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Nathan Kowalski
BUSINESS COLUMNIST
Profile

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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  • Bermuda’s impossible monetary trinity
    Jun 12, 2017 8:00 am

    Bermuda’s impossible monetary trinity

    “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...

  • Robot versus human in investment industry
    Jun 5, 2017 8:00 am

    Robot versus human in investment industry

    “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...

  • Anchor cuts Bermuda growth forecast
    May 17, 2017 8:00 am

    Anchor cuts Bermuda growth forecast

    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...

  • Time in the market a critical factor
    May 8, 2017 8:00 am

    Time in the market a critical factor

    Global equities

    Global equities have continued to move higher as corporate earnings’ strength is offsetting some softening in economic data. Since the surprise victory of Donald Trump, the MSCI Index has risen over 12 per...

  • Watching the Fed, markets and politics
    Mar 20, 2017 8:00 am

    Watching the Fed, markets and politics

    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...

  • Taking note of Warren’s wise words
    Mar 6, 2017 8:00 am

    Taking note of Warren’s wise words

    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...

  • Twelve surprises for 2017
    Jan 23, 2017 8:00 am

    Twelve surprises for 2017

    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...

  • How did those 2016 surprises pan out?
    Jan 9, 2017 8:00 am

    How did those 2016 surprises pan out?

    “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.”

    - Barry...

  • Trump escalates Bermuda’s geopolitical risks
    Jan 4, 2017 8:00 am

    Trump escalates Bermuda’s geopolitical risks

    “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...

  • Capitalism for Christmas
    Dec 19, 2016 8:00 am

    Capitalism for Christmas

    The wonders of the invisible hand,

    Allocates goods best throughout the land

    The profit motive balances supply and demand,

    This is one major job of the invisible hand.

    Less government is a lot...

  • ‘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 (

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