Alex Gloy

Alex Gloy

Alex Gloy: Founder, President and Chief Investment Officer of Lighthouse Investment Management Born in Hamburg, Germany, Mr. Gloy started his financial career as a trainee in the Deutsche Bank Apprenticeship Program at the Hamburg Stock Exchange. He graduated from the University of Fribourg (Switzerland) with an MBA in 1994. Following his MBA he joined Credit Suisse, Zurich, in European Equity Sales. Mr. Gloy then served as the German Equity Market Strategist before heading the European Equity Research Team in Credit Suisse Private Banking. After moving to New York in 1999 he worked in Swiss and European Equity Sales. Mr. Gloy spent the last three years at Sal. Oppenheim as Head of their Swiss Equity Sales Desk. From 1994 to 1998 he continued to work with his Alma Matter and its Institute of Finance, preparing students for their final Finance exam.

Articles by Alex Gloy

IMF World Economic Outlook

Recession Deflation Danger IMF World Economic Outlook

Alexander Gloy is founder and president of Lighthouse Investment Management       The IMF’s (International Monetary Fund) “World Economic Outlook”, a slim 250-page piece, came out. Some excerpts: Substantial reductions in estimated output (GDP) growth for 2013 for all major countries:   Unemployment in the Euro-Area (“EA”) is now expected to rise above the level …

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The “Beautiful” De-Leveraging

A beautiful deleveraging balances the three options. In other words, there is a certain amount of austerity, there is a certain amount of debt restructuring, and there is a certain amount of printing of money. When done in the right mix, it isn’t dramatic. It doesn’t produce too much deflation or too much depression. There is slow growth, but it is positive slow growth. At the same time, ratios of debt-to-incomes go down. That’s a beautiful deleveraging.

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All roads lead to a euro zone break-up

2 solutions for euro zone will work acceptable for Germany

For us all roads lead to a euro zone break-up and multiple sovereign defaults.   Our reasoning can be summarized as follows: Equities are worthless when associated debt becomes encumbered (risk capital takes the  first loss). Equity is not an asset; it is merely the remainder that is left over once debt is subtracted from …

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Volatility ETFs’ crazy churn

VIX-ETFs

Two volatility ETFs (VXX and UVXY) are having almost half of the trading volume in the world’s largest ETF (SPY). How come?   First, the facts:   SPY is heavily traded (19% of assets daily turnover) compared to IVV (also referring to the S&P 500). But then come the volatility ETFs. Tiny VIXY (assets $145m) …

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