Man Bites Dog

Everyone wants to invest with the ‘smartest guys in the room’. But what do the smartest guys invest in? Well, a poll of mutual fund professionals suggests a very surprising result. As regular readers of this blog will know, while there are plenty of managers who can show attractive returns over the past few quarters Read more […]

Beta, Smart and Dumb

The idea of “smart beta” is gaining increased acceptance, although not without some controversy.  I have to confess that I really dislike the term “smart beta,” and not just because I didn’t invent it.  “Alternative beta” I can live with, or “factor” indices, or “strategy” indices — but “smart” beta leaves me cold. Which is Read more […]

RECORD BREAKING MONTH: Commodities Love War and Heat

August was a hot month for commodities from the Syrian unrest and the heat.  In the risk on – risk off environment created by the quantitative easing, the sentiment has shifted to risk off. While that is not good news for some economically sensitive commodities like copper, it is great news for others like precious Read more […]

Hope is a Good Thing

The unprecedented decline of the Indian Rupee has been the headline for the past few weeks. The chief drivers have been high current account deficits fuelled (literally) by oil- the sluggishness of the Indian economy driving out foreign investments, which had been impacted by the tapering of the quantitative easing program of the Federal Reserve Read more […]

Next Steps for India?

It could be said that the ETF business has been a 20 year “overnight” success. Since the introduction of the first ETF back in 1993, we have seen a global expansion across multiple Exchanges and a diverse product offering. As at the end of July 2013, there were 3,441 ETFs, with 7,792 listings, assets of Read more […]

The Rupees’s One Way Slide – Is There a Silver Lining?

In the past few weeks, most of the Indian treasury desks have taken on a war-room look. Too many events got crammed in relatively short time. Most of us know that Rupee has seen a near oneway slide against the dollar, losing nearly 26% in value in last 2 years. It’s but natural that RBI Read more […]

Too High or Too Low? Look at Tobin’s Q

August was not the best of months in the stock market: the S&P 500 lost 3.1% and the Dow lost 4.4%.  This leaves investors wondering what’s next? The stock market bounces up and down more often with more amplitude and less method to its madness than the rest of the economy.   If one could get Read more […]

Recent Changes in India – Impetus for ETF Growth?

Since its inception a decade ago, ETFs’ in India have clocked significant growth. The number of ETFs’ and ETP listed has grown to 37 and are spread across Gold and Equity with a single money market ETF. While the assets are currently at $2bn, there are changes afoot which will see the ETF business undergo Read more […]

To perform or not to perform…that is the question for the Indian PSU ?

The notion of an investment in equity of a public sector undertaking may appear to be a very stable investment with long term growth opportunity especially in developing countries like India. However if we explore the performance of the S&P BSE PSU with S&P BSE SENSEX in a five year horizon, the picture turns out Read more […]

Jaw-Boning at the Fed

When the FOMC minutes were released on Wednesday (August 21st) at 2:00 PM analysts and investors combed through all ten pages looking for some hint of when QE3 might be tapered or what new trigger was be watched by the Fed.  This was old news from a time capsule:  The meeting was three weeks earlier Read more […]