We are moving our in-person events to virtual until normal travel resumes. Our pre-pandemic dinners and gatherings in London, New York, San Francisco, Singapore, Hong Kong and Abu Dhabi were intimate and rich. Our online events will have their own magic.
What excites us is that we can now bring together people from different cities for a truly global perspective. Our monthly online Salon series will summon the best ideas from our tight-knit community of investors.
Our first virtual Salon may not have had the delightful food and drinks of past dinners but it had the same distinctive style and ground rules (one chart and/or idea from each Guest, no social sharing, trolling or showing off).
Alberto Gallo (Head of Macro Strategies, Algebris), Nikhil Srinivasan (CIO, PartnerRe), Sam Garza (PM Macro, DoubleLine), and Michael Wissell (Head Total Portfolio, Healthcare of Ontario Pension Plan), joined us for a global macro discussion.
We discussed the euphoria in asset markets, Europe’s major institutional change, the upcoming US election and dollar’s status, the outlook for bonds and inflation, and how the pandemic will change the world.
Chart 1: Crossing the Chasm Pandemics have a way of shifting the course of history, and not always in a manner immediately evident. We’ve crossed some chasm by directly giving money to people.
Chart 2: The End of Euroscepticism The EU pandemic recovery fund is a landmark deal that could revitalize Europe’s economic prospects and lead to a much stronger euro over a multi-year time frame.
Chart 3: Coronavirus: Impact on the Dollar and US Election Should we think of America as a classically troubled emerging market?
Chart 4: The Fallacy of Long-term Investors “All the levers of risk taking are going to get yanked by the collective pension funds of the world. There might be a melt-up as they chase stocks.”