Category Archives: Uncategorized

My Word is (Not) My Bond

In what we believe to be a stunning (and perhaps even shocking) move yesterday, the Swiss National Bank (“SNB”) announced the immediate termination of its policy to floor the Swiss franc to the euro. The reaction was swift and brutal. … Continue reading

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Europe’s Banks – Great Expectations or Groundhog Day?

Consensus expectations for earnings in the Eurozone are reaching new highs, with Earnings Per Share (“EPS”) growth expected to be 15% in 2015. To be fair, we have heard bullish forecasts like this for a number of years now. While … Continue reading

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Russia: Where might we be wrong?

As the last hours of the year slip through our hands, it is sometimes important to remind ourselves that today’s gallstones can become tomorrow’s pearls. This time last year, we expected the Federal Reserve to begin to raise rates, as … Continue reading

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Fed Refreshes Punch Bowl Just in Time for Holidays

Last week U.S. oil plunged sharply then rebounded to end the week down just 1%. The Russian ruble had an even wilder run for the week ‑ down 25% at one point before recovering. Did oil find a bottom? U.S. … Continue reading

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3 Things that Could Make European QE More Likely

1. Economic data and Political Instability: Recent economic data continues to disappoint. Meanwhile, the political situation in Russia could create adverse headwinds for surrounding economies, notably Germany. The ECB should surely be concerned by these developments.

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