THE FIRST DEGREE VIEW
There is an old joke about the guy who dies and has a choice between heaven and hell. He first visits heaven and sees a bunch of bored people being good. Hell, on the other hand, is a party atmosphere - bars, dancing, action. So he chooses hell. But when he turns up, its all fire and brimstone - no party. So he asks the Devil what happened? "That was the sales process, this is reality" Full Post
Low cash rates and manager skill Full Post
A JPMorgan banker asked me many years ago what I would recommend as an inflation hedge. "Inflation-indexed bonds" was my first response, however I recanted that suggestion a few minutes later, noting that Inflation-indexed bonds still carried substantial real-interest rate exposure. Further reflection led me to suggest cash, since the cash-rate is targeted by Central Banks as their preferred tool for fighting inflation. Monetary policy is basically the following rule: cash-rates go up when inflation goes up and vice versa. Full Post
We all use our spare time differently - some of us sail, some of us read and some of us spend just a little too much time working out whether that South Australian Shiraz really did deserve a gold medal
And then there are those of us who spend their spare time thinking about the better application of monetary policy, about Central Bank intervention risk and, of course, about Greece
Meet Fish, our CIO, who is almost solely responsible for keeping First Degree's lawyers constantly on standby, with his alternative (and just the right side of libelous, according to those lawyers) view of what those in power are mucking up
If you like what he writes, we are happy to take you on as a Client, because those lawyers are pretty expensive!
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