rock balancing on wooden post near body of water

Contagion Tracker 2022-23

In response to the pandemic in 2020, central banks around the world added large amounts of liquidity to the financial system in an attempt to soften the economic fall out of lockdowns and a slower economy. Additional credit at a time when the supply of goods and services was constrained led to high inflation and…Read More

white and blue concrete building under white clouds during daytime

HSBC Should Buy Westpac New Zealand

For some time now Westpac has considered selling its New Zealand banking operations on the heals of the Reserve Bank of New Zealand requiring banks to separate local banking operations and capital from international ones. A prime take over candidate could be HSBC. While “the world’s local bank” is no longer expanding internationally at the…Read More

Spurious Correlation CPI Fractal

There is no doubt that commodity prices and overall inflation have soared since the Coronavirus lockdowns in 2020. A combination of base effects, quantitative easing, an exodus from cities and supply chain disruptions have lead to massive year on year changes in CPI. The included image is an overlay of CPI from 2001 to 2014…Read More

man inside tool shed

Better than Universal Basic Income

The recent acceleration in technological change has brought a lot of talk of universal basic income (UBI) as the future for developed economies. While there are a lot of formal arguments that could be made against this, I thought it better to present a vision for a better world, if robotics and AI really are…Read More

Macro Newsletter August 2021

Apologise for the break for June and July, we were in the process of moving and markets were relatively mixed over the summer months. A reminder that the two distinctive features of the 1332 Capital newsletter are that views are communicated over different time periods (immediate, cyclical and secular) as well as tracked between newsletter…Read More

Macro Newsletter May 2021

Welcome to our inaugural monthly market newsletter. The newsletter will summarise our current analysis on the economy and markets from different macro time periods; immediate term, cyclical and secular. Immediate term reports what is happening in the present and recent history, the last trading day, week, and month. Cyclical tracks on a quarterly basis where…Read More