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A Fresh Start in 2018 (ii)

Part 2: Why EM Private Markets. In Part 1 of this blog-post, we discussed the liquidity curse in developed markets (DM). Investors can be trapped by following accepted norms of asset allocation. The liquidity curse is particularly difficult to escape if one further suffers from Core/Periphery Disease and considers emerging markets (EM) as somehow ineligible for major

A Fresh Start in 2018 (i)

Part 1: Why Reduce DM Liquid Market Exposures. It is not always the case that the intelligent thing is to do the stupid thing first.  The herd can not only be wrong but can trap you from getting out.     Bubbles and Risks in Developed Markets Given the youthful demography of the City and

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The Great Distraction

I was recently asked why it is that sterling fell after the Bank of England finally put interest rates up.  The stock answer is that it is all about market expectations. The rate rise was fully priced in already, and the market was disappointed that there was not a greater indication of more near-term increases.

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