Our approach to financial markets is somewhat unconventional. Our starting point is to look at money, for the simple reason that “money” is the measuring unit through which all changes in asset prices and portfolios are recorded. ...
From there, we acknowledge that money can circulate more or less fast through our economies, and through our financial markets. And that such changes in the velocity of money are key drivers to changes in asset prices and market crash risk. In a third step, we further acknowledge that different assets present very different attributes: some are fragile, others are resilient, while still others are antifragile. In a fourth step, we look at portfolio construction in light of the prevailing macro-economic environment and the above three factors. In a fifth step, we look at how investors should measure risk. And finally, we acknowledge that exogenous shocks (such as COVID-19) can come out of nowhere and occasionally destabilize financial markets. Our research is thus split along these six key themes and every fortnight, we publish a note with the important changes we have witnessed in one of these six key areas.
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.