Archive for February, 2012

WSJ: Debt Politics Make Euro Trading More Political Then Economic

“In terms of relative fundamentals between the U.S. and Europe, it’s clear to me the euro should be quite lower,” said Stephen Jen, founder of SLJ Macro Partners LLP in London. Jen estimates that perhaps as much as 80% of the euro’s price movements are due to political factors. [...] Read more of this news item

Telegraph: Trigger-happy central banks spark bond euphoria

“Stephen Jen from SLJ Macro Partners said the double blast of a “trigger-happy Fed” and an activist ECB has transformed the outlook for global assets this spring. “All investors should respect the rule ‘don’t fight the Fed’. A new rule is ‘don’t fight the ECB’. Certainly the market should not fight the Fed and the ECB at the same time,” he said. [...] Read more of this news item

WSJ: As Markets Soar, Currency Funds Miss the Bus

“I started the year being bearish,” said Stephen Jen, founder of SLJ Macro Partners LLP in London, in a note Monday. “But the sharp turnaround in risk assets in the last six weeks is well justified, in retrospect…I can now see more clearly some game-changing events that took place. [...]” Read more of this news item

Hedge Funds Gain 2.63% in January

“The less-than-enthusiastic participation of the risk rally in the last few weeks suggests that investors who have been underweight risk will likely try to get on the bus,” SLJ Macro Partners’s Stephen Jen said in a recent note to investors. “As a result, risk assets could be pushed higher for longer, with modest pull-backs. [...]” Read more of this news item