As middle-aged inhabitants of the developed world in 2018 there is no doubt that we have lived through a long period of extraordinary development. Middle classes the world over have become larger and wealthier. The digital revolution has informed and empowered the many to lay claim to a lifestyle that hitherto was reserved for the few.
Social and cultural developments have been enabled by broadly supportive financial markets, at least until 2008. Overall, the last thirty years have been characterized by a downward trend in interest rates and an upward trend in financial asset values. Government deficits have become the acceptable consequences of state intervention in capital markets. Crises have been met by Central Banks’ eagerness to cut rates and, more recently, to print money. Consequently, recessions have, until now been short and have been cushioned by an increase in debt levels that is historically unprecedented.
Jeremy is a Partner at Caliburn Capital Partners and has over 35 years of investment experience. At Bayard Partners Jeremy was responsible for investment management and marketing. At the time of its sale, Jeremy was the Managing Director of Carnegie International. Prior to this, Jeremy worked for Wood Gundy in European sales.
Jeremy commenced his investment career at Touche Remnant Investment Management as an analyst and assistant fund manager, specialising in European equities. Jeremy graduated from Hertford College Oxford with a Masters (Hons) in Jurisprudence.
Chris is a Partner at Caliburn Capital Partners. With over 40 years of investment experience, including over 25 years in hedge fund management, Chris is responsible for leading investment strategy.
At Bayard Partners Chris was responsible for investment strategy and portfolio management. At the time of its sale, Chris was Deputy Chairman of Carnegie International. Prior to this, Chris worked for Hill Samuel Investment Management as a European fund manager, where he launched and managed Hill Samuel’s European Unit Trust, which was rated top of its sector 1981-1983. Chris commenced his investment career at Quilter Goodison & Co. Chris graduated from Corpus Christi College Cambridge with a BA (Hons) in Classics.
Mike is CEO at Caliburn Capital Partners. With over 40 years of financial services experience, Mike is responsible for finance and operations.
Prior to joining Caliburn Capital as a Managing Partner, Mike was Chief Operating Officer of, and helped to establish, Wadhwani Asset Management LLP from its launch in 2002. At the date of his departure in May 2005, Wadhwani was one of Europe’s largest global macro hedge funds with US$1.7billion notional capital under management. Mike also worked part time at Wadhwani from January 2013 to September 2018 as COO where he saw assets under management more than triple to $1.5bn.
Prior to this, Mike was Finance Director of Bayard Partners. In 1988, Mike joined Carnegie International Limited as Finance Director. In 1992, he was appointed a Managing Director of Carnegie International. Prior to this, Mike worked for Coopers & Lybrand (now PricewaterhouseCoopers) in their Audit and General Practice area, specialising in financial service companies. Mike graduated from Newcastle University with a Bachelor (Hons) in Economics & Accounting and is a Chartered Accountant.
Post 2008 the trends of the previous thirty years have been challenged and the strains are showing. The real estate and private debt crisis in Anglo-Saxon markets have been joined by the structural problems in the Euro and questions over the China model of economic growth. These issues are playing out against a backdrop of unsustainable levels of government debt in key economies, and a wave of political populism which has led, inter alia, to Trump and Brexit.
There is a palpable sense that trends are shifting. These changes may not be good for the investment strategies that have dominated for the last thirty years. There are always investment opportunities available no matter what the environment, however the opportunities of the next few years will be very different from those of the last thirty. Investment success will require great independence of thought and action.
Caliburn Capital Partners is structured to allow for that independence.