Investment Letter Q4 2023

“Success means being very patient, but aggressive when it’s time.” Charles Munger We finished the year with a significant shift in interest rate expectations, a central component of the financial system. With rates having risen substantially over the last two years,...

Fixed Income – 
Gilt Trip

In November 2020, the global market value of negative-yielding bonds, which require their holders to pay for the privilege of owning them, reached 18 trillion US dollars. By January 2023, following an aggressive interest rate hiking cycle by central banks, that figure...