Responding to change

water-alternative

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Early in the millennium, active currency management was perhaps a little easier. Remember the days when carry and purchasing power parity (PPP) were the main rival strategies and trend was a cool alternative, as a combination of the two?

Then the financial crisis and the credit crunch changed the game. Choppy markets and a roller-coaster of bumps in investor risk appetite decimated the performance of naive strategies of either kind. While sophisticated

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