Archive for the ‘Uncategorized’ Category

Quarterly Fixed Income Survey: Life with Trump

News of a Trump Presidency sparked a rise in government bond yields that reverberated around the fixed income world. At this pivotal moment, our first Global Fixed Income Survey took the temperature of a wide range of fixed income markets, based on the views of around 150 responses from specialist bond managers across different segments.

November 30, 2016 Categories: Uncategorized

Multi-asset investing: Wizard of Odds

In probability theory the Kelly criterion is a way to decide the optimal size of a series of bets. It was discovered by a physicist named Kelly who figured out the idea when he was working in telecommunications research at Bell Labs in the 1950s. Kelly figured out the formula which showed the optimal amount

There are only two things people are writing blog posts about this week – Leicester City or Brexit

“I don’t like football”. There I’ve said it. (You see where this might be going). My eldest son, however, is big into his football, watching, playing, and talking about it. So my Saturday mornings are spent at the side of a football field pretending to concentrate and offer the occasional words of encouragement. Last weekend

May 6, 2016 Categories: Uncategorized

Currency investing: Skill versus smart beta

The real possibility of Brexit has turned investors’ attention to the recent weakness of sterling and currency developments in general. Unsurprisingly, I have fielded more questions than usual on foreign exchange markets over recent weeks. Very often, currency is a mere afterthought in the deliberations of investors. I think this is an opportunity missed. Left

Multi-asset investing: making the most of High Yield

Good value asset classes are hard to find right now. And after some hefty price falls over the last year, leading to much wider spreads over Government Bonds, High Yield (HY) is starting to look like a compelling choice for multi-asset investors. But High Yield can come with high risks, and you need a robust

To Hedge or Not to Hedge

Discussions around liability hedging have never been so topical. Notwithstanding the selloff in real and nominal interest rates seen since January of this year, rates are still at very low levels and many question whether now is the right time to hedge. Apart from the economics there are also behavioural aspects in play, most notably

Equity risk without a premium?

My last blog considered a range of plausible return outcomes for a multi-asset fund over the next 10 years and argued that a repetition of the bull run of the last 10 years requires a very constructive view on the equity premium. This premium is what economists Lubos Pastor and Robert Staunbaugh back in 2001

Saving for retirement – so what’s to smile about? Blog 2

Saving for retirement – so what’s to smile about? In my first blog of this series I talked about how saving for retirement was tough given the huge expenses we all run up. However alls well that ends well ….and if you do put away more now then the bigger your retirement smile will be

Saving for retirement – so what’s to smile about?

Saving for retirement – so what’s to smile about? Saving for retirement is hard work but well worth that smile in retirement! The little things in life such as mortgages, rents, school fees etc tend to get in the way of this important saving. When looking ahead to post retirement years, I feel it is

Asset allocation: I wouldn’t start from here!

A local Irish man once told a visitor “If I were going there I wouldn’t start from here”. Financial advisers these days must be tempted to give the same advice to their clients. If we were able to choose the starting point of our long-term investment decisions I think everyone would be very careful to

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