«If there’s one thing I’ve learnt over the years, it’s that you shouldn’t go against the market«That is the blunt remark made a few days ago by a senior executive at a national bank to one of our clients. In fact, it is a phrase we have heard on many other occasions from various bank employees, and even from some savers, over the nearly three decades that we have been investing our money and that of our clients.
The question we are going to try to settle once and for all is whether it is true that, in the long run, we must stand up to Mr Market, or whether, on the contrary, we should let our investments ride out the ups and downs of the markets. And the answer may come as a surprise to more than a few: It depends on whether we are bankers or investors. Let us explain. (more…)
We cannot ignore 
Here’s the 30-minute video by global macro management guru Ray Dalio (
China’s new financial experiment covers an area of 29 km²: Shanghai FTZ. A «free trade zone» in which the Communist Party’s economic restrictions are lifted as if by a stroke of political policy. In this financial centre, international investors will be exempt from the investment restrictions that apply elsewhere in China. And, note this: in this artificial oasis, the Chinese currency, the Renminbi (RMB), will be freely traded, as will its interest rates!
Tim Haywood is the chief investment officer and head of the fixed-income division at the asset management firm 