Archive - Jan 28, 2015 - Blog entry

Suppose you could print up counterfeit dollars, euros or yen that were identical to the real things. Fun, you think? Here's how it plays out. 

Forget rate hikes… an entire generation of investors and money managers (anyone under the age of 55) has been investing in an era in which risk has generally gotten cheaper and cheaper. What happens when the bond bubble bursts?

You can still get gas in heaven and a drink in kingdom come...

The threat posed by cyber war to our increasingly complicated, technologically dependent and vulnerable financial institutions, markets, banks and indeed deposits becomes more clear by the day. Fail to prepare ... prepare to fail ...

What Themes will continue into the rest of 2015?

US earnings drop materially less than a week after the ECB fires its gun & competing nations only start to react - just like the reaction at the beginning of the Great Depression! Rememberr, this isn' even a shootout yet. Wait until next quarter when the US multinatonals report. Of course, by then it'll be ALL OUT WAR!

It’s terrifying how fast the whole Swiss yield curve sank under the waterline of zero. Now even the 15-year bond has negative interest. The franc has reached the end.