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Nathan Kowalski

Nathan Kowalski is the chief financial officer of Bermuda-based investment firm Anchor Investment Management Ltd. He holds Chartered Accountant, Chartered Financial Analyst and Chartered Investment Manager designations. He is currently the president of the Chartered Financial Analyst Society of Bermuda board. Mr Kowalski started his career with KPMG, where he provided assurance, tax and financial advisory services for some of the largest corporations in Canada. He then worked for Deloitte & Touche Corporate Finance Inc, where he specialised in providing advice on mergers and acquisitions, valuations for corporate clients and private-equity firms, entrepreneurs and governments.

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  • ‘Trump Triumph’ implications to consider
    Dec 5, 2016 8:00 am

    ‘Trump Triumph’ implications to consider

    The key story in November was Donald Trump’s surprise victory in the US presidential election. With prospects of a Trump victory increasing as results poured in from key battleground states, equity futures sank, with the S&P 500 futures...

  • Positive points in both Throne speeches
    Nov 28, 2016 8:00 am

    Positive points in both Throne speeches

    I took some time last week reading through the entire Speech from The Throne (“the Speech”) and the Reply to the Throne Speech (“the Reply”). There was actually a lot to like in both documents. What follows is not a political discussion but a...

  • Favourable bond rate gives Bermuda a window
    Oct 24, 2016 8:00 am

    Favourable bond rate gives Bermuda a window

    Most readers will be familiar with articles I have penned on Bermuda’s debt in past issues of Financial Ramblings from the Rock. The recent refinancing conducted by the Bermuda Government is resurrecting this commentary. I swore to avoid a...

  • Is your cash and ETN safe?
    Oct 3, 2016 8:00 am

    Is your cash and ETN safe?

    Changes in regulation and market conditions often introduce some unanticipated dislocations in markets. Two recent developments have or may have a dramatic effect in two areas that many investors may not be aware of or appreciate. I am referring...

  • Tax creep and some implications for Bermuda
    Sep 19, 2016 8:00 am

    Tax creep and some implications for Bermuda

    Apple’s huge cash hoard is very tempting. Especially for governments which are unable to control their ever escalating public debts and spiralling entitlement deficits. The recent case where the EU decided that Apple had received illegal state...

  • Safe is getting a lot more risky
    Aug 29, 2016 8:00 am

    Safe is getting a lot more risky

    The market continues to march higher. Looking under the hood, however, gives one a more granular view of what areas seem to be leading the charge. Specifically it is the areas of the market that proffer a narrative of safety and income. The...

  • Moving Bermuda’s ‘cheese’
    Jul 18, 2016 8:00 am

    Moving Bermuda’s ‘cheese’

    Years ago I read a book called Who Moved My Cheese?: An A-Mazing Way to Deal with Change in Your Work and Life by Spencer Johnson (

  • Brexit or Bremain?
    Jun 13, 2016 8:00 am

    Brexit or Bremain?

    “Brexit would see the UK return to its status as a cake-filled misery-laden grey old island.” - Emma Thompson, actress

    The world is rapidly shifting into a realm of less social cohesion and integration. As evident by the rise in popularity...

  • Real value of the Bermuda dollar
    May 30, 2016 8:00 am

    Real value of the Bermuda dollar

    “The value of a currency is, ultimately, what someone will give you for it — whether in food, fuel, assets, or labour. And that’s always and everywhere a subjective decision.” - James Surowiecki

    Every day millions of local transactions are...

  • What my mom taught me about investing
    May 9, 2016 8:00 am

    What my mom taught me about investing

    We all likely have some great quotes and lessons we learnt from our mom while growing up. Here are a few quotes from my mom that you can apply to investing.

    1. Look both ways before you cross the street!

    In this case she meant...

  • Central bank rock stars
    Apr 11, 2016 8:00 am

    Central bank rock stars

    Nickelback is one of my favourite rock bands. A group of guys from Hanna, Alberta, Canada who have created a number of great hits. One of my favourites is Rock Star.

    After listening to the tune I couldn’t help but think...

  • Warren’s wisdom
    Mar 7, 2016 8:00 am

    Warren’s wisdom

    “It’s easy to look back over the 115-year span and realise how extraordinarily beneficial agricultural innovations have been — not just for farmers but, more broadly, for our entire society. We would not have anything close to the...

  • Bermuda’s tightrope walk
    Feb 23, 2016 8:00 am

    Bermuda’s tightrope walk

    Nathan Kowalski, Financial Ramblings from the Rock

    On August 7, 1974 French high-wire artist Philippe Pettit took a walk between the Twin Towers of the World Trade Centre. The young French acrobat had to contend with winds, the natural sway...

  • China and oil: investors’ major concerns
    Feb 8, 2016 8:00 am

    China and oil: investors’ major concerns

    January was not a kind month for equity investors. The volatility was discerning and uncomfortable. While markets may correct further (nobody knows for sure) it’s very important to realise that market sell-offs are par for the course. In times...

  • Twelve possible surprises for 2016
    Jan 18, 2016 8:00 am

    Twelve possible surprises for 2016

    “Never make predictions, especially about the future”

    — Casey Stengel

    “Every year I talk to the executives of a thousand companies, and I can’t avoid hearing from the various gold bugs, interest-rate disciples, Federal Reserve...

  • Review of 2015 surprises
    Jan 11, 2016 8:00 am

    Review of 2015 surprises

    “Humans don’t want accuracy; they want reassurance. The Nobel laureate and retired Stanford University economist Kenneth Arrow did a tour of duty as a weather forecaster for the US Air Force during World War II. Ordered to evaluate mathematical...

  • The twelve financial ramblings of Christmas
    Dec 21, 2015 8:00 am

    The twelve financial ramblings of Christmas

    What follows is a series of twelve facets in the financial markets for 2015. I’m pretty sure you won’t be able to sing this as a carol.

    1. One Fed Hike. They did it. Finally. Probably a bit late too. The Federal Reserve hikes interest rates...

  • Should the Fed raise rates?
    Dec 15, 2015 8:00 am

    Should the Fed raise rates?

    Tomorrow we will get the Federal Reserve’s decision on whether or not they will raise the Fed Funds rate. The market has been stewing over a rate rise for what seems like an eternity. I think they will move and the market seems to agree, with the...


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