A few months ago, Anthony wrote about inflation hedging (see here) and referred to an IMF paper which suggested that ‘traditional asset classes’, most notably equities, don’t fare well if inflation increases, which is something to bear in mind…
Monthly Archives: May 2011
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High Yield On Course for Record Issuance in 2011. Are lenders already repeating the mistakes of 2006/7 ?
- Topics
- credit rating, high yield
Posted May 24th, 2011
It has been almost three years since the collapse of Lehman Brothers back in September 2008. The High Yield market has staged the sort of recovery few imagined possible, with each recent month bearing further witness to increased risk taking,…
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Pyrrhic victory is a term that is used when you win the battle but lose the war. In this case, the battle as defined by the ECB is maintaining price stability at or just below 2 percent. This battle –…
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UK CPI inflation jumped from 4.0% to 4.5%, versus expectations of only a slight increase to 4.1%. Core CPI, which strips out food and energy prices, soared from 3.2% to 3.7% and is now at easily a record high (data…
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NS&I Index Linked Certificates – a government subsidy for rich savers
- Topics
- government bond markets, government bonds, RPI
Posted May 16th, 2011
Get `em while they’re hot. The new National Savings inflation linked certificates were launched on Thursday last week, to great rejoicing on the money pages of the newspapers. And rightly so – these are a gimme. Although the rate of…
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Career opportunities – the ones that never knock. With youth unemployment rising steadily in the UK, where are the protest songs?
- Topics
- recession, unemployment
Posted May 13th, 2011
“Wham, bam – I am, a man Job or no job, you can’t tell me that I’m not. Hey everybody take a look at me I’ve got street credibility I may not have a job but I have a good…
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Following on from last week’s ECB press conference, on Wednesday this week we had the quarterly Bank of England Inflation Report. Amongst the questions asked at the press conference were a couple on the serious issue of the stability and…
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So we’re all being financially repressed in the developed world – but does that really mean poor bond returns? (+ competition time)
- Topics
- CDs, Financial repression, Yield curve
Posted May 10th, 2011
I attended an interesting lecture last year by Carmen Reinhart (hosted by RBC) where she predicted an era of negative real returns for investors in developed market sovereign bonds. This was due to what she termed ‘financial repression’, as the…
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As fund managers we sift through a huge amount of information, in the desire for finding good and avoiding bad investments. Writing these blogs entails a further distilling of these ideas into a single point. One of the things we…
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