What Wealth Advisers Are Telling Rich Clients About Inflation, Rates, Crypto – Bloomberg
“Inflation has become one of the most hotly debated topics in financial circles of late, with concerns that government stimulus and a possible post-pandemic consumer spending spree may drive up prices.”
“Ida Liu, the global head of private banking at Citigroup Inc., is asking clients to move beyond their “home bias” in favor of geographic diversity for their portfolios. She especially sees opportunities in China.”
“Citigroup’s Liu said sitting on cash in such a low-interest rate environment is a mistake. “With rates where they are, your cash isn’t working for you. So might as well as get invested,” she said.”
“Chief Executive Officer Sarah Levy said.
“I’d like us to find a way to responsibly offer crypto, but I can’t say that we’re there yet. I think we’re still in kind of a watch-and-learn mode.”
Secretive Swiss Bank Pictet Torn Between Old Money and New Risk – Bloomberg — www.bloomberg.com
“A 215-year-old firm rooted firmly in the past finds tension adapting to the modern world.”
“But in recent years, an unsettling new trend crept into Pictet, cracking the façade of corporate cohesion: key employees began leaving.”
“Pictet is in between two worlds,” says Pedro Araujo, a senior researcher at the University of Fribourg, who has studied Switzerland’s elite families.”
“They are in the old world of Geneva private bankers, and the new world of globalized finance, where they want to be present internationally, they want to grow, they want to present themselves as modern, but not too much. Two worlds that are on a collision course.”
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The Bigger Inflation Scare Is Emerging World Food – Bloomberg
“So while stronger commodity prices aren’t in themselves too dangerous for inflation in developed countries, they could be profoundly destabilizing in the emerging world.”
“Problems affording food would only exacerbate the pain for the countries like Brazil and particularly India that are currently suffering grievously from the pandemic.”
“Food makes up 29.8% of consumer expenditures in India (and as much as 59% in Nigeria), and only 6.4% in the U.S. Food inflation feeds much more directly into headline inflation in emerging markets, and this will push headline and core inflation upward, according to BNP’s estimates”
“In the developed world, the uptick in inflation might still prove a transitory quirk caused by reopening. In the emerging world, food price inflation is already forming a serious social and economic challenge.“
“Rising interest rates can be almost as unpopular as food price inflation in the developing world, particularly in a time of pandemics.”
Economic Demand Is Back. Supply Is the Problem – Bloomberg
“Today, demand is not a problem for most of them; it is surging. Rather, they are struggling to secure supplies, including the raw material inputs and workers needed to meet this demand”
“Covid outbreaks in certain countries that are embedded in global supply chains — such as Bangladesh, India and Vietnam — and geopolitical uncertainties, including periodic tensions between China and the U.S. and Europe, add to the headaches facing those not just trying to get raw materials to their factories.”
“For the next few quarters, the supply side will be the chief determinant of success for companies, policymakers and the economy as a whole.”
Worried About Inflation and College Bills? Find Inspiration in the Yale Model – Bloomberg — www.bloomberg.com
“Running a world-class university is expensive. The general cost of operating a business aside, Yale had to constantly upgrade research facilities and lure top academics with good pay.”
“The Yale Model puts a heavy focus on alternative assets such as private equity and real estate.”
“Are private equity and real estate good inflation hedges?”
“Indeed, private equity has beaten U.S. small-cap stocks by about 3% per year since the mid-1990s and outperformed in about two-thirds of the years, data compiled by JPMorgan Chase & Co show.”
Big Apparel Brands Still Need Bangladesh’s Workers – Bloomberg — www.bloomberg.com
“Bangladesh’s garment-export economy is something of a modern miracle.”
“In 1978, the country was primarily agricultural; its garment industry amounted to nine factories and about $1 million in export revenue.”
“Over the next 30 years, a combination of savvy entrepreneurship, favourable trade agreements and cost-conscious foreign retailers proved transformative.”
“By 2020, annual garment exports were worth $33.6 billion, the country was home to more than 4,000 factories and the industry employed some 4.4 million workers.”
The Real Covid Variant Risk From India’s Pandemic Wave Is Being Missed – Bloomberg — www.bloomberg.com
“Daily fatalities and new cases are, as officially reported, around 4,000 and 400,000, respectively, or closer to 25,000 deaths and between 2 million and 5 million infections, as Brown University School of Public Health’s Ashish Jha estimates, the rest of the world needs to help the country combat this menace.”
“New study has found that an entry driven by the B.1.617 spike protein was “partially resistant against neutralization by antibodies elicited upon infection or vaccination with the Comirnaty/BNT162b2 vaccine.” That’s the official name for the Pfizer-BioNTech shot”