Inflation Deflation Trades
Friday, 17 July 2009 | 8:32 am
Inflation/deflation doesn’t turn on a dime. Inflation/deflation expectations turn on a dime. Time to put on curve flatteners in US 2s and 10s, and 2s and 5s.
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Japanese Beer Wars
Thursday, 16 July 2009 | 8:05 am
In a market known for measured and deliberate and more often than not friendly M&A, the merger between Kirin and Suntory is an interesting transaction. The Kirin Suntory deal is by no means hostile but it is a merger of rivals. The merger if consummated will create the fifth largest food and beverage company in
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When will this market manipulation stop?
Tuesday, 14 July 2009 | 4:52 am
The stockmarket is no longer determined by fundamentals nor technicals nor free market forces but by the desperation of governments, central banks and policymakers hell bent to give the impression that they have averted an economic crisis which in the end will be inevitable.
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Hedge Funds: The State of the Craft: June 2009
Wednesday, 08 July 2009 | 10:31 am
The fundamental picture: The second quarter of 2009 witnessed a continuation of the rally in all risky assets from equities to credit to commodities and energy to illiquid Asian physical real estate. On the back of this reversal of the acute risk aversion that plagued the fourth quarter of 2008 and the first quarter of
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Hedge Fund Dispersion of Returns by Strategy
Tuesday, 07 July 2009 | 8:14 am
Here is a chart of the dispersion of hedge fund returns across strategies as classified by Hedge Fund Research. It is the simple standard deviation of the monthly returns across the 18 strategy indices compiled by HFR. What it shows is a clear compression of dispersion from Jan 2000 to Jan 2004 where it troughs.
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