By Kevin Muir
I am going to break from regularly scheduled programming with a quick story.
Eighteen years ago today, I was sitting on the institutional equity derivative desk at a big bank-owned Canadian securities dealer. I had not yet turned thirty, but I was lucky to have been given a chance to trade for the bank at an early age, and combined with the great DotCom bull market, I had done better than any young punk deserves. But then my first child was born, and I realized I no longer wanted to deal with the issues of working in a large organization, so I quit. I didn’t know what I wanted to do. I just knew I wasn’t having fun anymore and life was too short.
So I set about to trade for myself. I didn’t know if I would be successful, but I figured I could always go back.
To no great surprise, it was tons of fun. No one to tell me I couldn’t trade such and such security. No office politics. No commuting to a downtown office. And most importantly, I could spend more time with my growing family.
I found the freedom allowed my trading skills to expand into other areas of the financial markets that had always interested me. Soon I was no longer just an equity derivative specialist, but fluent in a wide array of different asset classes. Moving to whatever area of the market offered the best opportunities, I found myself successful enough to never have to go work for a big institution again.
Well, one year faded into another, and last fall my wife and I sent our firstborn off to university.
I always knew at some point I wanted to do more with my career, but I wasn’t sure when. Writing the MacroTourist newsletter was my first step. Sharing the years of wisdom earned from countless hours staring at charts and pouring through research was an enjoyable experience. To be truthful, I often get more than I give with the letter. I am hugely appreciative of the loads of kind readers who share their vast knowledge of the financial markets.
Yet I still wanted to do more. To take my aspirations to the next level, I concluded I had reached the point where it would be better to team up with some people with experience in the money management business.
Therefore, last month I took the next step and joined a colleague at his investment management firm. It’s a great fit for me. It’s an excellent boutique firm that caters to high-net worth individuals and families, with terrific employees that make even the hard work fun. And most importantly, my old friend (and new boss) shares my philosophy about markets and the financial services industry.
I am proud to announce that I now work at East West Investment Management. Together, I believe we can create some innovative and dynamic solutions for our clients. Although it has been a long time since I was a young buck on the desk, I feel like it’s 1994 all over again and I am stepping back on the trading floor for the first time. We have some exciting things planned for our firm. If you are an accredited investor and would like to be kept abreast of the developments, then please sign up for our newsletter.
I am also pleased to announce the ‘Tourist will continue exactly as-is. We commit to keeping the content fun yet informative. As promised, we won’t be spamming you with advertising.
Thank you for your support throughout the years. It’s been a ton of fun writing the ‘Tourist and I look forward to many more. Now, that’s it for the sappy stuff. I promise no more for a long time. Onward to talk about the markets!
What a true bond bear market looks like
A couple of years ago I remember having a discussion with a hedge fund manager. I told him about my theory that the next big surprise would be higher bond rates, not the other way round. I distinctly remember him lecturing me about the overwhelming forces of demographics, technology and globalization. All of these added up to deflation – not inflation. I couldn’t convince him that when everyone agrees on something, it’s time to expect something different. We agreed to disagree.
Continue reading That’s Not a Bond Bear Market