Imagine a world where the strongest country in Europe sets out plan to destroy the weakest. And while the powerless nation fights valiantly, it eventually falls prey to its dominant invaders. As these events unfold, most of the other countries of Europe publically...
With a NO vote firmly in place, there are many more questions than answers. Will there be a forced restructuring of Greek banks? Will Greek depositors be bailed in as was suggested in the weekend press? Will the IMF recommendation of 50b in debt restructuring force...
When writing commentaries for our clients I have one driving principle - never waste anyone's time. We are all inundated with too much information, and time is our most precious asset. As such, I will sometimes write two or three notes in a week, and other times I...
The bell is tolling for Alexis. European leaders from all sides have abandoned him as he burns through every last bridge that was once in place. His only meeting of importance during this crucial week of negotiation is with Putin - which clearly does not inspire any...
I have never been one to embrace value in risk free assets during QE periods. For well over 5 years I have written countless commentaries trying to steer people towards risk assets and away from the Icarian allure of front running central bank bond buying programs....
Should we really expect the ECB to concern itself with a 1% Bund yield? Absolutely NOT! But the market seems to have gotten itself in lather over Mario’s nonchalant response to questions related to the recent market volatility in European fixed income. His “get used...
"No man is an island, entire of itself; every man is a piece of the continent, a part of the main. If a clod be washed away by the sea, Europe is the less, as well as if a promontory were, as well as if a manor of thy friend's or of thine own were: […] You are...
Janet’s speech on the economic outlook last Friday afternoon in Providence was a direct confirmation of our long-standing 2015 US trading view – that is, it’s best not have one. In the 5 years leading up to 2015 we always kept our eye on the US risk asset prize. The...
As discussed last week in a commentary entitled "Don't worry, this always happens right after QE", this rate back-up in Europe was a page straight out of the US QE playbook. For those who do not remember, some of the most epic bond market sell-offs in the post crisis...
The headlines from our Chief Dove yesterday were unusually unpleasant. There was none of the old nudge-nudge wink-wink I got your back fodder for the market to chew upon. Instead, she slammed duration, equities and high yield simultaneously. With such aggressive...
The headlines from our Chief Dove yesterday were unusually unpleasant. There was none of the old nudge-nudge wink-wink I got your back fodder for the market to chew upon. Instead, she slammed duration, equities and high yield simultaneously. With such aggressive comments one has to think - maybe she has spent a little too much […]
