Category: Chris

The World’s Most Crowded Trade

With over $900 billion invested into bond funds by mom-and-pop investors since the global financial crisis, the great law of unintended consequence is gearing up to rear its ugly head. Once again, money will be taken from those least able to afford it. Take a look at the graph below,

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Europe – Here is What the Wealthy are Doing

There are essentially three main reasons for using Banks: Storing cash for ease of transacting; Keeping cash safe from theft; Earning interest on your capital. As a teenager I remember opening my first bank account, diligently saving my money and watching it slowly grow. Receiving “official” mail was cool. I

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Value in France – Who Would have Thought?

Nowadays France is better known as the country which has managed to take incomprehensible, anti-growth, anti-sanity, bureaucratic policies, layer them on top of existing, mind-numbing socialist stupidity and have their citizens think it all as ordinary as chocolate cake. It’s enough to induce a guy to reach for Xanax, if

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A Bull Market in PR

The World Cup is on. I sat and watched a game on the weekend with my son. “Dad, that guy completely faked that fall. Couldn’t the ref see that?” My son, who watches precious little television noticed immediately how many of the players were pretending to be hurt at the

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It’s Crazy What This Commodity is Being Sold For!

Internally we have a running joke here. We talk of the “Yeti” deal. Like the Yeti, everyone has heard about the deal but few have seen it, and the longer this persists the greater the doubt that the “Yeti” actually exists. The “Yeti deal” is a project that I began

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You Want to Know the Truth About the World? Ask a Child…

“Why is she so fat Daddy?” …looking at an obese woman struggling to get out of her car at the supermarket. “I like your funny hair.” …said to a surfer with dreadlocks. “How do you know that?” …asked of a religious, end-of-the-world crusader holding up a placard and yelling that

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Is Crude Setting Up for Something Big?

Our friend and colleague Harris Kupperman recently wrote an article about Kashagan and the massive delays being enjoyed by this particular project. The problem is that Kashagan is a poster child for the sector as a whole. This isn’t an anomaly. Let me copy a few key paragraphs from his

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