weekend notes

Hope all goes well… “I was trying to preserve the institutional credibility of two institutions,” said Jeff Flake, the Arizona Republican. “One, the Supreme Court is the lone institution where most Americans still have some faith. And then the US Senate as an institution – we’re coming apart at the seams,” continued the Senator, having managed to buy a week for the FBI to investigate the Kav

Hope all goes well… “I’m not like the investors you’re meeting here in Sydney,” he said. “I live 40km inland, to the west. My friends and neighbors feel left behind, the elderly struggle to keep the heat on in winter. It’s a different world.” Australia has a new prime minister, its 5th in 5yrs — Scott Morrison is the socially conservative architect of Australia’s hardline anti-asylum seeker

Hope all goes well… “Just keep swimming, just keep swimming,” said Olivia, my 15yr old, ready to roll. I’d asked what she thinks about during morning laps. “That’s what Dory tells herself, in Finding Nemo,” she explained. I remembered watching that movie with her, years ago, they fly so fast. Another summer gone, back to school. We pulled up to the pool, 5am darkness, cool pre-dawn energy. “What d

Hope all goes well… For the last three weeks Lindsay Politi has authored Weekend Notes, exploring the topic of inflation. She wrapped it up today (see below). I’ll be back next Sunday. All the best, E Week-in-Review (expressed in YoY terms): Mon: China Caixin PMI manu -0.2 to 50.6 (14mth low), China official PMI manu +0.1 to 51.3, Indonesia rupiah 20yr low, Turkey central bank to “adjust monetary

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 two weeks, she’ll share her thoughts and ideas on inflation as well as conversations she has had with institutional investors

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

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 usin

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

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 sup