Author Archives: Eric Lonergan

About Eric Lonergan

Eric Lonergan joined M&G in 2006 as a member of Dave Fishwick's multi asset team. Eric is currently manager of the M&G Episode Defensive Fund, launched in September 2012, as well as co-manager of the M&G Episode Macro Fund, launched in 2010. Prior to joining M&G, Eric was managing director and head of macro research at JP Morgan Cazenove. He has a BA in politics, philosophy and economics from Pembroke College, Oxford, and an MSc in economics from the London School of Economics.

Volatility – virus, bubble, or both?

Episode 09/02/2018  

Have we climbed the ‘wall of worry’? Or: How I learned to stop worrying and love the boom… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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The range of irrelevance for interest rates

Episode 05/01/2018  

Despite the fact that interest rates determine all asset valuations, there is nothing close to a general theory of interest rate determination. In 2016, I wrote about the flaws of… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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What would a UK Sovereign Wealth Fund look like?

Episode 15/12/2017  

Last month, Tristan Hanson and I made a proposal for a sovereign wealth fund (‘SWF’). It triggered a substantial debate. How would it operate in practice? Are we trying to… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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Is Bitcoin a fraud? – Its significance may lie beyond its current price

Episode 14/09/2017  

As if the stellar returns of bitcoin this year weren’t enough, the cryptocurrency gained more attention last night as JP Morgan CEO Jamie Dimon called it a ‘fraud’ that will… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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What you’re used to might not prevail: Neo-nationalism Era

Episode 06/07/2017  

Political developments have dominated market commentary for much of the last two years. However, such commentary is often overly focused on short term considerations: trying to forecast short term price… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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Income and robots: the economics of partying too hard

Episode 14/06/2017  

The recent shifts in political ideology around the world have been fought against a background of increased tensions over wage levels and a fear of job insecurity in the wake… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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New Video: The new era of Neo-nationalism

Episode 03/03/2017  

Eras of political and economic consensus define the risk characteristics of assets; what is risky and what is safe depends on the regime we are living in.  As an example,… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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Rising stock dispersion does not mean investors are ignoring macro risks

Episode 27/02/2017  

Earlier this year, Matthew Klein at FT’s Alphaville, made a typically punchy and well-argued case for abandoning a cornerstone of the current macro policy framework – the NAIRU. This inelegant… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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Has the Bank of Japan solved the ‘Piketty problem’? Japan’s unlikely re-distribution

Episode 20/02/2017  

Why is the Bank of Japan (BoJ) trying to raise the rate of inflation? Taking account of its demographic profile, Japan’s economic performance has been impressive by developed world standards,… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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Thoughts on the US Rate Rise

Episode 15/12/2016  

Markets remain obsessed with relatively minor changes in US official interest rates expectations. The FOMC revealed that at least three interest rate increases next year look reasonable, slightly higher than… Read more »

The value of investments will fluctuate, which will cause prices to fall as well as rise and you may not get back the original amount you invested. Past performance is not a guide to future performance.


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