Black Swans? Whatever you do, whatever they do, whoever they are, whoever you are, economic cycles will survive. See my article of 2 April 2008. The path of economic growth and the role of central planners. People learn from their mistakes. The next mistakes they make will be fiendishly novel and clever. If it is

In 2008, investors quickly became acquainted with the concept of liquidity, or the lack of it. But what do we mean by liquidity, and how do we price it?   Liquidity premia are already priced in some markets such as the treasury market where the spread between on and off the runs is the implied

During the Asian Crisis of 1997, the Malaysian equity market fell initially by over 60% in from early to late 1997. It then rebounded by nearly 50% in early 2008 before falling another 60% for a total drawdown of some 76%. In Jakarta, the initial loss was 57%, the bounce 73% the subsequent fall 53%

We were waxing positive on prospects for the Australian market the other day.  We said that even property down under does not look so bad.

Ideal Hedge Fund Terms: For a host of reasons, hedge funds have not offered the most investor friendly terms. The cynical view is that hedge fund managers will get away with as much as they can. The fees are high, the performance fees are charged and cannot be reclaimed if there is a subsequent loss,