I'm toying with entering the newsletter market. I've been looking at banks and financials for 25 years. First from the perspective of a sell-side equity research analyst. Then as an investor in a specialist global hedge fund. More recently out of sheer interest. So the idea of crafting a newsletter as an outlet for my … Continue reading Introducing Net Interest
Historical analogies are a way for us to find our footing. ‘History doesn't repeat itself, but it often rhymes,’ they say. So it’s no surprise that the coronavirus crisis draws comparison with a range of historic events. Of all the available analogies, the financial crisis of 2008 seems to offer the best framework. But not for its steer on the economic fallout, rather for the spotlight it shines on our understanding of the virus itself...
I gave a presentation to London Business School students on how to value bank equity. It looks at how Bridgewater analysed banks during the financial crisis, how Jamie Dimon of JP Morgan looks at his own stock, and how to think about Deutsche Bank now. Plenty more, besides. Here it is:
September 2018 marked the 10th anniversary of the collapse of Lehman and the beginning of the crisis that it heralded. At the time I was managing an investment fund focussed on the global financials sector, and together with my colleagues, we were in the thick of it. Back in 2006 we had identified that something … Continue reading Lehman Brothers Ten Years On: Reminiscences of a Hedge Fund Manager