Fund managers diary
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Stephen Snowden is a joint manager of the Kames Investment Grade Bond fund, the Kames Absolute Return Bond fund and the Kames Investment Grade Global Bond fund. His diary runs from January 9-16.
Monday: The week starts with the Kames Capital Fixed Income weekly desk meeting, which descends into the familiar debate of compelling valuations in credit spreads against the car-crash that is Europe.
The afternoon brings “The Ice Age” road show into town - headed by the extremely popular strategist from Société Générale, Albert Edwards.
The butt of many a joke over the years has become essential viewing. The large presentation suite in the Balmoral Hotel is packed to the rafters, with standing room only. The popularity of the event highlights the extent of bearish sentiment that prevails among fund managers.
Tuesday: This turns out to be a more typical day for me. My time is consumed by geeky corporate bond manager stuff.
I buy two new issues, the Sterling Royal Bank of Scotland 5.125% 2024 covered bond (which is AAA rated) and euro-denominated Valeo 5.75% 2017 – the latter being sold within 24 hours.
Wednesday: More run-of-the-mill tasks punctuated by lunch and phone calls. (Diary continues below)
Thursday: I arrive in Courmayeur in the Italian Alps for a weekend skiing. It is a lads’ trip from the office – the invite pool being strictly fixed income and sales team.
The Glaswegian in the party is responsible for ordering the starters at dinner. And, true to the stereotype, orders lard. After much abuse from the group of eight, the plate is swiftly polished off. Lard with honey-laced rye bread is a revelation to the unrefined ski party.
Friday: Phil Milburn may be the top-rated fund manager in the high yield universe, but with my return to Kames Capital, he is decidedly third quartile in the Kames ski rankings.
I have wild goat with polenta for lunch. I highly recommend the Mont Frety restaurant, where it was served – both at the eatery on the slopes as well as the one in the village.
Saturday: A day trip to La Thuile – a much more extensive ski area but the village is nowhere near as pretty as the enchanting Courmayeur.
Our taxi driver is the busiest man in Italy. Unlike the typical shopkeeper, who opens late and shuts for lunch – confirming my substantial underweight position in all things southern Europe.
Sunday: In a sign of the times, loads of Russians appear. This switches a light on in my head as I understand why chalet and apartment prices are so high and why every other shop sells ski jackets at €1,000. Note to self, never bring the wife here.
Monday After an uneventful return trip I arrive home to meet our new au pair. In another sign of the times, we were deluged with applications – mostly from highly qualified Spanish and Hungarian women.
The true cost of the economic woes is falling heaviest on the youth in society. Many of the Spanish women who applied are qualified teachers.
Alas, austerity has not hit the Snowden household. My wife presents me with ambitious plans for a new kitchen. The timing is spot on – just as I arrive home from an indulgent weekend. The true cost of the lads’ trip has suddenly hit home.
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Readers' comments (1)
Anonymous | 28 Jan 2012 8:38 am
Having read this it has simply confirmed my jaded view - and that of most of the general public I fear - that the FS industry is populated by unfeeling, uncaring, self indulgent idiots. Why would you write a diary in these terms when you know the readers are generally struggling to get some return on hard won savings.
Ian, Edinburgh
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