Category Archives: Emerging Markets

Home Is For Your Heart, Not Your Portfolio

A number of years ago I took over a portfolio that held corporate bonds from both developed and emerging markets. As I looked through the holdings a name popped out at me, Ipiranga. I turned to my credit analyst and … Continue reading

Posted in Credit, Emerging Markets, Equities, Investing, Market Cycles | Tagged , , , | Leave a comment

Chinese Debt for Equity Swaps, 3 Card Monte By Another Name?

The Chinese government is bandying about debt for equity swaps as a potential cure for the overhang of corporate debt in the middle kingdom.  Much, if not most, of the bank loans in China have been made by government owned banks to … Continue reading

Posted in China, Credit, Emerging Markets, Equities | Tagged , , , | Leave a comment

Focus on the Chinese Currency, Not the Equity Market

Chinese equities have started the new year with a series of implosions, implosions exacerbated by the authorities’ ham handed attempts to dampen volatility. Despite the sound and the fury, the Chinese stock market is a sideshow. Ownership of Chinese equities is … Continue reading

Posted in China, Currency, Emerging Markets | Tagged , , | Leave a comment

Some Thoughts on the Yuan and Chinese Monetary Policy

China has dominated recent newsflow due to its stock market crash and the devaluation of the yuan (CNY).  The latter, I believe, is an attempt to free up the PBoC to conduct domestic monetary policy to deal with the aftermath of … Continue reading

Posted in Central banks, Currency, Emerging Markets | Tagged , , | 1 Comment

Apres China Le Deluge?

China’s stock market has been in the news due to its recent plunge.  The plunge follows a strong run up over the last year. Whatever the reason for the spike up and the subsequent dive, this is a Chinese problem whose … Continue reading

Posted in Emerging Markets, Equities | Tagged , , | Leave a comment

Um Outro Gol Contra (Another Own Goal)

You might think the Petrobras scandal is bad enough, but Brazil has another self inflicted and serious issue that is going to be a drag on growth for years to come. It is known that China held off the effects of the … Continue reading

Posted in Credit, Emerging Markets | Tagged , | Leave a comment