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[REPLAY] James Aitken – Macro Strategist Extraordinaire (Capital Allocators, EP.58)
Capital Allocators – Inside the Institutional Investment Industry
How to Think and Not to React, but How to Reflect
A young lady speaks up at the morning meeting and says, boss, the restructured Greek sovereign debt under English law is trading at a discount to the existing or remaining stock of Greek debt under Greek law. She reported back to the boss and they bought an awful lot of restructured Greek paper under English law in the teens - which turned out to be the most fantastic investment. And what happened after that was a bonus. But the lesson there is for all the smash up in the Euro zone, all the policy mistakes, the people that ended up doing the best were the people who didn't try to be sovereign debt heroes.
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