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With the euro hitting fresh record highs against the dollar, it must be tempting for European policymakers to crow. However, complacency could lead to crisis.
Euromoney May 2008
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Much is made of Ben Bernanke’s academic work on the Great Depression. However, the Fed chairman seems to making policy with one eye on the recent Japanese debt deflation cycle.
Euromoney April 2008
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Six months into a credit crunch there are few signs of an improving outlook for non-government bond markets. It is a signal equity investors would do well to heed.
Euromoney March 2008
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Financial markets must adjust to an environment where credit is no longer cheap and abundant.
Euromoney February 2008
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A US recession could be short, shallow and relatively benign for the rest of the world if oil price falls in 2008.
Euromoney January 2008
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Rumours are rife that quant funds stumbled again in November. If they are to thrive in the future, they need to learn from these mistakes.
Euromoney December 2007
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Sub-prime slime and the credit crunch have diverted attention from global imbalances. However, any dollar rout would be ugly. Neglect is no substitute for policy.
Euromoney November 2007
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The only UK stock that tried to keep pace with the plummeting Northern Rock in September was Absolute Capital Management. This serves as a warning to all hedge fund investors of the importance of proper due diligence.
Euromoney October 2007
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Hedge funds are in the news for all the wrong reasons. But strident calls for regulation are more than just wrong, they are downright dangerous. Financial markets need hedge funds more than ever.
Euromoney September 2007
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It has been the ‘everybody has won and all must have prizes’ market so far in 2007. That phrase was uttered by a (fictional) Dodo. Now it is time for Darwinism to reassert itself.
Euromoney August 2007
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There’s trouble brewing in the Chinese stock market. But a short, sharp shock could be just what is needed.
Euromoney July 2007
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The smart money is already betting that the credit cycle is turning.
Euromoney June 2007
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Buying into the IPO of a private equity company is like a game of pass the parcel in which someone has already made off with the prize. Those that choose to play will end up disappointed.
Euromoney May 2007
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The bizarre decision by Moody’s to grant Aaa status to a rag-tag assortment of obscure Nordic credits has put the raters in the spotlight. The relationship between the rating agencies and the big investment banks should also come under scrutiny.
Euromoney April 2007
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We are repeatedly told that financial markets are awash with liquidity. That is now less true and the ingenuity of modern finance means that liquidity is little more than a mirage.
Euromoney March 2007
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There are sound reasons why volatility has fallen across asset classes. But a safe bet for 2007 is that it will rise again.
Euromoney February 2007
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January is the month to purge the excesses of Christmas and New Year from the system. Detoxing won’t be so easy for the markets.
Euromoney January 2007
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Investment banks are paying fancy prices to participate in the hedge fund boom. Is there method in this or is it madness?
Euromoney December 2006
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The wilder shores of technical analysis never want for proponents and followers. So are there perhaps truths to be found in all this numerology? Or is it just a load of bloody offal?
Euromoney November 2006
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The debt burden is a growing worry, not least because many of those that invest in the debt market’s increasingly ingeniously packaged instruments are themselves heavily leveraged.
Euromoney October 2006
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Reports of the death of currencies as an asset class are surely exaggerated. Look for mean-reverting volatility to turn around the performance of currency funds.
Euromoney September 2006
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Anyone investing in private equity now is making a bet that the business cycle has been abolished. Caveat emptor.
Euromoney August 2006
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Too few fund managers are paid to make asset allocation bets. That creates opportunities for those that do.
Euromoney July 2006
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Reports of the death of analysis have been greatly exaggerated. Time and again, analysts are proving their worth in league tables and through innovation and bespoke research. But ‘me-too’ forecasting is a hard habit to break.
Euromoney June 2006
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Is the single-minded pursuit of alpha as smart a strategy as conventional wisdom would suggest?
Euromoney May 2006
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What does Merrill Lynch’s $9.8 billion BlackRock deal mean for the European asset management industry?
Euromoney April 2006
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Acquired asset managers often fail to fulfil their promise, as Deutsche Bank has found more than once. But Deutsche’s parachuting of Axel Schwarzer into US firm DWS Scudder looks set to be a success story.
Euromoney March 2006
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Risk is pervasive but arguably no more so in emerging markets than elsewhere. And returns there at least take account of it and add a bit extra, says Euromoney’s new fund management columnist.
Euromoney February 2006