The Unobservable Economic Recovery
Tuesday, 23 June 2009 | 9:37 am
The rally in global equity markets masks the fact that economic fundamentals remain weak. The bulls say that the recovery is underway, that green shoots of economic recovery are sprouting, that economies have passed their trough; some even go as far as to suggest a V shaped recovery (Goldman Sachs is one of them). The
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Who Bought All This Crap?
Wednesday, 17 June 2009 | 8:24 am
Who bought bank shares without knowing what banks do? Who bought CDO’s without knowing how they work? Who bought RMBS without knowing how they work? Who invested in private equity, real estate, hedge funds, long only equities, commodities, FX, corporate bonds, sovereign bonds, CDS, ABS, structured products, without understanding their markets, their fundamentals, their payoffs
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Temasek Holdings Investment Performance and Transparency
Tuesday, 16 June 2009 | 2:41 am
On 8 June, I wrote in the Straits Times, a newspaper in Singapore that Temasek Holdings should not shy away from risk despite recent losses. Here is the article:
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This Equity Market Rally
Monday, 15 June 2009 | 9:42 am
Markets rarely ever move in straight lines. Regardless of fundamentals, it was irrational to believe in February 2009 that equity markets would sink to zero. In early March, equity markets rebounded and are on an almost constant upward incline. Beware.
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Equity Market Rally
Monday, 15 June 2009 | 8:48 am
Markets rarely ever move in straight lines. Regardless of fundamentals, it was irrational to believe in February 2009 that equity markets would sink to zero. In early March, equity markets rebounded and are on an almost constant upward incline. Beware. We now speak of distressed valuations supporting a more constructive outlook. We talk about the
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