Nickel and Diming about a quarter per cent: Why is the Fed talking in terms of number of rate increases and not levels, and should we care?

Episode 31/03/2017  

Wednesday’s triggering of Article 50 was a non-event in financial markets; an event more symbolic than anything else. Meanwhile in the US, two Fed officials were discussing their views on… 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 and global inflation: A cyclical turn or something more lasting?

Episode 16/03/2017  

Though they might not admit it now, a number of commentators argued in the immediate post-crisis years that quantitative easing (QE) would cause inflation to rise to worrying levels in… 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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Rising stock dispersion does not mean investors are ignoring macro risks

Episode 24/02/2017  

It has been a tough five years or so for active equity managers in the US. In the main, correlation between different stocks has been high and the dispersion low…. 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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Are European investors complacent about political risks?

Episode 15/02/2017  

In the depths of market pessimism in the middle of last year Aaron wrote about how investors seemed to have given up any hope of interest rates ever increasing. That… 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 future of income, part 2: Is it really harder to generate income today?

Episode 02/02/2017  

There are a couple of (related) subconscious assumptions that investors seem to hold today. The first is that we are in a low return world, and the second is that… 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 future of income, part 1: Can income strategies survive US interest rates hikes?

Episode 27/01/2017  

The past week has been rich in press conferences, speeches and comments from world leaders and entrepreneurs. Despite some inconsistencies, surprises, and doubts, they all seem to agree on an… 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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