Bitcoin – The beginning of the end?

Today's events, where Bitcoin scammers have sent bomb threats to schools and businesses, demanding payment in Bitcoin, demonstrates what we've all known for some time. That, given its perfect anonymity,  Bitcoin is the favored route for extreme criminal "commerce". How long before the authorities ban it, and take control of the crypto currency game? Today …

Get Active – why Active is in such disarray and how to save it

Investors are disillusioned with active investment. Once the staple of institutional and retail investment practice, active now has an awful image – one of high cost mediocre offerings. While the rot was initially confined to equity, it has started to seep into fixed income. Here we try to understand why, and offer a simple solution, …

Cracking the Genetic Code of Inflation – the future is “metallic gray”

My ex-colleage and good friend Ken Leech often recounted that “the story of interest rates is the story of inflation”. Put differently, where inflation goes determines where interest rates go. Today, inflation is considered a mystery. Despite the trillions of dollars poured into the US, European and Japanese economies over the past ten years, inflation is …

Markets have an uneasy feeling about uneasing.

Markets always have many things to worry about – some known knowns, some unknown knowns, even some known unknowns. However it’s always the unknown unknowns that really kill.Right now in the known unknowns camp, we might put inflation (is it finally going to bark?) and monetary policy (will global easing turn to global tightening?).Both are …

The end of LIBOR – Rumors of my death have not been exaggerated (RODNE)

This review of the transition from LIBOR markets, initiated by the FCA statement in July  2017, was written in September 2017, whilst in a previous life. It remains relevant, albeit out of date. The full document was long and intended to provide a glossary of the issues clients would face as we progressed towards the …