Author Archive

Reflections on the institutional investment process

Howard Marks, chairman of Oaktree Capital Management, lists six core values to be applied in the investment process: The first is whether the organisation thinks markets are efficient or inefficient. Marks states that prices in most markets accurately reflect consensus opinion based on the available information. But he does not believe that all assets are priced […]

Greece: risks for the eurozone are mainly political rather than economic

Greece could still stay in the eurozone. In any case, neither a no nor a yes in the referendum on Sunday will end uncertainty with regards to the euro crisis. We expect that bank holidays and capital controls in Greece will be enough to contain the situation until the likely referendum – if not, the […]

The Entrepreneurs Series, Munich

In this edition of The Entrepreneur Series, we meet with Munich based entrepreneurs to establish how old school tradition of craft and local heritage meet unparalleled industrial design and tech field innovation.

Quantitative investment management: a brief insight

What is quantitative investment management? A simple analogy would be with a three-stage space rocket where all stages are as important and as crucial. The first stage involves pinpointing the signals, those indicators that will prompt a decision to buy or sell an asset. The second stage requires an examination of the signals detected, understanding […]

Greece: update from our euro area economist

The cash balance Greece currently has available should be enough to cover the EUR2.5bn payment of remaining salaries and pensions for June. If withdrawals by depositors continue, the ECB could make up the shortfall through the ELA (Emergency Liquidity Assistance) facility. Banks currently have enough collateral to meet ELA increases. Unrest is not palpable on […]

The food, beverage and hospitality industry

The food and beverage industry is one that is highly favoured by many investors. Shares in its companies can offer attractive returns over the longer term, with less volatility than those of other sectors. Because of their non-cyclical features, food and beverage companies are often described as defensive investments that retain their value in good […]

Asymmetric asset-price targeting distorts financial markets

The third mandate of the Federal Reserve For several years in our Secular Outlook, we have highlighted a change in the way developed-country central banks conduct monetary policy – nowadays taking into account the price of both fixed and circulating assets. We describe this trend as targeting asset prices. The crisis of 2008 demonstrated that […]

Greek default looks imminent, but should not lead to Grexit

According to our European economist, Jean-Pierre Durante, a default by Greece is likely over the next few months — and perhaps sooner rather than later.  But this will not mark a decisive break. A deal on a new bailout could follow, and Greek exit from the eurozone (Grexit) should still be avoided. Contagion from a Greek […]

Equity markets: bubble or not?

As P/E ratios reach new highs, Christophe Donay, Chief Strategist at Pictet Wealth Management, explains why he believes central banks are sustaining the prices.

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