Month

Hope all goes well… Lindsay Politi, who joined One River to manage a fund focused on opportunities in inflation markets, is authoring Weekend Notes during my late-summer hiatus. She came from Tudor and previously built/ran a $10bln TIPS business for Wellington. For the next few weeks, she’ll share her thoughts and ideas on inflation as well as conversations she has had with institutional investors, managers, and endo

“The Japanese experience has given investors the incorrect impression that sustained deflation is a likely outcome when it’s instead a unique case,” I explained. We were discussing US inflation, whether it is increasing or decreasing. Shorter-term economic and price trends are inherently volatile, so to examine inflation properly requires greater perspective. Which had brought us to Japan. Implicitly, Japan decided t

We met a large public pension because they were unhappy with their inflation-linked bond performance. I remembered when public pension funds added inflation-linked bonds to their policy portfolios in 2011/12. Around that same time, I was asked to advise a client about TIPS (Treasury Inflation-Protected Securities). They wanted to develop their own version of a risk parity portfolio. They were using historical returns

Hope all goes well…I usually recycle old anecdotes during my August break from writing. But I asked Lindsay Politi, who joined One River to manage a fund focused on opportunities in inflation markets, to author Weekend Notes during my hiatus. She came from Tudor and previously built/ran a $10bln TIPS business for Wellington. Lindsay has spent the last few months speaking to a diverse cross section of institutional in

Hope all goes well… I take Aug through early Sept off from weekend notes. Dusted off an anecdote from 2015 about the dangers of genius, the value of experience (see below). Enjoy your August. E Week-in-Review (expressed in YoY terms): Mon: China’s renminbi stabilizes following Friday’s hike to 20% reserve requirements for speculative shorts, Saudi Arabia expels Canadian ambassador after Canada supports detained human