“For every action, there is an equal and opposite reaction.” Isaac Newton The big, and perhaps most perplexing, question in fixed income land is: When will interest rates rise? Unfortunately, we broke our crystal ball a few months back and will have to rely on economic theory and a bit of physics to unwrap the […]

“A blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one selected by experts.” Burton Malkiel – A Random Walk Down Wall Street Whether they like it or not, every investment professional knows of the great dart-throwing chimp. The one that beats the experts […]

“Only the wisest and stupidest of men never change.” Confucius Graham and Dodd (two rather wise men) once referred to fixed income investing as ‘the negative art’. This is because unlike equities, with bonds the maximum upside is ‘fixed’. And it is the investor’s job to focus on the risk of loss, the negative, and […]

“But apart from the sanitation, the medicine, education, wine, public order, irrigation, roads, the freshwater system and public health, what have the Romans ever done for us?” Monty Python After a century of watching countries declare their independence from them, the British decided it was their turn. With a vote to leave the European Union, […]

“The house doesn’t beat the player. It just gives him the opportunity to beat himself.” Nick the Greek For this month’s commentary we are following our colleague Brian on a field trip to the casino. Being the responsible gambler that he is, Brian has predetermined that he is willing to play with $500 (high rollers, […]