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Nathan Kowalski

Nathan Kowalski is the chief financial officer and senior portfolio manager at Anchor Investment Management Ltd. He began 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 and Touche Corporate Finance Inc where he provided expert advice in mergers and acquisitions and valuations. Nathan holds a Chartered Professional Accountant (CPA), Chartered Financial Analyst (CFA), and Chartered Investment Manager (CIM) designations and is a Fellow of CSI (FCSI). He is a former president of the Chartered Financial Analyst Society of Bermuda board and the former chairman of the Economic Impact Working Group for the Sage Commission. He currently serves as a board member for the Bermuda Chamber of Commerce, the Bermuda Deposit Insurance Committee Board, and the Bermuda Public Accountability Board.

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  • Market melt-up and pension investments
    Nov 21, 2019 8:00 am

    Market melt-up and pension investments

    Here are two short ramblings from discussions I have had recently on the market action and investing pension assets in Bermuda.


    The S&P 500 is levitating nicely. To many I talk to there is some...

  • How GDP would look without big projects
    Oct 14, 2019 8:00 am

    How GDP would look without big projects

    Nathan Kowalski, Financial Ramblings from the Rock

    Bermuda first-quarter real gross domestic product, as officially reported, climbed 3.7 per cent to $1,339.5 million. The biggest contributor to the acceleration was gross capital formation...

  • Summer reading list with a finance slant
    Jul 8, 2019 8:00 am

    Summer reading list with a finance slant

    To say I enjoy reading would be an understatement. A large part of my day involves reading — research reports, industry trade articles, investing blogs and a smattering of geopolitical content.

    I also try to read anywhere from 24 to 30...

  • Competitive capitalism is the key
    Jul 1, 2019 8:00 am

    Competitive capitalism is the key

    Lately there has been much discussion and consternation over big business and corporate power. The United Sates has begun to ratchet up antitrust cases against big tech and various politicians hope to regulate big business in numerous forms.

  • Fake meat and cool coins
    Jun 24, 2019 8:00 am

    Fake meat and cool coins

    A couple musings and ramblings for today on some recent market subjects.

    Fake meat

    Is fake meat the newest bubble?

    Peridot Capital recently ran through a thought exercise in its excellent blog so we will run a...

  • Living wage: things to consider
    May 6, 2019 8:00 am

    Living wage: things to consider

    What follows is my opening commentary for the town hall meeting on Bermuda’s living/minimum wage at St George’s Cricket Club last week.

    The last few decades have been tough for labour. Shifting macroeconomic forces have...

  • Desperation in yield land
    Apr 1, 2019 8:00 am

    Desperation in yield land

    Developed market bond yields are melting. No matter where you turn yields are hitting low levels again and central banks continue to shift toward an even more dovish stance. If you are one who believes money and lending should have a “price” and...

  • Modern monetary theory madness
    Mar 18, 2019 8:00 am

    Modern monetary theory madness

    The recent news has been flooded with commentary on Modern Monetary Theory (MMT). This tends to be a more leftist leaning theory that supports big government spending and large deficits that get monetised by a central bank.


  • Warren’s wise words in latest letter
    Mar 4, 2019 8:00 am

    Warren’s wise words in latest letter

    “Abraham Lincoln once posed the question: “If you call a dog’s tail a leg, how many legs does it have?” and then answered his own query: “Four, because calling a tail a leg doesn’t make it one.” Abe would have felt lonely on Wall...

  • Taxes, fiscal balancing and my apology
    Feb 4, 2019 8:00 am

    Taxes, fiscal balancing and my apology

    Back in 2012 I began writing articles on Bermuda’s escalating deficit which was ramping up at an alarming rate. At the time it was not front-page news or rarely discussed extensively. Bermuda’s fiscal situation now features prominently, and I am...

  • Twelve surprises for 2019
    Jan 14, 2019 8:00 am

    Twelve surprises for 2019

    “I continue to believe that short-term market forecasts are poison and should be kept locked up in a safe place, away from children and also from grown-ups who behave in the market like children.” — Warren Buffett


  • Time to revisit the ‘12 surprises for 2018’
    Jan 7, 2019 8:00 am

    Time to revisit the ‘12 surprises for 2018’

    “The bottom line remains: forecasts and predictions are exercises in marketing. Outrageous and wrong forecasts are typically forgotten, and when one randomly happens to come true, the guru is lauded as the next Nostradamus.”


  • ‘Twas the market before Christmas
    Dec 24, 2018 8:00 am

    ‘Twas the market before Christmas

    ‘Twas the market before Christmas, when all through the day

    Money was flowing in every which way.

    Stocks were falling with much fanfare,

    In hopes that the Fed would soon care.

    Trump nested down in his White...

  • Macro concerns on rates and deals
    Dec 10, 2018 8:00 am

    Macro concerns on rates and deals

    Market volatility has increased markedly over the past two months. There are several macro concerns fostering consternation and a concern among investors. Here are a couple to consider with some narrative:

    Powell Powers...


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