Dream On

Dec 5, 2022

7:20 am

• Market is pricing the dream that interest rates will peak at a reasonable level and fall back quickly in the second half of 2023. • More likely that rates will peak and stay a high level for much of 2023 • Slack will have to be created in the global economy which puts corporate…

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Managing Tail Risks – US Government Bonds and the Oil price

Nov 29, 2022

8:53 am

• Extraordinary inversion of the US yield curve • We believe it is more likely that the US 10-year government bond yield moves back to the 4.00%-4.25% • We prefer short duration • We warn investors not to underestimate the risk to the upside for the oil price • We expect Russia/OPEC to protect the…

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Portfolio Commentary

Nov 23, 2022

9:23 am

Where do we head when the printers stop The month gone by was a rebound time for markets across the globe. All major global indices rallied from the bottom, while the Indian headline indices continued their outperformance and inched closer to their previous highs. A few sectoral indices like Banks, Autos, and FMCG hit new…

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It’s Just Not That Easy

Nov 21, 2022

8:50 am

• Markets pause as the bullish view sobers up • Fed speakers reiterate their intention to keep tightening • Data shows US household debt accumulation as consumers use credit cards to maintain spending power • Asia has the opportunity – and ability – to outperform but meaningful collective policy making is still absent • The…

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