We noted in June that Zimbabwe’s cash crisis continued unabated. Those awaiting cash transfers at a bank may wait a month to be cleared and, even then, the transfer may be refused. The Standard, Zimbabwe’s leading Sunday newspaper, ran an article at the time entitled, “Black market thrives, as banks run dry.” Some highlights from that article: HARARE’S […]

Official recession calls are the responsibility of the NBER Business Cycle Dating Committee, which is understandably vague about the specific indicators on which they base their decisions. This committee statement is about as close as they get to identifying their method. There is, however, a general belief that there are four big indicators that the committee weighs […]

(Audio length 00:13:12) Doc keeps a very close eye on the gold charts and has been updating us on his longer term outlook. We revisit the moves and comment on this year’s performance for gold with a look ahead to 2018. We also address what could get the market moving.

Summary: Equity hedge fund returns have been disappointing over the last 14 years An exposure analysis shows no structural factor exposure, but frequent factor rotation Multi-factor long-short products are an interesting alternative, depending on the fee level INTRODUCTION Hedge fund assets reached an all-time high in 2017 with $3.3 trillion under management. Although returns were […]

Pioneer Investments, which was founded 87 years ago, provides diverse investment products to its clients. In July 2017, Pioneer Investments was acquired by Amundi, Europe’s biggest asset manager. As of Sep 30, 2017, Amundi together with Pioneer Investments had more than 1.4 trillion euros of assets under management. It has investment hubs in London, Milan, Boston, […]