Bullish on Decarbonisation… less so the price of carbon
As macro investors, we seek to position ourselves at the juxtaposition of policymakers and markets. While the drive for decarbonisation has become increasingly divisive in the UK, the movement has nonetheless secured a broad mandate globally, and we see an opportunity. We regard naysayers of decarbonisation and the ESG investment...
How regulation drives competitive advantage in the energy transition
Energy transition and reducing emissions is a global priority, but unfortunately, fossil fuel demand is still growing. The most significant driver of this growth is emerging markets, where GDP growth is still highly correlated with fossil fuel demand. While there are many projections of future emissions reductions, it is important...
Volatility and Merger Arbitrage: where are the opportunities?
We often get this same question: How do we expect Merger Arbitrage to perform in varying volatility and market environments? To this end, in this article, we review historical and empirical evidence to highlight the neutral nature of Merger Arbitrage and the opportunity set that we see in different volatility...
What if the US and China debt situations cause systemic risk?
The two debt situations are very different in the sense that, unlike previous financial crises, the US debt risk is now coming from the public debt stock rather than the private one, while in China, it is the opposite – the risks are in the private sector. That means that...