Good evening/morning, it's Paul here with the preamble for Monday's SCVR.

Estimated timings - it's a quiet news day, so I should be finished by 1pm.
Update at 12:57 - we're mostly done, but I've got 2 more sections to add, so revised finish time now 2pm.
Update at 15:08 - today's report is now finished.


Subscribers seem to like me preparing some general macro thoughts on Sunday evenings, and then feeding it out gradually during the week's SCVRs. I've tried out this idea, and it's worked well for me too, taking off a bit of the pressure on weekday mornings, so let's carry on with that.


PIWorld podcast about corporate bonds

I really enjoy the weekly podcasts or videos from PIWorld. Tamzin has such a natural interviewing style, asking concise, intelligent questions, and letting the interviewee reply without being interrupted.

The most recent interview was fantastic, I enjoyed it immensely. Paul Hawkins gives a masterclass in corporate bonds, and is successful in making potentially dry material very interesting.

I’ve been meaning to branch out into corporate bonds for a while, and this superb podcast explains everything very clearly. Well worth a listen. With stock markets generally so expensive, and lots of downside risk around, it could be a good time to shift some of my portfolio into safe, decent yielding corporate bonds, possibly?

Remember that bondholders rank ahead of equity, so if there is a deep recession, then it's divis that get cut, but bondholders normally get paid interest without fail (unless the company goes bust of course). Hence owning bonds can be a good way to protect capital in a market downturn.


Here’s the link - very highly recommended. Remember I only flag things that I genuinely think are excellent. That link is for the video, but personally I prefer to listen to the audio on podcast on my earphones, so I can go for a brisk walk at the same time.

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Wirecard

I recall in 2016 seeing a damning shorting dossier on Wirecard, a German finance company. It seemed highly convincing. If I remember correctly, the main accusation was that Wirecard seemed to be facilitating online gambling transactions in countries where such gambling was supposed to be banned. It's a long time ago, so I might have mis-remembered, in which case I'll happily correct this.

The kerfuffle all…

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