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Specials

Recession Risk? Not Yet, Says The Corporate Bond Market (3 min read)

By John Tierney | September 19, 2019

Calling the next recession has become a favourite parlour game for the talking-heads and pundits who opine on market matters. It’s understandable why, given the ongoing trade war, global slowdown, and persistent geopolitical uncertainties – and of course, let’s not

Central banks Need Engineers Not Economists! (3 min read)

By Gary Licht | September 18, 2019

Own goals from the ECB and FED this past week highlight yet another secular trend in the current paradigm shift: the rise of the engineer and the fall of the economist. While both deploy a mathematical toolkit, economists are ideologues

FOMC Preview: Easing for Markets Helps a Levered Economy (5 min read)

By George Goncalves | September 18, 2019

Since the July Fed rate cut of 25bps and the conclusion of its balance sheet roll-off (known as quantitative tightening, or QT for short), there have been many major markets moves. These include a massive duration rally and then a

Deep Dives

The Post-Globalisation Economic Model (4 min read)

September 11, 2019

  Dani Rodrick. Straight Talk on Trade: Ideas for a Sane World Economy (Princeton: Princeton University Press, 2018), 336pp. Reviewed by Bilal Hafeez.   The Post-Globalisation Economic Model Harvard economist

Factor Premia: The Best Long-Term Investment Strategy? (5 min read)

September 11, 2019

The holy grail of financial market investing is to find investment or trading rules that consistently make money over time. And while no one has found a rule that always

Gamma, Gamma, Gamma: A Move after Midnight (6 min read)

September 11, 2019

Thorsten Roland Wegener spent twenty years trading equity derivatives and was a partner at Bear Stearns. Currently, he teaches as well as cooking, driving, and cleaning lots. His biggest professional

Best of the Web

China’s African swine fever crisis ‘very serious’ with stocks falling and pork prices set to hit all-time high

April 30, 2019

From South China Morning Post: China has culled 1.02 million pigs since August, with a total of 129 cases discovered, according to the Ministry of Agriculture and Rural Affairs But industry insiders say the real situation could be much worse,

The decoupling of GDP and energy growth: A CEO guide

April 30, 2019

From McKinsey: Energy intensity is decreasing, renewables are gaining, and new efficiencies are on the way. Here’s how to build the resilience you need to navigate rapid change. Click here for the full note

Podcasts

Dr. Anas Alhajji: Oil Market Update (Macro Voices, 27 min listen)

September 17, 2019

(You can listen to the podcast by clicking here) In this episode, energy markets expert Dr. Anas Alhajji interprets recent structural changes in the upper echelon of Saudi Arabia that might impact the global oil market. He stressed that the

Louis-Vincent Gave: Last Week’s Dislocation Between Value and Growth (Macro Voices, 18 min listen)

September 17, 2019

(You can listen to the podcast by clicking here) CEO of Gavekal Research, Louis-Vincent Gave sees a massive outperformance of growth stocks, tech stocks, and US stocks, all of which investors should be sensitive to. His clients are confused –

The “Liquification” of Private Markets is Underway (Bloomberg Markets P&L, 28 min listen)

September 17, 2019

(You can listen to the podcast by clicking here) In this wide-ranging episode, Christopher Wolfe from First Republic Private Wealth Management talks about how equities in the US public market are now yielding lower returns, and how the low cost

China Digest from the Web

How Exposed are U.S. Investors to China? (Seafarer Funds, 5 min read)

August 29, 2019

(You can read the article by clicking here) Nicholas Borst, Director of China Research at Seafarer, de-mystifies the actual positions that US investors hold in the Chinese capital markets. ‘Foreign Direct Investments’ (FDIs) into China have nearly doubled since March

China’s Hong Kong Dilemma (The New Yorker, 3 min read)

August 29, 2019

(You can read the article by clicking here) The protests and conflicts in Hong Kong have been escalating since they began in June. Being unable to find a mutually satisfying solution could have disastrous consequences for the Beijing government both

Flailing at China (Project Syndicate, 4 min read)

August 29, 2019

(You can read the article by clicking here) Professor Stephen Roach discusses how changes in China’s economic policies shaped his course, ‘The Next China’, at Yale University. To address the ‘Four UNs’ (unstable, unbalanced, uncoordinated, and unsustainable) that may undermine

Investor Positioning

August 20, 2019

Forecasts: US 10y Yields

August 20, 2019

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