Insch: the more equity markets fall, the better

A systematic, trend-following currency program can serve as a hedge against falling equity markets

Tax burden falling

As long as I can remember the question has been asked: “Are currencies an asset class?” It’s a moot point. Currencies meet and exceed the basic requirements that any asset class must meet: transparency, liquidity and market integrity.

Conceivably, bangles, bagels and broken dishes could meet these criteria and, if they did, would be an investable asset class, but only if they could also meet the most important criteria; is it possible to generate alpha? Generating alpha is a posh way of saying “