“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…
“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…
Credit Dislocation The COVID-19 crisis has translated into one of the biggest financial markets shock in history. The spread in Emerging Market High Yield Debt widened more than during the global financial crisis in 2008. Importantly, this widening happened in a matter of few weeks. This shock is also visible…
“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…