Mar 9, 2020 | Monthly Commentaries
“It’s a mess, ain’t it, Sheriff?” “If it ain’t, it’ll do till the mess gets here.” No Country for Old Men A big and often underappreciated part of any epidemic is fear. The basic emotion (Eckman, 1992a) that invokes extreme instinctual reactions that can...Feb 7, 2020 | Monthly Commentaries
“Success is not final; failure is not fatal: It is the courage to continue that counts.” Winston S. Churchill While our newborn, Fixed Income 2.0, has been getting a lot of attention lately, it was our firstborn that recently celebrated its fifth birthday. On...Jan 9, 2020 | Monthly Commentaries
“We have long felt that the only value of stock forecasters is to make fortune-tellers look good.” Warren Buffet Our minds inherently loathe uncertainty. Not knowing what to expect is unnerving, as it threatens our primary instinct to survive. Perhaps this explains...Dec 10, 2019 | Monthly Commentaries
“It was time to raise the bar higher, or lower if you’re doing limbo.” Frank Edwin Wright III (Tre Cool) In limbo, the bar has been set, or more appropriately lowered, to an astonishing height of 8.5 inches. On September 16th, 2010, Shemika ‘The Limbo Queen’ Charles...Nov 13, 2019 | Monthly Commentaries
“If you think this has a happy ending, you haven’t been paying attention.” Ramsay Bolton In the game of thrones, you win, or you die. In the game of loans, death is unlikely, but great pain and suffering could be in store for some players. Fuelled by strong investor...Oct 9, 2019 | Monthly Commentaries
“If you consider the contribution of plumbing to human life, the other sciences fade into insignificance.” James P. Gorman (CEO Morgan Stanley) The repo market is often referred to as the plumbing of the financial system. And much like the plumbing in your house, it...
