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Financial repression - adios structured finance ?

We picked an interesting story on Bloomberg earlier this week but we like to dig in a bit further. The point the article tries to make is to announce the end of structured finance. The prelude to this began way back in 2008 when Lehman failed and suddenly every one woke up from the dream that may be capital guarantees are not so self-evident after all. With Greece,…

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News from the Hedge Fund front

Before turning to 2 recent “faits divers”, a small update on hedge funds in general. It seems they never quite staged a come back after 2008 and have not delivered what they promised in the first place : Beta or outperformance. On the contrary, in the case of macro-hedge funds – still a big chunck of the entire hedge fund universe – less…

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Update of trends in FX

Some weeks ago we mentioned the current pressure on some safe havens in keeping their currency peg. In the case of the European periphery, the game is focused on Switzerland and Denmark, having all the trouble in the world to stop appreciating following the declining faith in the single currency (or at least in some of its constituents). And when we have a look…

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"Dude, where is my yield ?"

It’s the silly season and as far as financial markets are concerned, we have to conclude à la Monty Python : “Stop this sketch, it’s becoming too silly”. In the current era of financial repression, we have witnessed mind blowing levels of interest rates. The following table gives you a short overview of the current government bond…

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Farma, geen pasklare hap voor een beleggingsportefeuille

Het is nog niet zoveel jaren geleden dat de aandelen van grote farmabedrijven zonder discussie een plaats mochten hebben in elke beleggersportefeuille. Ze genereerden miljarden winsten en cash flows, keerden gulle dividenden uit en hadden allemaal een aantal blockbusters die de voornaamste brandstof waren voor deze zonnige situatie. Dit zijn echter…

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To junk or not junk - the last role of the dice

It seems we not only have missed the bonanza of 2012 so far, but we also see a redefining of risk in the markets. And we are talking here about sub-investment grade corporate bonds, AKA high yield or more commonly : Junk. And if we are to believe various comments, the B and C rated companies of today are “the sweet spot” and “new safe havens”.…

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"Dear Mr(s) Credit Rator"

We in Europe – the old continent – have taken notice since late Friday that our credibility as a debtor has been put into question. We were warned earlier that something was waiting to happen. Now that it has materialized, I nevertheless have some questions running through my mind lately, based upon the following fundamentals and credit scores…

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Het ene pensioensparen is het andere niet

Het ene pensioensparen is het andere niet Wie dacht dat men met de ogen dicht aan pensioensparen kon doen, is deze week toch abrupt met de feiten geconfronteerd geworden. Pensioensparen wordt door de financiële instellingen verkocht als een product waarvan de bijdragen deels door de belastingen worden betaald (fiscaal aftrekbaar) en anderzijds een gegarandeerd…

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"The Fear Index"

“Dear investor. Over the past 3 years, Hoffmann has generated Alpha of 112%. That”s why we twice have been voted Algorithmic Hedge Fund of the Year. It’s now our opinion that our new system, VIXAL-4, is robust enough to cope with portfolio extension…. I agree, we can’t analyze every aspect of human behavior in the markets and…

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The IMF and Lady Luck

A turbulent day and a sigh of relief seems to be the conclusion following the Greek vote. Europe and the IMF are happy with the outcome, for Greece mega austerity and a giant wall of debt refunding are on the menu. Concerning the IMF position on this rescue mission and what was said on debt policy world-wide, there is plenty of room for controversy however. Next to…

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Twitter

  1. Geert NoelsGeert Noels said: @aapbelgium Je zou wel een Wereldoorlog moeten doorstaan...about 15 hours ago
  2. Geert WellensGeert Wellens said: ‘It’s the little things, stupid’. Eerste fietsrit met iemand die door ziekte een jaar lang zijn favoriete passie ni… https://t.co/UO8CWEJjBKabout 17 hours ago
  3. Geert NoelsGeert Noels said: RT @Villavelius: “People who are pessimistic about the world today, which period of about 80 years in the past would they have liked to hav…about 21 hours ago
  4. Geert NoelsGeert Noels said: Mensen die pessimistisch zijn over de wereld vandaag, in welke periode van zo'n 80 jaar in het verleden zouden zij… https://t.co/tCBqiY6e90about 21 hours ago
  5. Fred JanssensFred Janssens said: If European equities have done well in the past 20 years, it is mainly thanks to Germany. Geographical allocation m… https://t.co/OMUIKEWetxabout 21 hours ago