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Financial Ramblings

Nathan Kowalski
BUSINESS COLUMNIST
Profile

Nathan Kowalski is the chief financial officer of Bermuda-based investment firm Anchor Investment Management Ltd. He holds Chartered Accountant, Chartered Financial Analyst and Chartered Investment Manager designations. He is currently the president of the Chartered Financial Analyst Society of Bermuda board. Mr Kowalski started his career with KPMG, where he provided assurance, tax and financial advisory services for some of the largest corporations in Canada. He then worked for Deloitte & Touche Corporate Finance Inc, where he specialised in providing advice on mergers and acquisitions, valuations for corporate clients and private-equity firms, entrepreneurs and governments.

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  • Inflation: one of the biggest risks
    Feb 5, 2018 8:00 am

    Inflation: one of the biggest risks

    If you have been following the markets over the past five years inflation has not really been on your radar. In fact the spectre of inflation has been continually elusive — until now.

    The common diatribe has been that the Fed’s interest...

  • The pre-Budget on first principles
    Jan 29, 2018 8:00 am

    The pre-Budget on first principles

    Nathan Kowalski, Financial Ramblings from the Rock

    What follows are my thoughts on the 2018/19 pre-Budget report policy options recently released by the Government, considering a set of first principles. Let’s assume our goals or principles...

  • The ABCs of crazy
    Jan 22, 2018 8:00 am

    The ABCs of crazy

    Market commentary and discussion sometimes revolves around a group of stocks or asset class that have performed well and offer exciting stories. Lately this group known as the Fang stocks (Facebook, Amazon, Netflix and Google) has captured...

  • Twelve surprises for 2018
    Jan 16, 2018 8:00 am

    Twelve surprises for 2018

    “In science and similar disciplines, knowledge is generally cumulative, building on a foundation of laws and relationships. In the financial world, knowledge is adaptive, in the sense that the views and actions of each participant — a...

  • How did 2017’s predicted surprises turn out?
    Jan 8, 2018 8:00 am

    How did 2017’s predicted surprises turn out?

    “The bottom line remains: forecasts and predictions are exercises in marketing. Outrageous and wrong forecasts are typically forgotten, and when one randomly happens to come true, the guru is lauded as the next Nostradamus” — Barry Ritholtz,...

  • Now for some good news – Bermuda’s debt?
    Dec 22, 2017 8:00 am

    Now for some good news – Bermuda’s debt?

    “It was out of control — it was going up more than $200 million a year….you can get to a tipping point — and once you get past that, it’s virtually non-stop down to Third-World status.” — Bob Richards, Bermuda’s...

  • Crypto fever and blockchain implications
    Nov 27, 2017 8:00 am

    Crypto fever and blockchain implications

    “I think whatever Jamie (Dimon) does or doesn’t do will be as relevant as what the postmaster general did or didn’t do about e-mail.” — Wences Casares in Nathaniel Popper’s book Digital Gold

    “We...

  • Stocks are high, so when should you sell?
    Nov 6, 2017 8:00 am

    Stocks are high, so when should you sell?

    It is almost assured that at this point, given the strong equity market returns seen over the last few years, many investors will undoubtedly have a series of internal debates over when to sell.

    It would seem it is almost unarguable to...

  • Teaching children how to be smart with money
    Sep 18, 2017 8:00 am

    Teaching children how to be smart with money

    School is in! Thank goodness. I don’t know about your family, but mine needs structure. Sometimes I think school is more for the adults than the children.

    While school will help children develop various skills and traits to succeed in...

  • Investing amid geopolitical tension
    Aug 14, 2017 8:00 am

    Investing amid geopolitical tension

    Last week, stocks slid and posted relative large losses when compared to 2017’s tepid volatility. The drop on Thursday of 1.45 per cent for the S&P 500 was actually the largest drop since May of this year. Ironically, in a longer historic...

  • Avoiding investment traps and being Amazoned
    Jul 31, 2017 8:00 am

    Avoiding investment traps and being Amazoned

    Last week, for a short moment, Jeff Bezos was the world’s richest man. The basic talk track percolating on the street is that whatever product Amazon gets involved in and whatever industry it chooses to enter will lead to disaster for the...

  • Voting on policies rather than politics
    Jul 17, 2017 8:00 am

    Voting on policies rather than politics

    Politics are emotional. Some of us wish it were more rational and subject to an almost scientific rigour when it comes to assessments and criticism. We have a tendency to respond better to a great narrative rather than factual...

  • Healthy shopping tips for ETFs
    Jul 3, 2017 8:00 am

    Healthy shopping tips for ETFs

    My wife is a health coach so you won’t be that surprised to know that I “try” to watch what I eat. Consuming healthy products involves education and taking the time to actually know what you’re ingesting. Reading the ingredients is important.

  • Bermuda’s impossible monetary trinity
    Jun 12, 2017 8:00 am

    Bermuda’s impossible monetary trinity

    “The point is that you can’t have it all: A country must pick two out of three. It can fix its exchange rate without emasculating its central bank, but only by maintaining controls on capital flows (like China today); it can leave capital...

  • Robot versus human in investment industry
    Jun 5, 2017 8:00 am

    Robot versus human in investment industry

    “Everyone has a plan ‘till they get punched in the mouth.” - Mike Tyson

    I’m back from what was an excellent conference in Philadelphia, the home of Rocky. Like Rocky’s epic battles and fights, the CFA conference offered up a few...

  • Anchor cuts Bermuda growth forecast
    May 17, 2017 8:00 am

    Anchor cuts Bermuda growth forecast

    Following the recent release of weaker than expected economic data, Anchor has revised our final 2016 Bermuda gross domestic product forecast from 1.8 per cent to 0.8 per cent and our estimated 2017 forecast from 3 per cent to 2 per cent. We...

  • Time in the market a critical factor
    May 8, 2017 8:00 am

    Time in the market a critical factor

    Global equities

    Global equities have continued to move higher as corporate earnings’ strength is offsetting some softening in economic data. Since the surprise victory of Donald Trump, the MSCI Index has risen over 12 per...

  • Watching the Fed, markets and politics
    Mar 20, 2017 8:00 am

    Watching the Fed, markets and politics

    Last week Janet hiked. Yawn. This was much telegraphed and not much of shock. In fact, the aggregate change in the forward indicator on rate raises (the dot plot) barely moved and it still appears that we’ll see two more hikes this year with...

  • Taking note of Warren’s wise words
    Mar 6, 2017 8:00 am

    Taking note of Warren’s wise words

    The Berkshire Hathaway’s annual shareholder letter has always been a special event for this writer as I continue to be a devout follower of Warren Buffett.

    Warren is not shy to admit his mistakes, offer timeless wisdom on investing and...

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