Articles written by
James Macpherson
Investmentbericht 4. Quartal 2020
«Kapitalismus ohne Insolvenzen ist wie Katholizismus ohne Hölle. Märkte funktionieren am besten, wenn die Teilnehmer eine gesunde Angst vor Verlusten haben.» Howard Marks «In den USA scheint inzwischen jeder amtierende Präsident so viele neue Staatsschulden aufnehmen zu wollen wie alle seine Vorgänger zusammen.» Gavekal, 18.12.2020 «Die Leute fragen mich immer,…
READ MORE
Revisión trimestral de inversiones – Q4 2020
El capitalismo sin la quiebra es como el catolicismo sin el infierno. Los mercados funcionan mejor cuando los participantes tienen un temor saludable de perder. Howard Marks Los Estados Unidos se encuentran hoy en una trayectoria en la cual cada uno de sus presidentes en ejercicio parece tener la intención…
READ MORE
Rassegna trimestrale degli investimenti – Q4 2020
“Il capitalismo senza il fallimento è come il cattolicesimo senza l'inferno. I mercati funzionano al meglio quando i soggetti partecipanti hanno un sano timore della perdita.” Howard Marks “Gli Stati Uniti ora hanno imboccato un sentiero per cui ogni presidente in carica sembra intenzionato ad aggiungere uno stock di debito…
READ MORE
Revue trimestrielle d’investissement T4 2020
«Le capitalisme sans la faillite, c’est comme le christianisme sans l’enfer. Les marchés fonctionnent mieux lorsque les participants éprouvent une peur salutaire de la perte.» Howard Marks «Les États-Unis suivent désormais un modèle selon lequel chaque président en exercice semble déterminé à alourdir la dette nationale autant que tous ses…
READ MORE
Análise de Investimento Trimestral – 4. Trimestre 2020
“O capitalismo sem falências é como o catolicismo sem o inferno. Os mercados funcionam melhor quando os participantes têm um saudável receio de perder.” Howard Marks “Os EUA encontram-se agora num caminho no qual qualquer presidente dos EUA parece apostado em adicionar tanta dívida ao livro razão nacional como todos…
READ MORE
Q3 2020 – NS Quarterly Investment Review
“The Fed is following the markets, not the other way round.” Christopher Wood “At 10 times revenues, to give you a 10-year payback, I have to pay you 100% of revenues for 10 straight years in dividends. That assumes I can get that by my shareholders. It also assumes…
READ MORE
Quarterly Investment Review
“Policymakers have conjured tons and tons of money out of thin air. As a result, we are now in a situation where never before in history has so much money been chasing so few goods and so few financial assets.”” Charles Gave In the second quarter equity markets rallied strongly…
READ MORE
Quarterly Investment Review
“The coronavirus pandemic is a public health emergency. But it is also an economic emergency… This national effort will be underpinned by government interventions in the economy on a scale unimaginable only a few weeks ago. This is not a time for ideology and orthodoxy… We will support jobs, we…
READ MORE
Quarterly Investment Review
‘It’s ludicrous that a government can borrow at a negative interest rate and doesn’t take advantage of that.’ Sajid Javid, UK Chancellor, 7.12.19 At the peak in 2019 $17 trillion of global bonds carried a negative yield. One shouldn’t lose sight of the fact of how odd it is to…
READ MORE
Quarterly Investment Outlook
The dominant feature of financial markets remains the low yields offered by bond markets, and in particular the increase in the quantity of bonds which carry negative yields. In the third quarter world markets as measured by the MSCI World were flat. Year to date the S&P is up 18.7%…
READ MORE