Archive for May, 2013

Telegraph: BRICS risk ‘sudden stop’ as dollar rally builds

Former IMF official Stephen Jen, now at SLJ Macro Partners, foresees a “sudden stop”, the moment when funding for emerging markets dries up abruptly and investors run for the exits.

Mr Jen said the flow of money before 2007 was “pulled in” by a genuine growth story, but what has happened since is different. Money has been “pushed out” of the West by QE in the US and Britain, or by the emergency stimulus in Europe, with liquidity washing through the global system.

Read the original article on the ‘Telegraph’ website.

FT: Dollar rebounds on US consumer confidence

Stephen Jen, head of currency hedge fund SLJ Macro Partners, wrote in a note to clients: “I see this correction as an acute version of many similar corrections we have seen in the dollar-yen, all of which were followed by even more powerful rallies to set new highs.”

Read the original article on the ‘Financial Times’ website.

Bloomberg: Resurgent Japan Under Abe Impeded by Slow Business Spending

“Arrows one and two are giving Japan’s economy a tailwind for now,” said Stephen Jen, managing partner at SLJ Macro Partners LLP in London and former head of currency strategy at Morgan Stanley. “But Japan still faces powerful structural headwinds, and whether arrow three makes an uptick sustainable depends on Abe getting supply-side reforms right.”

Read the original article on the ‘Bloomberg” website.

Bloomberg: Kickboxing Oil Trader Pursues Knockout at New Hedge Fund

It’s the Zen side of martial arts that Andurand displays on the trading floor, says Stephen Jen, a former foreign-exchange trader at BlueGold who’s managing partner at SLJ Macro Partners LLP in London.

“He may be the calmest risk taker I’ve seen,” Jen says. “Oil is a relatively volatile financial product, so you have to see the sometimes violent daily swings as noise. He’s really good at putting on a position early and sitting through the volatility.”

Read the original article on the ‘Bloomberg” website.

EuroWeek: Food For Thoughts Interview with Stephen Jen

Andrew Capon writes a column for EuroWeek, where he interviews interesting people in the investment world over lunch, and weaves in a restaurant review along with it. Andrew recently interviewed Stephen at Le Cercle in Sloan Square. To read Andrew’s interview with Stephen, please click on the link below.

Read the ‘EuroWeek’ interview here.