13 Comments
User's avatar
The Unhedged Capitalist's avatar

Welcome to Substack, sir Shrub! Looking forward to reading your long-form thoughts. I'll share this article with my readers tomorrow.

Cheers

Expand full comment
Le Shrub's avatar

thanks buddy, I appreciate it!

Expand full comment
Marco 🇮🇹's avatar

Great article! Interesting and hilarious at the same time ahahah.

For even higher convexity take a look at the Austria 100y, also better currency exposure imo. This one will really take-off in a lower interest rate scenario

Expand full comment
mendo's avatar

I had the same thought, but I hardly found it on IBKR. Does anybody know - are there any derivatives available?

Expand full comment
Jamie G's avatar

Ok now I've read the full article, that's a good call. And the tax argument is certainly interesting. Thank you!!

Expand full comment
Jamie G's avatar

Emerging market --> Venezuela --> UK?

A shrub with prickles, eh? I'm most offended!!.......... erm.. but yeah.. fair assessment tbh lol

Expand full comment
Andre's avatar

love the complicated model and style of writing - even a simple ape like me can understand the concept!

Expand full comment
gsp's avatar

Loved the envelope doodles as always. Missed the pink paper corner though (right, yesterday was not the Weekend). Thanks as always!

Expand full comment
KCR Equity Research's avatar

Hilarious & brilliant. Thank you so much and hope everyone has a wonderful day!

Expand full comment
Kinetics_Capital's avatar

Another EM possibility could be ZAR. US rates starting a re-dribble upwards, South Africa's endemic corruption enfeebles the economy so not much more local rate expectation, precious metals prices have not found higher rates friendly, & FX turns in ZAR often lag the responsiveness of other currencies. Dipping into longs of USDZAR on pullbacks could see some jagged progress over short to medium term.. Sometimes U get short term spikes when EM scare occur..

Expand full comment
J Smith's avatar

You’re not possibly thinking of returning to the UK are you? CGT planning season has started early.

Expand full comment
Chema's avatar

Great posts.... I have come up with Spanish bonds 2071 (40 Cents) and yielding 1,45%...

Not such a great R/R as the GILT one....

Expand full comment
balint's avatar

"Maduro regime isn’t exactly a poster child for human rights, the alternatives are way worse"

yeah, saudi theocracy cuts journalists into pieces & kills you for a tweet

Expand full comment