Investing is a discipline built on cumulative knowledge, and it requires a continuous evaluation and assessment of new information. The purpose of C&B Notes is to pass along the ideas, concepts, stories, and information that are informing, influencing, and updating our worldview. We use them to build on our “latticework of mental models” that help us make better decisions.
326 articles in list
Progress in Brazil
In our most recent partner letter, we identified the importance of pension and tax reforms to unlock economic growth in Brazil. Lawmakers successfully passed some long-awaited long-term fixes to the country’s social security equivalent earlier this month. Tax reform is…Read More
India’s Shadowy Lending
Borrowing short and lending long are typically ingredients for a financial disaster. India’s shadow banking system, which gets its name because participants are more lightly regulated, is creating problems in the country’s formal banking sector. The tone of this piece…Read More
Is Enhanced the Right Word?
Our past notes about the growth in ‘covenant-lite’ loans appear almost quaint in retrospect. In today’s U.S. leveraged loan market, which has doubled over the past decade to almost $1.2 trillion, 80% of all loans have these cov-lite structures. Market participants…Read More
China’s Hidden Foreign Lending
According to a new study, about half of China’s foreign loans to developing economies are undisclosed or otherwise hidden. Is China leveraging its balance sheet to pursue global ambitions and achieve geopolitical objectives concealed from the rest of the world? …Read More