Quarterly Outlook
Fixed Income Outlook: Bonds Hit Reset. A New Equilibrium Emerges
Althea Spinozzi
Head of Fixed Income Strategy
You can access both of our platforms from a single Saxo account.
Proprietary Trading with Keith Dack
Kay Van-Petersen
Global Macro Strategist
Global Macro Strategist
Summary: Our second Dragon Interview takes us to the world of global proprietary trading from banks to family office and across the globe from London to New York, to Hong Kong and Singapore.
This edition of Dragon Interviews
We speak with Dacky (Keith Dack) who has been trading since the 80s, makings tens of millions of dollar for banks including legendary firms such as Bankers Trust & Salomon Brothers.
We touch on the change in market regimes over the decades, risk-taking, his approach to trading currencies & how he looks at the market.
And naturally we make some time for war stories, career progression as a risk taker, as well as some of his biggest winners & losers on the trading floor.
It’s rare to come across an individual of Dacky’s deep experience, talent, humility, as well as continued passion & drive for trading the markets.
For context during the turbulent year of 2016, think Brexit, Trump US election victory surprise, Dacky returned +50% for the year.
Lastly we close on big picture thoughts going into 2021 – the interview was filmed on 28 Nov 2020 – which will give people some MtM as well as ideas to reflect on.
We hope you enjoy the interview, as much as we had doing it.
Previous Dragon Interviews
Discussing Global Macro & the Building Out of a Hedge Fund the AVM Way, with the Class-of-One Ashvin Murthy
Going into year 5 in one of the toughest & dynamic changing Global Macro Regimes, AVM has returned +42.7% since its Nov 2016 inception, with an astounding Sharpe of +1.7x
For context, over that period government bonds & equities have had a Sharpe ratio closer to 0.74 (i.e. way more risk for return)
This was the first in a string of exclusive Dragon Interviews series with exceptional professionals who have skin-in-the-game, across different strategies, asset-classes & backgrounds.
Singapore Based, AVM Global Opportunity, is run by the talented & always exceptional Ashvin Murthy. Who in KVP’s view is world class in his approach, process & even more importantly trade construction & money management.
Ash has demonstrated that, if the process is pristine & consistent, the returns will take care of themselves overtime. He has also returned volatility that is lower that government bonds, yet obviously with much better returns.
The timing of the interview is uncanny as it was at the cusp of the last US presidential elections that AVM was launched. It’s worth noting since the interview, the fund has also been nominated for the Singapore’s Best Hedge Fund of 2020, given its consecutive five straight positive months at the start of this volatile year.
Please click here for interview link.
You can follow & learn more about AVM here.
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