Commentaries

By: John E. Charalambakis | On: May 26, 2016 |

On the Dark Hidden Pools of Chinese Liabilities: Debt Binge and Capital Outflows

In September 2010 we warned of the Chinese Wall of Steroids, http://stage.blacksummitfg.com/wp-content/uploads/2011/01/The-Great-Wall-of-Steroids-Vol-2-Issue-3.pdf . In that newsletter we also explained the dangers of WMPs (wealth management products) in China where investors […]

By: John E. Charalambakis | On: May 19, 2016 |

Risk Adjusted Returns, M&A, and Portfolio Structure: What Does Recent Market Activity Tell us?

Recent reports by major investment banks carry a flavor of pessimism, by suggesting underweighting equities and higher exposure to high yield. We are cautious over the course of the next […]

By: John E. Charalambakis | On: May 11, 2016 |

The Geopolitics of Market Volatility: Spillover Effects and Macro Fundamentals

The act of counterbalancing and possibly containing China has multiple faces. Shinzo Abe, the Prime Minister of Japan met with Vladimir Putin of Russia last weekend in an effort to […]

By: John E. Charalambakis | On: April 29, 2016 |

Currency Winds and Market Waves: Banks, Central Banks, & Policy Divergence?

Yesterday’s decision by the Japanese Central Bank not to extend its monetary easing, strengthened the Yen and significantly pressured the Nikkei Index. It has been obvious in the last several […]

By: John E. Charalambakis | On: April 21, 2016 |

The Symphony of Asset Management: Caravaggio Meets Atlas in the Chameleon Age

The scientific art of asset and wealth management is like conducting an orchestra. Each musician is dedicated in playing her/his own unique instrument. The enjoyment of music is the product […]

By: John E. Charalambakis | On: April 12, 2016 |

Credit Impulses and Market Volatility: The Missing Link

Over the course of the last couple of weeks we have read reports that credit facilities are rising, production is on the upswing, Chinese tremors are subsiding, and an overall […]

By: John E. Charalambakis | On: April 7, 2016 |

WWW: Wrong Tools, Wrong Targets, Wrong Diagnoses

The world economy may be entering into treacherous territory. Central Banks and policy makers seem to have misdiagnosed the credit problems and applied the wrong medication. We are referring of […]

By: John E. Charalambakis | On: March 23, 2016 |

The Plumbing of the Financial System: Debt Markets and Structured Products

Over the course of the last few months official foreign accounts have been selling US Treasuries. At the same time, the US Fed has been selling Treasuries to its primary […]

By: John E. Charalambakis | On: March 16, 2016 |

Financial Conditions and Helicopter Money: Generational Public Ethos and Norms Greet Mr. Market

We are experiencing a transformational change from post-modernity to meta-modernity. As that transformation takes place public philosophy, customs, policies and norms also change. The metamorphosis which is now at works […]

By: John E. Charalambakis | On: March 10, 2016 |

Counterparty Risks and the Gathering Storm: Inadequate Solutions and Absurd Voices

In a recent commentary we pointed out that one of the largest clearing houses asked for a $50 billion capital contribution from member institutions, (see https://blacksummitfg.com/3375 ). We have also […]