Something Good for the Month

June 2023

July 6, 2023

Read. Reflect. Re-energize.

Odd Lots | Jim Grant Sees an Era of Higher Rates That Could Last For Years

“If you think interest rates seem high right now, you might be operating with too short of a perspective. For a longer-term perspective, you’d want to talk to someone like Jim Grant. On this episode of the Odd Lots podcast, the founder and editor of Grant’s Interest Rate Observer and a long-time financial commentator talks to us about why we’re at the beginning of a longer-term trend of higher rates that could last decades. He argues that investors will struggle to shake off years of “buy the dip” behavior, a ZIRP mentality, and a misplaced faith in the Federal Reserve. We also discuss what it means for market behavior today.”

Visual Capital | From Sea to Shining Sea: How Does Shipping Work?

“Earth’s surface is covered by 71% water, connecting every corner of the world, so it’s no surprise that 80% of global trade is carried by ship. But how does it all work? This is part one of The Shipping Industry: Plotting a Course for the Future, a two-part series for our sponsor Seaspan Corporation about the current state and future of global maritime trade.”

Hedgeye | Options Gone Wild – Hidden Forces Driving Markets

“Join Hedgeye CEO Keith McCullough for a new Real Conversation with Mike Green, Portfolio Manager at Simplify Asset Management. Mike is a thought leader on market structure, options flows and the risks of passive investing. It’s Mike’s contention that the rise of quantitative trading strategies – delta hedging dynamics, volatility-controlled rebalancing, and market cap distortions – have altered financial markets forever. Keith and Mike discuss these dynamics and much more in this wide-ranging conversation about what comes next for financial markets. Buckle up and tune in. This conversation promises to be a wild ride.”

Enterprising Investor | A Sea Change: Howard Marks, CFA, on the End of Easy Money

“The financial markets are experiencing a sea change marking the end of a long period of accommodative central bank monetary policy, and there is little hope of ultra-low interest rates returning anytime soon, legendary investor Howard Marks, CFA, explained in a virtual conversation with Margaret “Marg” Franklin, CFA, president and CEO of CFA Institute, at the Asset and Risk Allocation Conference last month. Marks believes this represents the beginning of a new era in the financial markets that will force many investors to rethink how they approach investing, use different risk/reward assumptions, and adjust to more difficult conditions that many practitioners are seeing for the first time in their careers.”

Oxford Economics | Will failed mutiny impact Russia’s economic outlook?

The failed coup in Russia over the weekend has further exposed the ineptitude of the Russian top military command and raised questions of private troops’ loyalty to the regime. How Russian leadership tackles these issues in the coming days and weeks could affect the course of the Ukraine war. Meanwhile, the event highlights the risk of further commodity price shocks in the event of a more prolonged rebellion or destabilisation in Russia.

Oaktree | The Insight: Conversations – This Time Might Be Different with Howard Marks and David Rosenberg

“Howard Marks (Co-Chairman) and David Rosenberg (Co-Portfolio Manager, U.S. High Yield, Global High Yield, Global Credit) discuss topics from the June 2023 edition of The Roundup. They consider the evolution of the high yield bond market, investor optimism, and why this time might actually be different in financial markets.”

Bloomberg | Biggest Crypto Stablecoin Tether Was Once Backed by Chinese Securities

“Tether Holdings Ltd. once counted securities issued by Chinese companies among the reserves backing its USDT stablecoin, the world’s largest, documents released by New York’s Attorney General show…”

Investment involves risk, uncertainty and assumptions. The value of investments rise and fall and there is a risk you may not recoup the amount originally invested. Past performance is not a reliable indicator of future performance.

The contents are provided as general in nature and should not be relied upon nor construed to be the rendering of specific tax, legal, accounting or professional investment advice. Readers should consult with their own accountants, lawyers and/or financial advisors for advice on their specific circumstances before taking any action.

The information contained herein is from sources believed to be reliable, but accuracy cannot be guaranteed. No representations or warranty, expressed or implied, is made by Caldwell Investment Management Ltd. or its affiliates.

Website | + posts
Want to hear something good?Sign up for updates