201209.30
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Investment View Q4 2012

The 3rd Quarter erased 2nd Quarter’s losses setting the stage for a pretty good year for equity and high yield fixed income investments. Investors nevertheless feel uncomfortable with the markets as most economic data still look bleak and investors are nervous about dependency on liquidity from Central Banks. Holding conservative income oriented investments in AAA…

201206.30
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Investment View Q3 2012

After five years we still do not see sustainable recovery. The size of the debt problem and the subsequent downsizing and deleveraging has been totally underestimated. If we do not really know how big the problem is, how can we gauge a horizon of recovery? Sir Mervyn A. King, the governor of the BoE, has…

201203.31
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Investment View Q2 2012

With better breadth in US economic momentum, the western Central Banks acting as “lenders of last resort” and no hard landing in China, we believe the investment environment today looks less gloomy than in the middle of last year. But risks are still high and assets need to be allocated prudently. After a strong rally…

201112.31
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Investment View Q1 2012

We have never seen so many euro summits as in 2011. Policy makers were caught by financial markets when interest rates of Italy were pushed to 7%, considered unsustainable levels. The “angst” for the contagion risk from Greece to Italy and Spain and the break-up of the euro became reality.  Despite a number of efforts,…

201110.15
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Investment View Q4 2011

Earlier in the year, we believed that the right policy responses would inject confidence into the financial markets of advanced economies. Instead, the effectiveness of most policy responses in the US and Euro‐zone has been at its lowest level in decades.  Will this change soon? Despite the fact that current global growth is below its long‐term…

201106.30
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Investment View Q3 2011

The second Quarter 2011 was volatile, dominated by the April revolution in some Arab countries. Sovereign debt issues of the peripheral euro‐zone countries, and Greece in particular, the flight to safety in Bunds and Dutch government bonds, the move by investors into the Swiss franc, the disruption of manufacture supplies from Japan following the tragic…