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.
Aug 14, 2017 8:00 am
Last week, stocks slid and posted relative large losses when compared to 2017’s tepid volatility. The drop on Thursday of 1.45 per cent for the S&P 500 was actually the largest drop since May of this year. Ironically, in a longer historic...
Jul 31, 2017 8:00 am
Last week, for a short moment, Jeff Bezos was the world’s richest man. The basic talk track percolating on the street is that whatever product Amazon gets involved in and whatever industry it chooses to enter will lead to disaster for the...
Jul 17, 2017 8:00 am
Politics are emotional. Some of us wish it were more rational and subject to an almost scientific rigour when it comes to assessments and criticism. We have a tendency to respond better to a great narrative rather than factual...
Jul 3, 2017 8:00 am
My wife is a health coach so you won’t be that surprised to know that I “try” to watch what I eat. Consuming healthy products involves education and taking the time to actually know what you’re ingesting. Reading the ingredients is important.
Jun 12, 2017 8:00 am
“The point is that you can’t have it all: A country must pick two out of three. It can fix its exchange rate without emasculating its central bank, but only by maintaining controls on capital flows (like China today); it can leave capital...
Jun 5, 2017 8:00 am
“Everyone has a plan ‘till they get punched in the mouth.” - Mike Tyson
I’m back from what was an excellent conference in Philadelphia, the home of Rocky. Like Rocky’s epic battles and fights, the CFA conference offered up a few...
May 17, 2017 8:00 am
Following the recent release of weaker than expected economic data, Anchor has revised our final 2016 Bermuda gross domestic product forecast from 1.8 per cent to 0.8 per cent and our estimated 2017 forecast from 3 per cent to 2 per cent. We...
Mar 20, 2017 8:00 am
Last week Janet hiked. Yawn. This was much telegraphed and not much of shock. In fact, the aggregate change in the forward indicator on rate raises (the dot plot) barely moved and it still appears that we’ll see two more hikes this year with...
Mar 6, 2017 8:00 am
The Berkshire Hathaway’s annual shareholder letter has always been a special event for this writer as I continue to be a devout follower of Warren Buffett.
Warren is not shy to admit his mistakes, offer timeless wisdom on investing and...
Jan 23, 2017 8:00 am
I read virtually everything Howard Marks writes. In fact, if I see one of his articles, memos or interviews I stop virtually everything I’m doing and dive straight in. I’m starting this year’s “surprise forecasts” article with a series of quotes...
Jan 9, 2017 8:00 am
“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.”
Jan 4, 2017 8:00 am
“It’s so strange. Everything can be going along just great, and then one day, whack, you’re blindsided — a lousy, crammy blow you didn’t see coming.” - James Patterson
One thing we have written about extensively is that a country or a...
Dec 5, 2016 8:00 am
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...
Nov 28, 2016 8:00 am
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...
Oct 24, 2016 8:00 am
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...
Oct 3, 2016 8:00 am
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...
Sep 19, 2016 8:00 am
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...
Aug 29, 2016 8:00 am
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...
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