The reversal of Operation Twist and ramifications for the yield curve

Bond Vigilantes 26/04/2018  

The flattening of the yield curve is carefully watched by investors as it is traditionally a good indicator of an economic slowdown. However, we always need to question conventional wisdom,… Read more »

Does the U.S. yield curve predict wider credit spreads? Also, goodbye to Hamish Watson

Bond Vigilantes 17/04/2018  

As the U.S. yield curve flattened to just 45 bps (2s-10s) last week, we dug out something I wrote back in 2007, in the early days of this blog. A… 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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Do you know your odds?

Equities Forum 12/04/2018  

This Saturday (April 14th) sees the 175th running of the Grand National, the most famous jump race in the world. With thrills and spills throughout its 4-mile, 4-furlong length, 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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Facebook – House of Cards?

Equities Forum 05/04/2018  

Stories in the media about fake news, Russian trolls, secretive organisations like Cambridge Analytica improperly using personal data to influence political elections – it all sounds like something out 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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Carillion case study: All was not what it seemed

Bond Vigilantes 16/02/2018  

In its 2016 Annual Report entitled ‘making tomorrow a better place’, Carillion claimed they had ‘a good platform from which to develop the business in 2017’. Less than ten months… 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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Can bond markets digest the huge supply of U.S. Treasuries that will be issued this year?

Bond Vigilantes 15/02/2018  

The United States government routinely finances itself through short-term debt, which is normally less expensive than long-term debt, due to the upward sloping nature of the U.S. yield curve. This… 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 tax reform – unleashing of ‘animal spirits’?

Equities Forum 07/02/2018  

In this month’s update Ritu Vohora, Investment Director, looks at the implications for US tax reform on equities. How much is priced in already and will the new fiscal stimulus… 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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Green securitisation – the ‘green’ paradigm

Bond Vigilantes 26/01/2018  

The global securitised market was valued at $9.8tn at the end of 2016 and, in recent years, some of these asset backed securities (ABS) have made an imprint on the… Read more »

Is this a turning point for bonds?

Bond Vigilantes 24/01/2018  

My view is that the US economy is nearer to overheating than slipping into recession. The strength of the US economy is typified by the labour market in many ways…. Read more »