Comment of the Day

October 18 2019

Commentary by Eoin Treacy


Thanks to a subscriber for this memo from Howard Marks which may be of interest. Here is a section:

Eoin Treacy's view

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I suspect the changes in how the time value of money is considered, resulting from negative interest rates, is one of the most interesting topics in the market today. We are accustomed to thinking about how money loses value through devaluation and inflation but never give any thought to the value of time. Futures and options traders need to consider the time value of money because their contracts pressing maturity profiles. However, when there is no maturity, such as with property, art, collectibles or private equity the time value of money takes on a completely different meaning.

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