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, …

Video – Paul discusses the current plight of Active Investment

Active investment is under siege – once the staple of institutional and retail investment practice, active now has an awful reputation. I recently met up with Colin Lloyd of Linear Investments in London, and in this short video we explore how we got here and why “Passive” investing isn’t the solution for a community desperate …

The (last) flight of the Easy Bee … how we learned to love the World’s favorite Central Bankline…

It’s nearly 6 yrs since Mario Draghi compared the euro to a bumblebee and uttered “whatever it takes” to calm markets. So was born the Easy Bee, re-opening the credit channel and promoting some semblance of economic growth through out the Eurozone. A success ? Well to win, at first you have to survive. It’s …

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 It remains relevant, albeit out of date.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 …

LIBOR / RODNE – References and Appendices.

In this post we detail the reference material supporting a series of posts addressing the end of Libor and her relatives. References Reforming LIBOR and Other Financial Market Benchmarks - Darrell Duffie and Jeremy C. Stein, JEP spring 2015 The Alternative Reference Rates Committee June 16, 2017 Presentation Materials Market Participants Group on Reforming Interest …