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Quotes of the month

“I’m reminded of what Bill Gates once said about building tech companies: that the market typically overestimates what should be achieved in the first three years and underestimates what can be achieved in 10”

Rhydian Lewis, co-founder and chief executive of RateSetter

“Yields are low for all the wrong reasons. It is a technical movement rather than one based on fundamentals”
William Weaver, head of Emea DCM and syndicate at Citi: How eurozone QE is reshaping the bond markets

“The market is in a bubble and valuations are distorted, which is exactly what the ECB is trying to achieve – to push people out of safe havens”

Florence Barjou, head of multi-asset investments at Lyxor Asset Management

“We cannot predict whether the sun will explode or an asteroid will hit, but we think the planet is still in trouble”

David Spegel, global head of sovereign and credit strategy at BNP Paribas: Emerging market debt – Punishing original sin 

“It has traditionally been the case that when the Fed taps the [monetary] brakes, EM goes through the windshield. Yet almost all EM debt crises in recent years have had as their root cause a misguided attempt to defend overvalued exchange rates. This factor is notably absent in the current cycle”

William Slaughter, co-founder of Northwest Passage Capital Advisors

“I’ve spent the last 15 years moaning about the lack of precise data available to interpret credit worthiness in China and suddenly it’s all there, on these online platforms”

Ben Simpfendorfer, managing director of Silk Road Associates:Digital banking: Electronic shock for China's old guard

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