Monthly Archives: August 2015

Why some ETFs may blow up

Oaktree Capital’s Howard Marks warned in a recent memo that liquidity can be elusive. Financial instruments that trade with a narrow bid-ask spread today may be virtually impossible to sell tomorrow. Particularly troublesome are structures that are meant to enhance the … Continue reading

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OCBC and other Singaporean banks

OCBC probably wishes it hadn’t put this picture on the first page of its 2014 annual report. OCBC is known to be one of the best run banks in Asia. But much like the rest of the Singaporean banking system, it has … Continue reading

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Leverage: the long-term perspective

The recent McKinsey report “Debt and (not much) deleveraging” is well worth a read. It shows that we are still in a global credit boom with global debt/GDP rising at a very fast pace: from 220% in 2008 to 260% in 2014. Given … Continue reading

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