IceCap Asset Management

[giofranchi]

I know that almost nobody on this board believes in "macro calls". Anyway, I believe that the monthly market analysis by IceCap Asset Management is a good and useful read. In attachment you find the most recent one.

I believe what they write is true and actionable:

 

"If the World's best sell side economists and the US Federal Reserve rarely predict US economic growth with any accuracy, why then do the media and markets place so much importance on these groups?

The point we make is that all to often the investment industry gets lost while focusing on the proverbial trees. Consiering the precarious state of the global financial system and global economy, it is much wiser to step back and let your eyes focus on the forests, and not blindly follow what the big boys are saying."

 

To get every "tree" (or every turn of the economy) right might be really impossible, and to attempt doing so surley is delusional, but the get the "forest" right could be accomplished and, therefore, might be useful and should be attempted.

I think that's what Mr. Watsa tries to do.

 

giofranchi

IceCapAssetManagementLimitedGlobalMarketsJuly2012.pdf

[Laxputs]

Still an interesting read. I imagine some people are still following this. Central topic in the latest article concerns how the Euro debt will be the cause of certain major market corrections. And investors fleeing to safer harbours (US equities and USD) will provide long-term rallies in those markets.

 

Would be interesting to hear some feedback on this one:

 

http://www.icecapassetmanagement.com/uploads/documents/2014.09%20IceCap%20Global%20Market%20Outlook.pdf

[yadayada]

would like to read their 2006 and 2007 letters.