With so many fund managers overcharging and underperforming it’s no surprise that there’s a trend towards internalising funds management. However, Harvard’s experience shows that internalising is far easier said than done.
Memos
The Dallas Pension Fiasco Is Just the Beginning
The run of redemptions and lock-up of the Dallas Police and Fire Pension fund was entirely predictable. The same conditions exist elsewhere and point to a wave of state and local government pension and debt defaults in the coming decade.
Why Banks Fail: The Definitive Guide to Solvency, Liquidity and Ratios
Banks are complex, but understanding why banks fail and what can be done about it doesn’t have to be.
Will China Survive the Journey to Being a Developed Market?
Many countries have crashed and burned on the journey to being a developed market – will China be another?
Here’s What a Chinese Hard Landing Could Look Like
The following scenario shows how falls in the equity market in China could lead to a hard landing for its economy
Sovereign Debt: the (Relatively) Good, the Bad and the Ugly
Using Australia, Italy and Greece as case studies, this article looks at the frequently ignored problems building in sovereign debt.
Meredith Whitney was Right – Just way too Early
Meredith Whitney’s prediction about US state and local governments defaulting is coming true – are subprime governments the next threat?
The Truth about Liquidity for Debt Securities
This article corrects much of the current discussion about liquidity for debt securities and puts forward the key things to focus on.
Submission on the Tax Discussion Paper
This submission focusses on the major changes needed in the big three taxes – income, GST and land tax as well as ways to reduce the size of the black economy
Are Chinese Investors Ready for their Training Wheels to be Removed?
This article analyses whether Chinese investors are performing due diligence on their investments using two recent case studies
The Idiocy of Anti-Austerity
This article outlines four reasons why anti-austerity proponents are wrong and the difficult but unavoidable choice faced by highly indebted countries
Is the World Addicted to Debt?
This article discusses the risks posed by the increasing levels of government, business and consumer debt and recommends treatments for the global debt addiction