News
Mystery Whales Baffle Gold Market After Central Bank Purchases
A normally dry research report jolted the gold market this week, when it pointed to massive but so far unidentified sovereign buyers. Central banks bought 399 tons of bullion in the third quarter, almost double the previous record, according to the World Gold Council. Just under a quarter went to publicly identified institutions, stoking speculation about mystery buyers.
When Should You Change Your Asset Allocation?
The bulk of my career has been spent working in the institutional investment space — mainly foundations and endowments. These huge pools of capital liked to call themselves “sophisticated” investors. And don’t get me wrong, some of them are very sophisticated. But far too many of these funds that manage tens of millions or even billions of dollars in capital make things far more complicated than they need to be. The assumption is since these funds have so much money and connections in the finance industry that it makes sense to invest in more complicated fund structures like hedge funds, private equity, venture capital, infrastructure, real estate and other hard assets.
Exclusive: Morgan Stanley to start layoffs in coming weeks as dealmaking slows
Wall Street major Morgan Stanley (MS.N) is expected to start a fresh round of layoffs globally in the coming weeks, three people with knowledge of the plan said, as dealmaking business takes a hit due to rising inflation and an economic downturn. In Asia Pacific, the bank has drafted up a list of staff members considered redundant, who will mainly come from teams that focus on China-related business, two of the sources said. All declined to be named as the information is confidential.
Energy Problems: Yes, Still There
Back in June 2021, I wrote a longform piece on the energy sector called, “The Case for a Longer-term Oil and Gas Bull Market“. I followed this up with a shorter piece in July 2022 called “Energy: The Area Under the Curve“, which emphasized that it was the integral of energy prices (i.e. the time spent elevated) that is damaging to an economy, not just the high water mark that energy prices will reach in any given short timeframe. My overall view continues to be that the world is currently energy-constrained, mainly due to several years of low capital expenditure and improper energy planning, but then also exacerbated by war-related disruptions.
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