Archive by Author

Three Reasons to Expect a Stronger Euro in the Months to Come, and What it Means for Your Portfolio

With the euro up another 50bps today against the USD, we thought it timely to review some fundamental factors that should act to support the longer-term trend higher in the euro. No doubt, this week’s substantial move was partially instigated by what were viewed as hawkish remarks by the ECB. Yet, there are at least […]

How Much Longer Can Speculators Get of Bonds?


The last six months has seen one of the most incredible changes in investor positioning in 10-year US treasury bonds in recent history. Back in early January, around the time rates peaked, non-commercial traders (AKA speculators) were net short 10-year options and futures contracts by a whopping 17% of open interest. Fast forward to today […]

Getting Back to Basics: A No Frills Review of the State of Corporate Innovation


As investors, it’s easy to get caught up in headlines about things like Snap’s $23bn market cap or Tesla overtaking Ford and GM to become the most valuable US auto maker. While well-intentioned and interesting, that sort of narrowly focused news coverage gives the impression that innovation is a phenomenon reserved for tech-centric unicorns whose business models […]