As you are of course very much aware of, things are just as frantic on this side of the Atlantic as on your side (imagine – every one is looking for central banks to cut rates as the next step to calm the panic – and today the Danish central bank actually raised rates to 5% from 4,6% to defend the Danish currency). Macro economics are definitely taking a back seat at the moment, and so I didn’t get to read your October Chartbook until today. Reading it reminded me why we value our MFR subscription so much. Obviously, I don’t like bad news more than anyone else.
We’re not a hedge fund, and our customers are long-only, so markets like this are rough to navigate. Reading your latest Chartbook mostly confirmed my own opinion about the state of affairs. And so I’m only writing this to thank you for being honest about the way the data talks to you and for telling me honestly about it.
These days few people are very sanguine about things, but I feel that MFR has stuck to very a sober assessment of things through out this year. As markets have gone from overly optimistic to sheer depression I really think MFR has done a very fine job of staying on track. Of course, none of us thought we’d end up in this mess, but MFR has kept us prudently cautious all along. And now you are reminding us that all of this will have real macro economic consequences for a long time to come. Soon enough this will be very important not to loose sight of.
So this e-mail is really just for saying thank you. We appreciate a voice of reason and steady analysis in these crazy times.
Best regards.
Anders Pedersen
Portfolio Manager