Lose a Million
The Make a Million competition, as I’ve mentioned before, is an awful idea. It doesn’t promote investing or even “normal” trading, but rather massive, speculative risk-taking trading because the prize...
View ArticleWorld Cup attention getter
Some serious research, pointed out to me by FT Alphaville, showing that the 2010 Soccer World Cup had a marked impact on JSE trading volumes, patterns and correlation with global markets. I’m not sure...
View ArticleMore on gender and analytical problems
Here is another interesting story with a gender angle. A study shows that stockholders in companies with women in the Board achieved better returns than those without. The obvious and likely correct...
View ArticleGold ain’t happening yet
Paulson and Soros still think Gold is a buy, adding to their stakes as the price declines. It’s also not very brave of me to blog about this now as gold has declined when for much of the financial...
View ArticleEmerging Markets and Equity Performance
The astoundingly useful guys at FT Alphaville pointed me towards this Gerard Minack analysis of emerging market returns yesterday. The message is that high growth economies don’t necessarily translate...
View ArticleSAM Risk-free Rate Workshop
The Technical Provisions Task Group and KPMG ran a workshop for industry participation on risk-free rates recently. The idea was to see whether we could improve the extent and quality of industry...
View ArticleSwap vs swop
Really now. A financial contract where two parties agree to exchange real or notional cash flows on some agreed basis is a “swap” and not a “swop”.
View ArticleCredit Suisse annual update on market performance
Credit Suisse has for several years now put out an annual Credit Suisse Global Investment Returns Yearbook 2013 is out now. It’s worth reading in its entirety for the insights. I don’t agree with...
View ArticleProgress on tax free savings vehicles, but scathing words for life insurers
Read the latest (14 March 2014) document from National Treasury on tax free savings vehicles for South Africa. I think it’s a fantastic idea – both from a policy perspective with carefully designed...
View ArticleArgentina in default for second time in 13 years
S&P declares Argentina to be in default for the second time in 13 years and the third in 25. Inflation is likely to hit 40% this year and the Peso has already lost a quarter of its value this year,...
View ArticleMore on gender and analytical problems
Here is another interesting story with a gender angle. A study shows that stockholders in companies with women in the Board achieved better returns than those without. The obvious and likely correct...
View ArticleGold ain’t happening yet
Paulson and Soros still think Gold is a buy, adding to their stakes as the price declines. It’s also not very brave of me to blog about this now as gold has declined when for much of the financial...
View ArticleEmerging Markets and Equity Performance
The astoundingly useful guys at FT Alphaville pointed me towards this Gerard Minack analysis of emerging market returns yesterday. The message is that high growth economies don’t necessarily translate...
View ArticleSAM Risk-free Rate Workshop
The Technical Provisions Task Group and KPMG ran a workshop for industry participation on risk-free rates recently. The idea was to see whether we could improve the extent and quality of industry...
View ArticleSwap vs swop
Really now. A financial contract where two parties agree to exchange real or notional cash flows on some agreed basis is a “swap” and not a “swop”.
View ArticleCredit Suisse annual update on market performance
Credit Suisse has for several years now put out an annual Credit Suisse Global Investment Returns Yearbook 2013 is out now. It’s worth reading in its entirety for the insights. I don’t agree with...
View ArticleProgress on tax free savings vehicles, but scathing words for life insurers
Read the latest (14 March 2014) document from National Treasury on tax free savings vehicles for South Africa. I think it’s a fantastic idea – both from a policy perspective with carefully designed...
View ArticleArgentina in default for second time in 13 years
S&P declares Argentina to be in default for the second time in 13 years and the third in 25. Inflation is likely to hit 40% this year and the Peso has already lost a quarter of its value this year,...
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Modelling one side of a two-sided problem
Ah models, my old friends. You’re always wrong, but sometimes helpful. Often dangerous too. A recent article in The Actuary magazine addressed whether “de-risking in members’ best interests?” I say...
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ERP update – delayed response to a blog reader
I reader asked why so many practitioners use high Equity Risk Premiums in their valuations and fairness opinions. In particular, he mentioned a specific assumption set he had seen including: ERP of...
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