Season Investments



The Hedge That Wasn't

Back in June of last year we first wrote about the concept of Antifragility and a promising new exchange traded product that had the potential to deliver antifragile returns. Since writing that first post we believe certain dynamics have shifted in the market, and as a result we no longer use the product for hedging purposes in our portfolios.

Recipe For A Bank Run

Cyprus is making front page news due to some radical terms which the Troika proposed for a bailout of their banking system. Although the initial proposal has been shot down, the damage to the European banking system may have already been done.

An Emerging Dichotomy

Since the financial crisis the reasons for favoring EM have changed. In a world where most developed countries are struggling under the weight of excessive debt and lackluster economic growth, emerging economies stand out as a diamond in the rough, but strong economic fundamentals have not translated into outperformance for EM equities.

Workers on Welfare

Two weeks ago we unpacked the issue of The Growth Recession, in which we cited productivity growth as one of many possible answers to the question of where all the jobs have gone. Today we ask a different question: where have all the workers gone?