Monthly Archives:

November 2019

Elizabeth Warren has a plan: US investors pay attention

Senator Elizabeth Warren of Massachusetts has big plans. She dislikes the path the United States is on and wants to make fundamental changes to the economy. These plans include much tougher regulation of banks, a breakup of large ‘monopolies’ — her first sight is on technology companies — and also a healthcare system based on a single payer principle. Just under a year from the US President…

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The fall of the Berlin Wall – a lesson for history or markets?

Earlier this month, Germany celebrated the 30th anniversary of the fall of the Berlin Wall, a pivotal moment in recent history that left the Soviet-led communist bloc on the brink of collapse. Whether the Hoff was single-handedly responsible or not, the reunification of communist East Germany with capitalist West Germany was a unique economic shock with a number of potential lessons. Changing …

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2020 Vision: Bond Market Outlook

Let me start with two predictions. Firstly that the title “2020 Vision” will be irresistible to all year-ahead outlooks, no matter what publication or industry you work in. This is why I trademarked the idea many months ago, and now expect to retire on the proceeds of all the copyright breaches. My second prediction is that in my industry, bond fortune telling, virtually all of those 2020 outl…

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Is the ECB pricing investors out of the primary market?

Christmas has come early for Europe, with Mario Draghi’s goodbye present to the market of further quantitative easing (“QE”). The ECB has kicked off its latest round of asset purchases. While this will undoubtedly be supportive for European credit, I feel much of the impact is already priced in to the secondary market. With a large book to fill, a significant part of the ECB’s ammunition is…

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