Most headlines today will focus on the US Federal Reserve's decision to taper

Most headlines today will focus on the US Federal Reserve's decision to taper. Ignore the headlines. This means very little, the scale of tapering is almost insignificant for Australian investors. US 10 year bond yields have barely moved on the news - still below 3% for the time being - this is our key focus. Everything else is noise so let's move on. The local stock market will rise on the news, but the full story isn't being told. In this short note we discuss why the Australian stock market has this year been one of the worst performers in the developed world. (VIEW LINK)