The play year-to-date has been that historical QE would push yields lower, as they have in the US QE process, but there appears to be sharp rotation away from JGB’s in recent days. Continue reading Japan and Manga Money
“Artificially pushing interest rates down and forcing investors into junk bonds has only one end. It’s just a case of when, not if “(Sohn Investment Conference).
The slump of bond yields seen recently is not the result of the successful policies of our governments. We have seen most growth estimates revised down in recent months. We are seeing a “bond fever” worldwide. Continue reading The Big Bond Bubble
“Low rates make banks support zombie zombie companies” Nicolas Véron
Here is the extract of my chat with Gustavo Teruel of the CFA Institute, published here Daniel Lacalle runs a long–short sector-focused hedge fund in London. The hedge fund concentrates on the oil and gas industry, utilities, and infrastructure. Lacalle writes a weekly column for the Spanish digital newspaper El Confidencial and a blog, Energy, Markets and Money, about his areas of expertise. Several times, he has been voted into one of the top three places in the Thomson Reuters Extel Survey (considered the leading benchmark for excellence in investment banking and asset management in Europe) Mr. Lacalle has recently written a book, Nosotros, los Mercados (We, the Markets), released 12 March 2013, about his experiences in the asset management industry. Continue reading My chat with the CFA Institute