Tuesday, June 19, 2007

Time Away

I spent an amazing three weeks travelling through primarily France, Italy and Slovenia. Perhaps the most impressive city visited was Ljubljana, the capital city of Slovenia. The town was full of energy and anxious anticipation of full participation in the world economy after decades of being torn apart by dictators and wars. Absolutely beautiful town - perhaps one of the benefits of being left behind by decades of growth in other parts of Europe is that the city seems to have fewer tacky buildings thrown up in the 50's, 60's and 70's like other cities. Great food, clean streets, good night-life, classic European old-town feel and beautiful setting.

Strategy Update: The Dynamic Bond/FX Strategy rocked over the past month or so (see chart). Shown here outperforming the Lehman Aggregate Bond Index by 19% to 4% since the end of 2005. The latest outperformance was driven by a short US dollar position with a long US dollar overlay. We've since flattened the dollar bet and reduced by 2/3 the short bond bet.


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