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Written by Burnham Banks
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Wednesday, 27 April 2011 07:15 |
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The value of gold is that it generates no cash flows, it cannot be consumed, it cannot be used for much beyond ornament. It is in effect quite useless apart from the fact that humans have assumed it as a standard store and measure of value. Were it not scarce in supply it would be completely and utterly worthless.
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Last Updated on Wednesday, 27 April 2011 07:19 |
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Written by Burnham Banks
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Tuesday, 12 April 2011 07:36 |
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By June 2011, Quantitative Easing 2 will be over.
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Written by Burnham Banks
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Friday, 01 April 2011 03:23 |
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Wait. Worry. There is never an easy time to invest but it is a convenient and effective excuse for those who invest or trade in fear and ignorance.
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Last Updated on Friday, 01 April 2011 03:25 |
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Written by Burnham Banks
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Thursday, 10 March 2011 05:53 |
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Is the US economy in recession? It depends. Measures of economic activity are estimates at best and usually mere guesses.
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Last Updated on Thursday, 31 March 2011 02:38 |
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Written by Burnham Banks
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Wednesday, 23 February 2011 23:37 |
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Wait. Worry.
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Last Updated on Wednesday, 23 February 2011 23:50 |
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Written by Burnham Banks
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Friday, 11 February 2011 06:18 |
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Inflation:
I had written about inflation in October 2010, cautioning that the output of the central bank's printing presses would inevitable lead to rising prices.
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Last Updated on Friday, 11 February 2011 06:27 |
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Written by Burnham Banks
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Wednesday, 19 January 2011 05:56 |
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The macro outlook is benign and it seems that the fiscal and monetary policies of the world have brought about some kind of normalcy and equilibrium.
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Last Updated on Friday, 11 February 2011 06:26 |
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Written by Bryan Goh
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Tuesday, 16 November 2010 00:08 |
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What are investors worried about? There is a lot to worry about but there are usually two to three factors that really drive sentiment.
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Last Updated on Tuesday, 16 November 2010 00:11 |
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Written by Bryan Goh
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Monday, 20 September 2010 14:50 |
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Hedge Fund Performance Aug 2010
Hedge Funds as a group have done poorly in 2010, yet they continue to outperform equities by a significant margin both in absolute terms as well as on a volatility adjusted basis.
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Last Updated on Sunday, 28 November 2010 11:34 |
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Written by Bryan Goh
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Monday, 06 September 2010 14:28 |
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The performance of funds of hedge funds has apparently underperformed that of direct investments in hedge funds even after correcting for fees. Why is this? |
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Last Updated on Monday, 06 September 2010 14:31 |
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Written by Bryan Goh
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Friday, 13 August 2010 04:08 |
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Forget about correlations. Since Jan 1998, over 159 months, |
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Written by Bryan Goh
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Friday, 09 July 2010 02:16 |
As Europe’s banks undergo so-called stress tests, an old adage comes to mind. Every failed trade becomes an investment. Every failed investment becomes a strategic holding. |
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Written by Bryan Goh
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Tuesday, 06 July 2010 05:02 |
In economic policy there is a difference of view between the US and the rest of the world. As Japan’s largest trading partner the US is especially empathic to the deflation scenario that has plagued Japan since 1990. Therefore, US monetary policy is likely to err on the side of being too loose rather than vigilant on inflation. |
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Last Updated on Wednesday, 07 July 2010 11:08 |
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Written by Bryan Goh
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Tuesday, 01 June 2010 16:48 |
We are not rewarded to bolster the base of the pyramid but to reach for the stars. |
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Last Updated on Tuesday, 01 June 2010 18:21 |
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Written by Bryan Goh
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Thursday, 27 May 2010 16:38 |
Prior to the adoption of the EUR, European equity markets were segmented by country. |
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Written by Burnham Banks
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Wednesday, 20 April 2011 06:25 |
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Three years after the financial crisis of 2008 and one bull market later, the world looks like a highly risky and uncertain place again
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Written by Burnham Banks
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Thursday, 07 April 2011 00:33 |
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Portugal needs a central bank willing to monetize its debt.
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Written by Burnham Banks
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Thursday, 31 March 2011 02:35 |
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The course of history has a natural cycle and trend to it
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Written by Burnham Banks
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Tuesday, 01 March 2011 02:04 |
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Middle East North Africa, unlike other emerging markets like Asia and Latin America, Europe, the US, has a large proportion of young men itching for a fight.
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Last Updated on Tuesday, 01 March 2011 02:13 |
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Written by Burnham Banks
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Wednesday, 23 February 2011 04:17 |
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Bernie Madoff alleged that JP Morgan "had to know" about his fraudulent scheme. Forget about JP Morgan. Many of the victims of Madoff were just dishonest.
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Last Updated on Wednesday, 23 February 2011 23:42 |
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Written by Burnham Banks
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Friday, 04 February 2011 01:56 |
Volatility:
After 9 years of trading, Singapore hedge fund Artradis is shutting its doors. At peak Artradis ran over 4 billion USD. Today with assets of just over 500 million Artradis has decided to close.
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Last Updated on Wednesday, 23 February 2011 04:24 |
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Written by Bryan Goh
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Sunday, 28 November 2010 11:25 |
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The low inflation and low interest rate environment that we experienced in the last 20 years was only possible as inflation was exported away to low cost producer countries. This is equivalent to offshoring production capacity. It must therefore lead to a trade deficit, if it is successful. We know on hindsight that it has been successful.
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Last Updated on Wednesday, 19 January 2011 06:04 |
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Written by Bryan Goh
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Thursday, 28 October 2010 04:56 |
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Inflation and the internal purchasing power of money:
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Last Updated on Wednesday, 23 February 2011 04:18 |
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Written by Bryan Goh
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Monday, 06 September 2010 14:52 |
The performance of funds of hedge funds has apparently underperformed that of direct investments in hedge funds even after correcting for fees. Why is this? |
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Written by Bryan Goh
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Wednesday, 01 September 2010 10:41 |
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At the beginning of 2010 equity markets had benefited from almost a year of positive returns. It was clear that it would no longer be so easy to make money. |
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Last Updated on Wednesday, 01 September 2010 10:57 |
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Written by Bryan Goh
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Friday, 09 July 2010 02:21 |
Most hedge fund managers waited too long when the markets corrected sharply in May, preferring to stay long of the market. As European sovereign default risk rose in the eyes of the media and investors, investors began to revise their views. |
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Written by Bryan Goh
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Wednesday, 07 July 2010 14:43 |
Governments are torn between fiscal austerity and stimulating economic growth. Since credit driven growth ceased in 2008 private sector economic growth has been muted. |
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Written by Bryan Goh
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Tuesday, 22 June 2010 07:05 |
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On Saturday, 19 June, China signalled the end of its currency peg which fixed the CNY at 6.83 to the USD and said it would gradually make the its currency more flexible. The CNY appreciated to 6.80 on Monday. |
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Last Updated on Tuesday, 22 June 2010 18:55 |
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Written by Bryan Goh
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Tuesday, 01 June 2010 16:43 |
With the acceleration of globalization in the last 20 years up until 2008 sector risk has risen relative to country risk. |
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Written by Bryan Goh
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Thursday, 27 May 2010 16:35 |
In a simple world, we eat what we kill today, we consumer what we produce today. |
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