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Anecdote: “Conceptually it’s very easy,” said the CIO. “Practically it’s very hard,” he continued. A lovely winter day in August, the world upside down. We were discussing dynamic asset allocation, which for them consists of adjusting one’s portfolio to lean against powerful market trends. “It is the part of our investment program that our peers are most interested in discussing.” He leads a sovereign wealth fund wit

Hope all goes well… “If I could give you a definitive explanation for the phenomenon, I’d either be in line for a Nobel Prize or I’d be a liar,” he said. It was a good answer. I’d asked the candidate to explain quantum entanglement, it has always fascinated me. He’d spent over a decade studying quantum physics, string theory. “The mathematics that we use to describe our work in the quantum field is magnificent. But t

Hope all goes well… Dusted off an anecdote from Nov 2016 following a conversation with one of our industry greats about disruption, destruction, adaptation, outperformance (see below). Hope you had a great summer break. Enjoy the rest of your Labor Day. See you next Sunday with full weekend notes. All the very best, Eric Week-in-Review: Mon: UK holiday / lowest US equity volume of the year, China lowers stamp duty /

Hope all goes well… Dusted off an anecdote from June 2018, when the multi-decade trend toward ever lower inflation rates had started to shift. The process that started back then appears far from over (see below). I take the late summer off from writing, to squeeze in some reading. Recharge. Hoping the same for you. All the very best, Eric Week-in-Review: Mon: PBOC cuts 1y LPR by 10bp (5y unch) / smaller than mkt was

Hope all goes well… Dusted off an anecdote from June 2018 about journeys, and sharing our fears, failures, joys, discoveries (see below). I take the late summer off from writing, to squeeze in some reading. Recharge. Hoping the same for you. All the very best, Eric Week-in-Review: Mon: Japan 2Q GDP 6.0% (2.9%e), Japan 2Q GDP Deflator 3.4% (3.8%e), Australia Wage Price Index 3.6% (3.7%e), China July Retail Sales 2.5%

Hope all goes well… Dusted off an anecdote from September 2018 about particle physics, financial markets, quantum entanglement, and how opportunities often appear as mysterious phenomena (see below). I take the late summer off from writing, to squeeze in some reading. Recharge. Hoping the same for you. All the very best, Eric Week-in-Review: Mon: Ukraine launched more drone attacks on Russia over the weekend, Jeff Cu

Hope all goes well… Dusted off an anecdote from October 2018 about accidents, our reactions to them, the opportunities they represent (see below). I take the late summer off from writing, to squeeze in some reading. Recharge. Hoping the same for you. All the very best, Eric Week-in-Review: Mon: BoJ conducted an unscheduled JGB buying operation as yields continued higher following Friday’s YCC adjustment, ECB’s Lagard

Hope all goes well… Dusted off an anecdote from late 2018 on the illusion of certainty (see below). I take the late summer off from writing, to squeeze in some reading. Recharge. Hoping the same for you. All the very best, Eric Week-in-Review: Mon: Israel’s far right gov’t moves forward with controversial judicial reform / protests grow in response, China’s Politburo meeting slightly beat the downbeat expectations on

Anecdote: “Art is the shortest path from man to man.” It is a phrase etched into the museum glass, and these words are spilling into the Arabian Gulf. I am lying on a black beanbag in the courtyard of the Louvre, Abu Dhabi edition. Cultural Centers are an invitation for dialogue. And the UAE is building a magical one, a symbolic understanding that their future isn’t in fossils. The irony is everywhere. Innovation def

Hope all goes well… Managed to make my way off the grid (kind of) for a few days. The Kenai Peninsula, just south of Anchorage. Tribal land. Glaciers, fjords, orcas, humpbacks, eagles, bears, beavers, bucket lists. Marcel was a world away this week: Hong Kong, Abu Dhabi. He stepped in to write wknd notes (see below). Overall: “We will promptly formulate and introduce policies to restore and expand consumption,” decla