
Zagga’s general market overview provides insights into the Official Cash Rate, Inflation, Population & Employment, and Housing.
In the currently inflationary environment, individuals are rightfully seeking avenues that can offer stability in volatile markets, portfolio diversification and capital preservation opportunities as well as a hedge against rising interest rates and inflation.
Strong demand from rapid population growth in concert with limited supply because of relatively soft rates on new dwelling construction are seeing house prices continuing to rise. The price increases are across all capital cities and are extending to most regional centres.
In the currently inflationary environment, individuals are rightfully seeking avenues that can offer stability in volatile markets, portfolio diversification and capital preservation opportunities as well as a hedge against rising interest rates and inflation.
While there remains clear evidence of the economy slowing, Stephen Koukoulas, Zagga’s Economist ‘in residence’, also acknowledges the positive trends currently coming to light: “House prices are… stronger, being in the early stages of a cyclical upturn with a surge in demand for housing coming from sharply higher immigration and supply being constrained by low levels of new dwelling construction.”
The answer is YES. There are more ways to gain exposure to property than simply buying into it. Debt-based real estate investments have grown in popularity and availability in recent years due to a number of factors.
House prices are rising. This has a range of important implications particularly when it comes to the cost effectiveness of new construction and the medium term outlook for the dwelling sector. If what we are seeing on house prices is the early stages of a price uplift, even of moderate proportions, the incentives for builders moves in favour of new construction.
Introducing Stephen Koukoulas We are thrilled to announce that we have engaged Stephen Koukoulas, a renowned economist, past Chief Economist of Citibank and Senior Economic
With official interest rates nearing their peak, having been hiked 375 basis points since May 2022, the Australian economy is slowing.
The Zagga Investments Lending Trust rated 4-star, SUPERIOR rating for third year running.
Different businesses will have different environmental impacts, and there is no single approach to addressing these impacts that works for everyone.
Environmental, Social and Governance (ESG) considerations have become increasingly important in the investment industry over the past few years. To try and better understand the
Australia has lots to offer to CRED investors and Zagga has carved its niche amongst the Australian non-bank lenders and alternative asset managers.
While headlines may suggest the property market is falling, the bigger picture suggests that over time, the market is remarkably resilient.
Zagga CEO spoke with Michael Downing from Ethium Wealth and shared his thoughts on the macroeconomic environment
As part of our growth journey, and in adding to our pool of deep experience and multi-disciplinary knowledge, we are pleased to announce new appointments to the Zagga team.
We are pleased to announce that Nikki Kemp has been appointed independent Chair of the Zagga
ESG Advisory Committee.
Alan Greenstein talks to Sean Aylmer (Fear and Greed) about the wild ride for parts of the property market, and where he sees the opportunities for investors in the midst of a global inflation storm.
Sydney, 1 December, 2022 – Zagga, the boutique investment manager and non-bank lender, has surpassed the $1 billion originations milestone with record originations growth in
Prospective investors into this growing asset class often ask the question –
Why does a gap exist between bank and non-bank funding? If these loans are creditworthy, why would the banks not fund them?
Marketplace lender, Zagga, recently partnered with UTS to design a machine learning algorithm that predicts investor behaviour to shorten the matching process. But what ramifications
Source: Mortgage BusinessBy Annie Kane07 December 2020 Crowd Bank, a Japanese crowdfunding platform, has entered into the Australian market after becoming an investor in marketplace
Source: Australian Fintech03 December 2020 Japanese crowdfunding platform Crowd Bank is venturing into the Australian small business lending market, tipping A$50 million into Zagga, a marketplace
Japanese crowdfunding platform Crowd Bank is looking to break into the Australian market through a $50 million funding deal with alternative lending platform Zagga.
With private lenders predicted to provide more than $50 billion in commercial real estate lending by 2024, Zagga’s white paper uncovers the two key factors driving growth.
A major challenge for SMSF investors is their of lack understanding of alternative asset classes and products such as peer-to-peer lending, one lender has said.
A lack of diversification and limited exposure to debt-based products was constraining the portfolios of Australian SMSF trustees and a new approach to income investments was needed, according to marketplace lender Zagga.
The Australian investment market of 2017 is evolving rapidly. Low interest rates and global monetary policy have pushed yields to record lows. Property prices have reached “bubbly” …
We would like to acknowledge the Traditional Custodians of the lands, seas, and communities in which we provide our services. We would also like to pay our respects to the Elders past, present and emerging, and the continuing cultural influence they have on Australia.
Zagga Market Pty Limited (Australian Credit Licence 490904) ACN 611 662 401 acts as the Servicer of loans acting on behalf of the credit provider, Zagga Investments Pty Limited (AFSL 492354) ACN 615 154 786, trustee of the Zagga Investments Lending Trust
All portfolio numbers quoted correct as at 31 January 2025.
*Average investor return across the active portfolio as at 31 January 2025.
**Target return is after expenses and any applicable management fees for the year ending 30 June 2024. OCR = Australian Reserve Bank Official Cash Rate.
Past performance is not a reliable indicator of future performance and investments are subject to investment risk, fees and costs. Returns are not guaranteed.
Prospective investors wishing to invest in a Zagga direct investment or a Zagga Fund should fully consider the Information Memorandum, ZFF Fact Sheet and/or ZWF Brochure, available from Zagga, before applying to invest. Investments are subject to risks.
Articles on this website have been prepared by Zagga Investments Pty Limited (AFSL 492354) ACN 615 154 786 (Zagga) for information purposes only. It doesn’t take into account your objectives, financial situation or needs, nor is it intended as a substitute for any accounting, tax or other professional advice, consultation or service. Nothing in this article shall be construed as a solicitation to buy or sell any financial product, or to engage in or refrain from engaging in any transaction.
Past performance should not be taken as an indication or guarantee of future performance and no representation or warranty, express or implied, is made regarding future performance. Economic conditions may change.
Any analysis provided in this article is based on information obtained from sources believed to be reliable but Zagga does not make any representation or warranty that it is accurate, complete or up to date. Zagga accepts no obligation to correct or update the information or opinions in it. Any opinions expressed in this article are of the author and is subject to change without notice. Readers are reminded to exercise caution and use their own judgment when interpreting and applying the information contained in this article No member of Zagga accepts any liability whatsoever for any direct, indirect, consequential or other loss arising from any use of such information.
