23 September, 2019

PM Newsletter • September 2019

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There is nothing new about the US starting a trade war. The last one happened during the Reagan presidency in the early eighties (but there were others before that) and culminated in the so-called Plaza Accord in September 1985 (more about this later).

18 July, 2019

PM Newsletter • July 2019

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President Trump may be right about the Euro being undervalued versus the dollar. Popular measures of valuation, such as Purchasing Power Parity (PPP), are not particularly reliable in the short to medium term because of the underlying assumptions that underpin them and the myriad of soft and hard variables that have an impact on currency fluctuations.

15 July, 2019

PM Newsletter • June 2019

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Now it’s official: The trade war is about great power competition, not about trade. This is the fourth newsletter we dedicate to the trade war since the first one in March 2018. Although we suspected all along that there was more to the trade war than met the eye, we merely confined ourselves to strictly economic issues lest we be accused of propagating conspiracy theories

21 May, 2019

PM Newsletter • May 2019

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With China rapidly approaching its final stage of development, we as investors are hard pressed to find the next great success story. We believe that Vietnam will be such a story for a series of reasons: Vietnam is still not in the radar of international investors because of scarce liquidity and lack of presence in the major indices.

30 October, 2018

PM Newsletter • 8 – 2018

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As practitioners active since 2014 in venture capital investing, we are beginning to see a definite change of attitude on the part of our HNW clients toward venture capital. This does not surprise us. In fact, investors, especially those who are professionally advised, appear to know we are presently in the middle of a transition whereby central banks are gradually raising interest rates (FED), or already mapping out their exit strategy (ECB).

22 August, 2018

PM Newsletter • 6 – 2018

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There is an eerie quiet in the equity markets of developed countries. Yet there is no shortage of reasons to be worried. Amid the bombast surrounding the tariff confrontations, sanctions, cold and hot wars, QE tapering and general hubris, the world hardly seems like a tranquil place.