SLJ Macro Partners

Bloomberg: Resurgent Japan Under Abe Impeded by Slow Business Spending

Alexandra — Tue, 21 May 2013 10:31:50 +0000

“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

Alexandra — Thu, 16 May 2013 10:29:50 +0000

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

Alexandra — Fri, 03 May 2013 10:31:08 +0000

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.

Telegraph: Debt-crippled Holland falls victim to EMU blunders as property slump deepens

Alexandra — Thu, 02 May 2013 08:48:49 +0000

“The Netherlands bears striking resemblance to Spain and Ireland two or so years ago,” says Stephen Jen from SLJ Macro Partners. Holland has a fat current account surplus of 8.3pc of GDP and a savings rate of 26pc, but Mr Jen says such “virtues” did not prevent Japan succumbing to the after-shocks of its housing crash.

Read the original article on the ‘Telegraph’ website.

WSJ: Bank Of Japan Joins Fed Club With Global Clout

Alexandra — Mon, 08 Apr 2013 11:10:28 +0000

“I am surprised. This is quite extraordinary,” said Stephen Jen, co-founder of hedge fund SLJ Macro Partners. Mr. Jen never understood why the market doubted the BOJ’s resolve to ease aggressively, but he didn’t predict this collapse in European yields.

“The Fed is always seen as the more important central bank to watch for the implications of its policy on global markets,” Mr. Jen said. Now the BOJ is clearly joining that club.

Read the original article on the ‘Wall Street Journal” website.

Telegraph: Japanese bank governor Haruhiko Kuroda makes history with monetary blitz

Alexandra — Thu, 04 Apr 2013 12:48:33 +0000

“This will be recorded in economic history books as a watershed in central bank action. Investors should be shocked and awed,” said Stephen Jen from SLJ Macro Partners.

Read the original article on the ‘Telegraph’ website.

Forex Live: Stephen Jen: Sell-off in USD/JPY doesn’t make sense

Alexandra — Wed, 03 Apr 2013 09:38:53 +0000

I’m just reading some comments from Stephen Jen who was a superstar FX strategist at Morgan Stanley and now runs his own outfit at SLJ Macro Partners.

His track record lately isn’t perfect but he’s still one of the smartest guys out there. In comments to a Dow Jones editor he said Thursday’s Bank of Japan decision could be a positive catalyst:

Read the original article on the ‘Forex Live’ website.

FT: Cyprus bailout leaves investors queasy

Alexandra — Mon, 25 Mar 2013 20:03:10 +0000

But Stephen Jen, head of currency hedge fund SLJ Macro Partners, says it makes more sense to sell the euro when it rallies, in the belief that the knock-on effects from Cyprus will take their toll. “This saga is not likely to be over. There will be capital flight when the market opens and other complications,” Mr Jen says.

Read the original article on the ‘FT’ website.

Reuters: European banks: slow progress

Alexandra — Mon, 25 Mar 2013 11:01:39 +0000

The Cypriot crisis, stemming essentially from a banking malaise, reminds us that Europe’s banking woes are far from over. In fact, Stephen Jen and Alexandra Dreisin at SLJ Macro Partners posit in a note on Monday that five years into the crisis, European banks have barely carried out any deleveraging. A look at their loan-to-deposit ratios (a measure of a bank’s liquidity, calculated by dividing total outstanding loans by total deposits) remain at an elevated 1.15. That’s 60 percent higher than U.S. banks which went into the crisis with a similar LTD ratio but which have since slashed it to 0.7.

Read the original article on the ‘Reuters’ website.

The Economist: Chasing Scraps

Alexandra — Wed, 13 Mar 2013 17:10:18 +0000

Is there a currency war? Our leader line is that there isn’t but Stephen Jen, the very shrewd strategist who now runs money at SLJ Macro Partners, thinks there is – that countries are trying to “pick the pockets of each other”. Other highlights of Mr Jen’s talk

Read the original article on the ‘Economist’ website.