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Jeffrey Snider
Eurodollar University, 10 December 2022
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Peter van der Welle, Strategist SMAS
Robeco, Monthly Outlook, 08 March 2022
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Henry Maxey, Chief Investment Officer
Ruffer, The Ruffer Review, 28 February 2022
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Tony Coniaris, Portfolio Manager
Harris Associates, September 5, 2019
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Mark Robertson
Aviva Investors,  30 September 2019
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Dr. Brian Taylor
Global Financial Data, Aug 14 2019
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The Lost Decade

”2022 was one of the worst years for fixed-income investors in history. Bonds lost money. Stocks lost money. Crypto lost money. Inflation rose to levels not seen since the 1980s. The only thing that increased in value were commodities. You have to go back to the Civil War in the United States or the Napoleonic Wars in Britain to find a worse year for bonds”.

Dr. Brian Taylor, Chief Economist
Global Financial Data, February 22, 2023

The Callan Periodic Table of Investment Returns

Annual Returns for Key Indices Ranked in Order of Performance (2003-2022)

Callan, January 2023

Stock pickers’ paradise: market breadth is at a 20+ year high”.

Alexandra Morris, Investment Director
Skagen, 27 January 2023

Digital bonds – a new kid on the block

A brief press release recently from Europe’s largest and possibly oldest industrial manufacturer, announcing a short-dated, small-sized bond, seems hardly significant. In time however it may come to be seen as heralding a transformation of bond markets.

Guest contributor: Miriam B Hehir – Director, Credit Research
M&G Investments,  22 February 2023

A Long-Awaited Reversal

Near-term tailwinds could favor international markets

Tim Murray Capital Markets Strategist, Multi‑Asset Division
T. Rowe Price,  February 2023

Housing market timebomb – is Sweden just the start?

Real estate downturns (defined as two consecutive quarters of falling prices) have been triggered in a number of economies including Canada, Australia, New Zealand and the Nordics. One area where this trend is playing out most rapidly is Sweden, where house prices are falling at one of the fastest rates in the world.

Eva Sun-Wai
M&G Investments,  Bond Vigilantes, 18 January 2023
Thinking Ahead Institute and secondary sources
Willis Towers Watson, Global Pension Assets Study 2023
Thinking Ahead Institute and secondary sources
Willis Towers Watson, Global Pension Assets Study 2023
Thinking Ahead Institute and secondary sources
Willis Towers Watson, Global Pension Assets Study 2023

Men Wanted for hazardous journey, small wages, bitter cold, long months of complete darkness, constant danger, safe return doubtful, honor and recognition in case of success.

Ad in the London newspaper The Times, from Ernest Shackleton (1874-1922) to put together his Antarctic expedition (1914-1917).
The ad maybe a myth, but the adventure was real, and it exemplifies the spirit of inspiration and endurance.

“We're drinking history!”

Eddie Sahakian, enjoying a rare Richard Hennessy cognac with Kirby Allison
Kirby Allison: Inside London's Best Cigar Lounge, With Eddie Sahakian, 31 August 2022

“The Prussian Monarchy is not a country that has an army, but an army that has a country”

Quotation often attributed to Count Mirabeau
Late 18th Century