Lighthouse Investment Management

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Author: Alexander Gloy

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  • Road Map to Ruin

    Alexander Gloy

      Budget deficits in “good” times, build-up of government debt Few countries’ (GER, NED) exports lead to trade deficits for others (GR, ESP, POR) Costly bank bail-outs and fiscal “stimulus” Monetary stimulus (0% interest rates); useless Rating agencies finally wake up (downgrades) PIIGS unable to sell more debt as yields rise IMF/EU (read: taxpayers) step…

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  • Greece: Two Bail-outs and a Funeral

    Alexander Gloy

    Here we go again. Another bail-out. [Sigh.] I’ll try to make this as entertaining and easily readable as possible – but first the details of the bail-out agreed on July 21st: Fresh EUR 109bn EFSF/IMF loans until mid-2014 Private sector (read: banks) participation of EUR 37bn EUR 12.6bn from bond repurchases at below par (100%)…

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  • Gold and stocks love inflation, right?

    Alexander Gloy

    In theory, stock prices react positively to inflation. You can explain that with the balance sheet effect: while debt remains same in nominal terms, assets gain in value (with the difference showing up in the equity position via net profit). Gold should also benefit from inflation as the supply of precious metals is limited –…

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  • Sector momentum table 2011-07-15

    Alexander Gloy

    Each week we test major asset classes for the strength of their momentum. We check: is current price above 20-day moving average? is current price above 50-day moving average? is 20-day moving average above the 50-day moving average? does the 20-day moving average have a positive slope (i.e. is it rising)? does the 50-day moving…

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  • Asset momentum table 2011-07-15

    Alexander Gloy

    Each week we test major asset classes for the strength of their momentum. We check: is current price above 20-day moving average? is current price above 50-day moving average? is 20-day moving average above the 50-day moving average? does the 20-day moving average have a positive slope (i.e. is it rising)? does the 50-day moving…

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  • Sector momentum table 2011-07-08

    Alexander Gloy

    Each week we test major asset classes for the strength of their momentum. We check: is current price above 20-day moving average? is current price above 50-day moving average? is 20-day moving average above the 50-day moving average? does the 20-day moving average have a positive slope (i.e. is it rising)? does the 50-day moving…

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  • Asset momentum table 2011-07-08

    Alexander Gloy

    Each week we test major asset classes for the strength of their momentum. We check: is current price above 20-day moving average? is current price above 50-day moving average? is 20-day moving average above the 50-day moving average? does the 20-day moving average have a positive slope (i.e. is it rising)? does the 50-day moving…

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  • Sector momentum table 2011-06-24

    Alexander Gloy

    Each week we test major asset classes for the strength of their momentum. We check: is current price above 20-day moving average? is current price above 50-day moving average? is 20-day moving average above the 50-day moving average? does the 20-day moving average have a positive slope (i.e. is it rising)? does the 50-day moving…

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  • Asset momentum table 2011-06-24

    Alexander Gloy

    Each week we test major asset classes for the strength of their momentum. We check: is current price above 20-day moving average? is current price above 50-day moving average? is 20-day moving average above the 50-day moving average? does the 20-day moving average have a positive slope (i.e. is it rising)? does the 50-day moving…

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  • Sector momentum table 2011-06-17

    Alexander Gloy

    Each week we test major asset classes for the strength of their momentum. We check: is current price above 20-day moving average? is current price above 50-day moving average? is 20-day moving average above the 50-day moving average? does the 20-day moving average have a positive slope (i.e. is it rising)? does the 50-day moving…

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