Investment briefing
War - What is it good for?
“Supreme excellence consists of breaking the enemy's resistance without fighting.” Sun Tzu, The Art of War
Investment briefing
Bear markets start for various reasons, but the root cause is constant. Too much debt, too much euphoria and always, the lure of a new paradigm.
Investment briefing
Ricochet
Cast your minds back to 2014, when the Caribbean Island of Puerto Rico, burdened by a chronic budget deficit, spooked the US municipal bond market by passing legislation to restructure some of its enormous $73bn debt pile. US Municipal Bond ETFs reeled and wider markets were spooked, the country’s debt downgraded to ‘junk’ status.