Archive for: 2008

05 Oct 2008

Heading for a Europe-wide government guarantee: how do we ensure legitimacy?

Since my post below, I see Angela Merkel has provided an explicy guarantee of 100% of deposits in German banks and word is the Westminster Parliament will be presented with a similar proposal next week. When governments have to guarantee the deposits of the entire banking system as the price of freeing up lending both between banks and to companies and households, we might as well admit we have a failure of the banking system.

read more Commentary by Stuart Fowler
01 Oct 2008

Horizon matching: the theme of two recent seminars

A key feature of the No Monkey Business investment approach, horizon matching, has been critical to protecting clients against adverse consequences of a bear market. Failure to match investment risks to time horizons for the money creates a linkage between investment portfolios and household cash flows that can and should be avoided.

read more Insights by Stuart Fowler
30 Sep 2008

‘This sucker could go down’: making sense of systemic risk

This Bushism was apparently referring to the risk to the economy rather than the American banking system but the two are intimately related via the supply of credit and money. As people here start to question whether our banking system could also go down, I thought it may be helpful to set out a plain-English, logical explanation of the different types of risk to cash holdings and how they can be managed or avoided, in normal times (as a permanent aspect of capital stewardship) and in a time of crisis.

read more Commentary by Stuart Fowler
10 Sep 2008

Is anyone managing the retirement gamble?

Wednesday 8th October 2008
The Chartered Financial Analyst Society, The Weaver Suite, 90 Basinghall Street, London, EC2V 5AY
6.15pm for 6.30 start

read more Events by Joe Clark
10 Sep 2008

Another bit of housing nonsense bites the dust

The US Government’s de facto nationalisation of Fannie Mae and Freddie Mac ought to be the coup de grace for the UK Government’s misplaced ideas about mortgage finance and the housing market. As Chancellor, Gordon Brown liked to blame the historical cyclicality of the UK economy in part on the housing cycle and in 2003 commissioned reports from David Miles (on the supply of long-term fixed-rate financing) and Kate Barker (on the supply of new housing stock). Both reports were predicated on Brown’s belief that a market failure existed because of supply problems and he got the answers he was looking for.

read more Commentary by Stuart Fowler
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