Memos

There’s a reason emerging markets look cheap

August 22, 2020 by Jonathan Rochford

Emerging markets are cheaper than developed markets for good reason, with three recent examples highlighting commonly ignored risks.

August 15, 2020 by Jonathan Rochford

Company directors hold themselves out as experts, but are increasingly demanding protection from the consequences when they fail to act reasonably.

August 8, 2020 by Jonathan Rochford

Argentina is a deadbeat borrower that will probably default again, but there’s a high probability lenders will be back anyway

There is no free lunch, Keynesian responses do provide short term stimulus but place an anchor on future economic growth.

Eviction moratoriums are supposed to help poorer citizens, but in the long term they result in rental accommodation being more expensive.

If you venture off the well trodden pathways, there’s always something interesting happening in debt markets.

It doesn’t take a default for Austria’s recently issued century bond to trade at the same price as Argentina’s defaulted debt.

The insolvency of Wirecard has made many look foolish, but short sellers and a journalist had been on the case for years

Are claims that CLOs will bring down American banks another “Big Short” or merely a beat-up?

Retail investors piling into shares of bankrupt companies is a sure sign this isn’t a typical stock market rally

The decision to ban commissions on only some listed securities encourages dodgy advisors to provide suboptimal advice.

Credit markets are improving but three dark clouds on the horizon point to the possibility of worsening conditions ahead.