Enzio Von Pfeil Blog | Talkmarkets | Page 1
Investment Strategist at Private Capital Limited
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As Investment Strategist and Discretionary Asset Manager at Private Capital Limited, Dr. Enzio von Pfeil offers impartial, commission-free advice on how to structure one's income. His personalised advice helps clients determine their own most appropriate asset allocation strategy to generate ... more

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Brexit: Why Sterling Will Keep Sagging
Sterling will keep sagging because Brexit's path will be stony.
China: Weaker RMB And Disparate Fiscal Policy
In the nearer term, China's monetary policy bodes well for markets. In the longer term, her fiscal policy does not.
China: Do Not Buy RMB Bonds
In China, 10-year government bonds yield 2.7% - vs. 1.6% in the US, and negative yields in Japan for the same maturities. This means that China’s 10-year governments yield 69% more than their US counterparts.
Finance: What To Be Scared Of
Don't worry about China's banks; do worry about America's student and car loans!
Sell The RMB And Southeast Asian Markets
Germany is desperate to keep Britain in the EU; PBOC tightens overnight rates massively to defend the RMB.
The Fed: Driving With A Rear-view Mirror
The Fed is working with an anachronistic model. Keep buying China and America.
The RMB And The Hang Seng Index
A rising Fed Funds rate will depress the RMB, further propelling our Hong Kong stock market.
Markets: Keep Buying China And America
We all know that Central Banks have been disfiguring markets’ pricing mechanisms by way of Quantitative Easing since 2010.
China: Plenty Of Room For Fiscal Stimulus
China's national debt levels are not worrying, so China can reflate happily - and effectively.
Why Low Interest Rates Create Low Capital Investment
Low rates disfigure the market's pricing signals, so many cash-rich dinosaur companies are not investing in the real economy.
Disfigured Valuations: You May As Well Keep Buying High Yield Bonds
G3 Central Banks have disfigured the market's pricing mechanism to such a degree that talk of "overvaluation" is misplaced: "overvalued" relative to what?
China: The Myth Of A Cheaper RMB Boosting Exports
We never bought the simplistic story that a cheaper currency on its own boosts exports. Investment implication: don't be fooled!
Market Outlook: August - December 2016
Not quite sure what fundamental changes have been driving the gold rally, expect perhaps that the dollar has resumed strengthening: this makes the dollar price of gold relatively cheaper for non-dollar buyers.
China: The RMB Flunks The Safe Haven Test
On 1st October, the RMB will become the mushiest member of the SDR: it is not a safe haven currency, and it will keep depreciating steadily.
Economic Clock: Where Are We In The Cycle?
We now are comfortable advising a "buy" on China. Beijing is intensifying its excess supply of money.
Brussels Fudge: An Italian Taxpayer Bailout
Around the world bond yields have tumbled to record lows.
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