How Inflation Changes Things

The biggest impact inflation has had is not the higher cost of gas for the American commuter or that steak is a once a fortnight not once a week family meal, but a quick unwinding of the “extraordinary” financial measures put in place since not long...

Turning Japanese?

In 1991, the total value of Japanese real estate was estimated to be USD $20 trillion, 5 times that of the entire US, despite having only a fraction of their land size. The value of Metropolitan Tokyo alone was equal to the total value of the US, with the land just in...

Not all Bonds Are Made the Same

There has been a lot of hype over the last few weeks regarding the sell-off in sovereign bond yields, most of it fixated on longer-duration government issued fixed-rate bonds of maturities 7+ years from now (2028 or later). Due to the sheer overwhelming demand for...

Nightmare on Wall Street

Bond markets are not meant to be interesting. Bond markets are where governments and corporates can raise money via borrowing, to finance their operations, projects and objectives. Bond markets are meant to be orderly and stable, a place of mathematics where...