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Institutional Investor (August 6)

2018/ 08/ 08 by jd in Global News

“For the world of institutional investing, the topic of our time is none other than fees.” Most of the solutions being touted, such as 1-or-30, are anything but revolutionary. “Any magic is really just sleight-of-hand meant to distract us from realizing how low our expectations are for any meaningful improvement in the existing misaligned fee structures.” We must overcome this built-in bias and “expand the window of possible choices to include those that will be seen as utterly unthinkable by today’s standards.” For example, a “rent” system could be adopted in which “the allocator no longer pays fees to the manager for the use of its own capital and is assured of receiving the investment outcome it seeks (i.e., the negotiated rent). The manager gets the capital and potential revenue it needs to run its business.” Such a revolutionary move would place the risk directly where it belongs: on the asset manager.

 

The Guardian (July 8)

2018/ 07/ 10 by jd in Global News

“Theresa May’s fragile deal would be a disaster for Britain.” The Prime Minister secured “a fragile domestic political compromise only by confecting a solution that no one thinks the EU will accept. And even in the unlikely event that the EU were to sign on the dotted line, there is no disguising that while it may be better than dropping out with no deal, the Chequers agreement would be a terrible outcome.” Britain would no longer have a say “in shaping the rules of the world’s most successful trading bloc…in exchange for becoming a rule-taker in whatever scrappy free trade deal we can negotiate.”

 

Bloomberg (September 27)

2017/ 09/ 28 by jd in Global News

Shinzo Abe is taking a “momentous gamble.” Nothing less than “Japan’s economic future, and his own political legacy” will depend on the outcome of the October election.

 

The Guardian (August 24)

2017/ 08/ 25 by jd in Global News

“Something big is slowly stirring in the undergrowth of British politics. Fact by fact, announcement by announcement, the case for Britain to remain in the European Union’s single market and customs union is growing stronger and more irresistible by the day. Such an outcome is most definitely not this government’s policy. But, this autumn, something will have to give.”

 

The Economist (June 24)

2017/ 06/ 26 by jd in Global News

“Mr Modi’s admirers paint him as the man who at last unleashed India’s potential. In fact, he may go down in history for fluffing India’s best shot at rapid, sustained development. And the worries about a still darker outcome are growing.”

 

Financial Times (October 3)

2016/ 10/ 04 by jd in Global News

“By announcing that she will start the formal negotiations for Britain to leave the EU by March 2017, the prime minister has walked into a trap. She has given away what little leverage Britain has in the negotiations — without receiving any of the assurances that she needs to achieve a successful outcome.” This will allow the EU to “simply run the clock down — knowing that the UK will be in an increasingly difficult situation.”

 

Washington Post (January 14)

2016/ 01/ 16 by jd in Global News

“The China bubble has burst,” but the nation’s trajectory remains unclear. “The worst outcome—a doomsday scenario—would have China fostering worldwide deflation. Its growth would continue to deteriorate sharply, extending the decline in commodity prices and the weakness of global trade. Around the world, there would be more production cuts, layoffs and bankruptcies.”

 

Financial Times (July 6)

2015/ 07/ 06 by jd in Global News

“In Greece the No vote will widen political fissures in a society knocked senseless by an economic slump. Greeks who voted Yes will treat the outcome as a calamity comparable to the 1922 military defeat at Turkish hands that resulted in the annihilation of Greek civilisation in Asia Minor. Greeks who voted No will rapidly learn that there is no salvation, only misery, ahead.”

 

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