26.06.2012 | NEWSLETTERS
market comment june 2012
I thought I would share some notes from Nomura’s “Asia on Asia” conference in Singapore earlier this June and make this the Q2 “Investors Letter”. I was able to participate to Mr. Richard Koo’s presentation on what he describes the “Balance Sheet Recession”, the father of this concept following the Japanese Balance Sheet Recession of the early 90’s.
27.04.2012 | NEWSLETTERS
market comment april 2012
After better than expected global growth in the first quarter, we are keeping an eye on many trends in the second quarter especially manufacturing surveys and credit growth.
10.01.2012 | NEWSLETTERS
Ram capital newsletter - january 2012
The Q1 2012 will be focusing around Europe and markets will trade around new measures to tackle the debt burden, Italy and Spain’s cost of funding, pricing of a European recession and its eventual contagion impact to other nations, such as the USA. The triggering of a credit event is not out of the woods also, by Greece, and its implications on the CDS and banks will be high.
29.09.2011 | NEWSLETTERS
will european politicians do the right thing, or not ?
We believe that the time has come that politicians in Europe should act together in order to deal with the problems which should have been dealt long before…
19.04.2011 | NEWSLETTERS
market comment march 2011
March was the month of negative headlines. Japan had the biggest disaster since WWII with a combination of earthquake, tsunami and radiation threat.
28.02.2011 | NEWSLETTERS
market comment january 2011
Generally, the markets picked up in January where they left off in the second half of 2010, generating unexpected returns. The S&P 500 Index gained 2.26%, its fifth straight monthly gain and its strongest start of a year since 2006.
31.01.2011 | NEWSLETTERS
market comment december 2010
2010 was a mixed year with lots of up and down swings and lots of good and bad news. Generally speaking there were three main issues of which all were on the negative side. Starting from the beginning of the year investors were worried that the US economic growth/recovery
30.09.2010 | PRESS RELEASES
market magazine sept 2010, pays emergaents: nouvel espoir du monde
Depuis la crise de 2008, l’approche des investisseurs à l’égard des pays émergents (Emerging Markets ou EM) a considérablement changé. Paradoxalement, les mauvais élèves d’antan ont dépassé les « maîtres », et ces derniers ont commis toutes les erreurs qu’ils critiquaient chez leurs « élèves » par le passé. Alors que la Turquie refuse une extension des fonds IMF en 2010, ce même IMF est appelé au secours de la Grèce pour aider la zone européenne à garder sa solvabilité.
31.07.2010 | NEWSLETTERS
monthly market comment - july 2010
After the last two hectic summers, we are finally having a calmer summer in the markets. However, the thin liquidity in the markets is causing drastic fluctuations in the equity markets, commodity prices and FX rates from time to time. The fact is that the bulls and bears have been haggling over the direction of the markets since the beginning of the year, and still no victor has been declared. It seems that this debate will not resolve until mid-September. The equity markets that soared over 8% in the beginning of the year started to fall thereafter and were slightly negative year to date as at the end of July.
31.03.2010 | NEWSLETTERS
MONTHLY MARKET COMMENT - march 2010
Greece was of course the most talked about topic in March. But to some the problem was not with Greece alone. Of course the years of unrestrained spending, cheap lending and failure to implement proper financial reforms were at the forefront of responsibility. However, what made this bad situation even worse, both for Greece and Europe, was the way that the concerned parties handled the crisis.
26.03.2010 | PRESS RELEASES
bilanz: hedge funds rating
Reef New World Fund has been recently selected by Bilanz among the best 10 Hedge Funds in Switzerland and the Best in strategy
28.02.2010 | NEWSLETTERS
MONTHLY MARKET COMMENT - february 2010
The main issue over the markets in February was the budget deficit and financing problems of Greece, and the way that EU would handle this problem. The markets feared that Euro might weaken and the crisis in Greece might spread to Portugal, Ireland, Italy, and Spain, whose budget deficits have soared over the last three years. Although Greece came back with a tough austerity plan, it seems that it would not be enough to bring the deficit down to 3-4% to GDP. Another negative for the Euro is the confusion about…
23.02.2010 | RESEARCH
face of a new world - the hedge funds after crisis
One of the most emotive issues for hedge funds during the crisis has been methods used by managers to defer providing liquidity when they received significant redemptions. In many less liquid asset classes, sales can only be made at significant discounts. This creates a dilemna between the rights of redeeming investor with urgent liquidity needs and the rights of remaining investors to have the value of the portfolio optimised.
31.01.2010 | NEWSLETTERS
ram capital newsletter - january 2010
The current consensus is that the US recession has ended and that the major stock markets have The current consensus is that the US recession has ended and that the major stock markets have recovered from a violent crash inside of a secular bull market. I do not share this optimism. In 2008 we experienced the unfolding of a typical credit bubble, which burst with a magnitude equivalent to the size of its lunacy. The outcome is called a credit crunch and the undertakers are called margin clerks.
31.01.2010 | NEWSLETTERS
MONTHLY MARKET COMMENT - JANUARY 2010
The markets started the year in a positive mood because of the continuing up-trend from the previous year and the traditional rush of buying at the beginning of the year as fund managers build their portfolios. A good corporate earnings season also played some role in the up-trend. However, markets started to tumble in the latter half of the month as a mixed bag of economic data suggested that the recovery may be progressing at a slower pace than many expected and upon fears about China’s effort to slow down its economy ...
11.01.2010 | RESEARCH
face of a new world - the shariah funds
Even as banking segments like securitizing subprime mortgages and financing leveraged buyouts suffer from the current crisis, Islamic finance is seeing spectacular growth. Hedge funds have been blamed for the recent rout in financial stocks but some bankers say hedge fund tools such as derivatives can help Islamic banks manage risks as the industry grows beyond its traditional niche markets.