July 19, 2016


Investors with long dated liabilities such as defined benefit pension plans and insurance companies are familiar with the use of long government bonds to hedge their interest rate exposure. The most successful of these organizations, have followed a disciplined approach to progressively add to their liability...

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June 28, 2016

Political turmoil in the U.K. continues as predicted in a previous blog post. Until the Conservatives choose a new leader in early September, who is going to lead the Brexit negotiations and with what mandate and authority? It is at this time that we would expect Article 50 to be invoked, starting the formal negotiations on Britain’s exit. ...

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June 16, 2016

We are one week from the Brexit vote and since writing on the subject two weeks ago, the “leave” campaign has gained momentum and appears to be ahead of the “remain” camp in most opinion polls. The accuracy of these polls is suspect and as such, the best pollsters are left saying the outcome on June 23 is a coin toss. 

What we do know...

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May 30, 2016

The U.K. Referendum, on whether to stay in the European Union (EU), vote will occur on June 23.

Market Impact: Greater long term uncertainty irrespective of the result, heightened volatility and higher risk premiums.

The “remain” campaigners are painting a dire economic picture if Britain leaves the EU while the...

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March 30, 2016

The first quarter of 2016 has been marked by additional monetary easing by major central banks venturing further into negative interest rates and direct credit easing in response to a weakening global economy. It is a symptom of the ongoing global debt default that to support the current market valuations (and avoid a crisis of confidence),...

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