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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US yield curve flattening: nothing to see here

Episode 15/11/2017  

The flattening of the US yield curve has inspired much commentary and hand-wringing in certain quarters lately. The concern is overdone. Looking back at periods of rising US policy rates… 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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Snap (election) chat: why the real risk could be to ignore Japanese equities

Episode 04/10/2017  

Last week, Japanese Prime Minister Shinzo Abe called a snap election trying to capitalise on increased public support over the summer, as the North Korea issues intensified. If the election… 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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A summary of Q3 2017: synchronised expansion, bubble fears and policy confusion

Episode 02/10/2017  

Equity markets generally delivered strong returns The MSCI All Country World delivered 5.1% in Q3, with most major markets providing positive returns: Brazil was a notable standout on the positive… 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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Looking stupid and unpopular on Brexit

Episode 21/09/2017  

One thing that behavioural finance teaches us is that it’s often only after we have already made a decision that we seek to rationalise it. Moreover, when the issue is… 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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US households: rarely had it so good?

Episode 01/09/2017  

With Korean missile launches, Trump’s tweets, Hurricane Harvey, NAFTA negotiations and Brexit battles, journalists have plenty to keep themselves busy. Of course, some of today’s headline-grabbing events might bring profound… 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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Jackson Hole-lotta nothin’

Episode 29/08/2017  

Each year at Jackson Hole policy makers and economists around the world meet to discuss the issues of the day. Attention on policy makers has intensified to extremes since the… 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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