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Defensive

Macroeconomic Occasional

This reminds me of Steven Pinker's "Enlightenment Now", where he quotes Max Roser "that if news outlets truly reported the changing state of the world, they could have run the headline NUMBER OF PEOPLE IN EXTREME POVERTY FELL BY 137,000 SINCE YESTERDAYevery day for the last twenty-five years."

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Growth
Defensive

Buffet

On a stage in Omaha, Nebraska on Saturday two men aged 88 and 95 reminded the audience that if anybody had invested US$10,000 into US equities in 1942 when Warren Buffett started buying shares, it would now be worth over US$50 million.

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Developed Equities International
Developed Equities Local ASX 200
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Macro-economic

Federal Reserve

Federal Reserve Meeting / Australian Banks (ANZ) / Amazing Amazon

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Developed Equities International
Developed Equities Local ASX 200
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Inflation
Macro-economic

Rates really are lower / All eyes on China / Equities surprise up / Lest we forget

More no doubt later on defence, security, telecommunications, Belts and Roads, the Arctic...but note the trade numbers:

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Interest Rates Government Bonds • Tail Risk
Developed Equities Local ASX 200
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Principles & Process

Stanley Druckenmiller on CNBC

I am fortunate to have the pleasure of working with great friends on an institutional raise for a whole loan and securitised mortgage fund in 2009. A very special pleasure, however, was to work with Martin Feldstein, "Marty".

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Global
Growth
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Macro-economic

Party like it's 1995

"In the absence of an outright recession, this action would remove much of the downside risk facing the equity market. In fact, bulls will point out that the equity market surged 14 per cent in the six months that followed Alan Greenspan’s first “insurance” cut in 1995."

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Monetary Policy
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Pacific Green Technologies Private Placement

Bids are invited at $3.50 representing a ~9.0% discount to the prevailing price of the last 2months for up to ~4.5% of Common Equity [USD 7.5mio]

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Developed Equities International
Macro-economic

Notes from Underground

The speed and magnitude of the moves reaffirm the requirement for investors to hold core investment beliefs that are flexible and firmly held at the same time.

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Tail Risk
cash
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Highlights of the CS survey of North American institutional investors

Portfolio construction, asset allocation, correlation, rebalancing and the CS survey of North American institutional investorsI like the CS survey of institutional investor meetings and have paraphrased their takeaways below.

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cash
Inflation-linked bonds
Interest Rates Government Bonds • Tail Risk
Commodities
Commodities
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Global Alternative Funds Private Credit 2019 Trust

In partnership with Natasha Nankivell and Global Alternative Funds (GAF), NJR Partners invites commitments to GAF PC 2019 an unlisted Australian unit trust investing in Bain Capital’s Global Direct Lending Fund 2020 (BGDL 2020 - 60%) and Distressed and Special Situations 2019 Fund (BDSS 2019 - 40%).

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Principles & Process

Tail Risk Strategies

Our ships have completed their scan of the area and found nothing. If the Millennium Falcon went into light-speed, it'll be on the other side of the galaxy by now.

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Tail Risk
Interest Rates Government Bonds • Tail Risk
Inflation-linked bonds
Macro-economic

Blatant plagiarism courtesy of GRANT's Almost Daily

On Tuesday afternoon, Fed chair Jerome Powell announced his intention to once again expand the central bank’s balance sheet. Just don’t call it QE:

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