Sat, Oct 10, 2015
Welcome Guest
Free Trial RSS
Get FREE trial access to our award winning publications
Alternative Market Briefing

The Big Picture: Francesco Filia: Japan is a catalyst for other economies

Monday, June 17, 2013

Francesco Filia
An Opalesque column for global macro investors.

Benedicte Gravrand, Opalesque Geneva:

According to Fasanara Capital’s investment outlook, published on 31st May, there is more high volatility ahead.

The fund’s Value book remains flat as markets are toppy (i.e. markets are reaching highs that are unstable, and therefore a decline can be expected).

"We will change that stance only once the disconnect between the real world and financial markets tighten from here, as a consequence of market correcting or fundamentals improving," the report states. Furthermore, current credit and equity bubble levels are reminiscent of 2007 and other events.

On the other hand, Fasanara sees most of the opportunities in their Hedging book, thanks to the market mispricing the potential for realized volatility and for toppy markets to be 'gapping markets’ (e.g. gold’s heart attack, Nikkei flash crash…) The book is long volatility.

Two premises that Fasanara is relying upon in the outlook is (1) the expectation of a bubble chain and a deleverage chain; and (2) Japan and China being catalysts as their dynamics may have important repercussions for global markets in the months ahead.


Francesco Filia told Opalesque last week he is expecting a steep correction, as there is a huge disconnect between fundamentals and the levels at which the equity markets are trading. He believe......................

To view our full article Click here

Today's Exclusives Today's Other Voices More Exclusives
Previous Opalesque Exclusives                                  
More Other Voices
Previous Other Voices                                               
Access Alternative Market Briefing

  • Top Forwarded
  • Top Tracked
  • Top Searched
  1. U.S. hedge funds prepare for worst finish this year since 2008[more]

    Komfie Manalo, Opalesque Asia: U.S.-focused hedge funds are preparing for their worst year since the 2008 global financial crisis, following a series of letdown including the market sell-off in August and the sell-off in healthcare and biotechnology sectors last month, reported

  2. Investing - AQR Capital and Renaissance Technologies raise stakes in Southwest Airlines[more]

    From In the previous part of this series, we saw how institutional investors played Southwest Airlines (LUV) in 2Q15. Now let’s move on to the trades executed by key hedge funds in Southwest Airlines over the same period. … Most of the hedge funds that had significant exposu

  3. Manager Profile - Pimco alternative funds flourish as 30-year bond rally fades[more]

    From Inside Pacific Investment Management Co., the bond behemoth that lost two chief investment officers last year and saw almost $500 billion of client money leave, a hidden profit engine is easing some of the pain. For more than a decade, Newport Beach, California-based Pimco has qu

  4. Niche Investing - Art investment funds: Attracting institutional and other new investors[more]

    From The Deloitte/ArtTactic Art and Finance Report 2014 (the "Art and Finance Report") noted that the "global art investment fund market was estimated to be worth at least $1.26 billion in the first half of 2014." This seems almost inconsequential when juxtaposed with the $54 billion of

  5. DoubleLine’s Jeffrey Gundlach warns of another round of market shakedown[more]

    Komfie Manalo, Opalesque Asia: DoubleLine Capital co-founder Jeffrey Gundlach is painting a bleak future as he warned that the U.S. equity market and other risk markets, such as high-yield "junk" bonds, are facing another round of selling pressure. Gundlach said in an interview with