“Only the wisest and stupidest of men never change.” Confucius Graham and Dodd (two rather wise men) once referred to fixed income investing as ‘the negative art’. This is because unlike equities, with bonds the maximum upside is ‘fixed’. And it is the investor’s job to focus on the risk of loss, the negative, and […]
“But apart from the sanitation, the medicine, education, wine, public order, irrigation, roads, the freshwater system and public health, what have the Romans ever done for us?” Monty Python After a century of watching countries declare their independence from them, the British decided it was their turn. With a vote to leave the European Union, […]
“The house doesn’t beat the player. It just gives him the opportunity to beat himself.” Nick the Greek For this month’s commentary we are following our colleague Brian on a field trip to the casino. Being the responsible gambler that he is, Brian has predetermined that he is willing to play with $500 (high rollers, […]
“The waiting is the hardest part” Tom Petty Waiting is one of the most frustrating yet inevitable parts of life. We are all waiting for something. And when that something comes, we’ll move on to waiting for something else. It’s as certain as death and taxes, and we even wait for those. Not all waits […]
From Fixed Income to Fixed Loss | July 2016
A Look at Negative Rates For as long as we can remember, zero was considered the lowest interest rates could go. Anyone espousing that they could go lower received as much attention as ‘flat earthers.’ Today, the impossibility of negative rates has become another myth that modern society has debunked. There is currently around $10 […]