Commentary

AMG Winter 2011 Client Commentary Now Available

Aventine Management Group’s Winter 2011 Client Commentary is now available.

Download it HERE.

Pictet Perspectives – Special Edition 2012

Established in 1805, Pictet & Cie is Europe’s largest and most venerable private bank. Switzerland’s 3rd largest asset manager after Credit Suisse and UBS, Pictet shares the label of “Swiss Bank” with these two behemoths but stands alone in terms of culture, sophistication, responsibility and execution. Indeed, the firm is run today almost as a family business and attributes much of its success to accountability, moderation and foresight, three core virtues of Calvinism. Impressive.

This past autumn, Pictet brought together its Wealth Management Investment Committee with external specialists of world renown to spend 2 days thoroughly analysing the global outlook. The result, linked below, is a must read.

LINK: Pictet Perspectives Special Edition 2012

Kyle Bass of Hayman Capital on the Eurozone Debt Crisis

Kyle Bass of Hayman Capital is best known for his prescience in shorting the US sub-prime mortgage market in 2007 and 2008 prior to its collapse, for which he has been immortalized in the preface of Michael Lewis’ new book, Boomerang. Bass has spent much of his time since the sub-prime meltdown researching and writing about the path of global debt and the potential for a cluster of sovereign defaults in both Europe and Asia. He simply, elegantly and persuasively presents the current views of his firm in the following links:

LINK: Television Interview – BBC Hardtalk (YouTube)

LINK: Investor Letter – 30 November 2011 (Scribd)

LINK: Investor Letter – 14 December 2011 (Scribd)

Ray Dalio on Deleveraging and the Economic Machine

Ray Dalio is founder of Bridgewater Associates, the world’s largest and best performing hedge fund. His firm’s research focuses on “macro” investment, seeking to capitalize on marginal changes in high level issues that affect the global economic environment. In his “Template for Understanding”, Dalio communicates the fundamental workings of his economic machine and explains the impact of deleveraging on money, credit, debt the business cycle and investment. His Charlie Rose interview, also linked below, is among Charile’s best of the year.

LINK: Television Interview – Charlie Rose (Bloomberg)

LINK: A Template for Understanding How the Economic Machine Works