Announcing the launch of our new blog at Anson Funds…

The purpose of this new site, Ansonomics, is to present content that we think would be of interest to team members, investors, and other followers of Anson Funds .

As background, our firm Anson Funds, founded in 2003, is a privately-held investment management company with offices in Dallas and Toronto. We manage privately-held onshore investment partnerships and offshore investment companies. Our funds invest mainly in publicly-traded equity and debt securities on a global basis.

Materials presented on the Ansonsomics site will be a combination of both externally-produced and internally-generated content.

  • External items will be mainly links to news stories, blog posts, podcasts, and other media.
  • Internally-generated content will be mainly blog posts.

The main areas of focus will be EconomicsMarkets, and Investment Strategy.

Once again, the brilliant Jeffrey Snider of Alhambra Investments explains the importance of the eurodollar system

Eurodollar University: Inputs, Outputs, and Proxies


The US Treasury Department’s update of its Treasury International Capital (TIC) report for October contained no surprises. In many ways, it was ironically uninteresting given the constant excitement that had happened during that particular month. It was, in a word, a mess for global markets. Liquidations struck throughout the world and more than a month later we are still struggling through the consequences.

A worldwide global liquidity pullback like that has led to “selling UST’s” by foreign central banks. Foreign systems require dollars no matter what (dollar short) and if the eurodollar system won’t make available a reasonable supply (dollar shortage) the options for any overseas system is either liquidation or support. Often some of both.


Ten days in the Far East – November 2018

From November 9th to the 19th, Bride and I enjoyed a quick trip from Dallas to the Far East. The main purpose of the trip was to attend a wedding near Bangkok. We then added on a few side trips too. On the outbound leg of our trip we flew to the northwest out of DFW to Seoul, from there we caught a connecting flight to Bangkok, and finally on to Chiang Mai. During our ten day trip we spent time visiting Chiang Mai, Bangkok, Seoul (on the ground for just 9 hours), and then Vladivostok.

The route map below shows our expected flight path, leaving DFW at 10:50 am on Thursday November 8th, and arriving Seoul about 5 in the evening on Friday November 9th.

Our actual flight path took us farther north than originally presented, we ended up flying right over Barrow, Alaska (the northernmost city in the US), before turning west and crossing over the Bering Strait to the Chukotka peninsula in Russia.

Saturday November 10th. The Thai Airways Boeing 777 that carried us on the third and final leg of our outbound trip, from Bangkok to Chiang Mai. Photo (taken right after disembarking) shows the famous mountain named Doi Suthep that watches over Chiang Mai.

Enjoying lunch after a quick nap at the beautiful Chiang Mai Four Seasons on our first day on the ground in Thailand.

Morning tea on Sunday November 11th (Veterans’ Day). We had been up since just before 4am, and sat on the outdoor pavilion watching the sun rise and the birds chirp while we had our tea. Not bad for our first night.

View of Chiang Mai from Doi Suthep mountain.

Enjoying the Chiang Mai Sunday Market while keeping an eye on an ominous thundercloud.

First night in Bangkok, Monday November 12th, enjoying pre-dinner drinks at the Mandarin Oriental riverfront restaurant, watching the never ending river traffic on the Chao Phraya.

Tuesday November 13th. Attending Katy and Tyler’s wedding in Sing Buri, about an hour and 45 minutes by car north of Bangkok. Ceremony started about 6:30 am, so we woke up at 3.45am and left our hotel at 4:30 am. We barely got to the venue in time for the start of the ceremony.

Katy’s cute flower girls.

Quick drive by visit to the ancient Thai capital of Ayutthaya, founded in 1351 and located about 40 miles north of Bangkok, on the way to Sing Buri.

Wed Nov 14th – Bangkok – cooking class

Sunrise seen from our room.

Chao Phraya river traffic during breakfast

Cooking school just north of the airport.

Cooling off at the hotel pool after a hot trip back from cooking class. Riverbus, walking, BTS from National Stadium station to Saphan Taksin then walk back to hotel with Korean couple from San Antonio.

Thu Nov 15th – Bangkok – shopping, massage, Jim Thompson House.

Bride enjoyed a Thai massage at spa belonging to Katy’s high school friend named Am. After Bride’s massage we visited the Jim Thompson House museum. Beautiful and interesting.

At 7:30 pm we left our hotel for Bangkok’s main international airport to catch our 11:10 pm 5.5 hour red eye flight to Seoul.

Fri Nov 16th – Seoul – landed at 6:30 am after the red eye flight from Bangkok. It took us almost an hour to clear formalities as we hit immigration at the same time as hundreds of Filipino tourists on a massive group tour. Around 8:00 am we finally set off with our tour guide Thomas Kim for a quick tour of a couple of the main sights in Seoul and lunch. Seoul was cloudy and much cooler than tropical Bangkok. Temperatures were in the low 40s and trees around Seoul were in their final days of fall colors.

First stop was the beautiful royal palace complex in downtown Seoul.

Per Wikipedia, Gyeongbokgung Palace or Gyeongbok Palace, was the main royal palace of the Joseon dynasty, built in 1395.

Walking along Insadong-gil shopping street in Seoul.

We enjoyed a delicious lunch of steaming hot and tasty traditional ginseng chicken soup (samgyetang) at Tosokchon Samgyetang.

Additional photos taken by Korea GPS Travel tour guide Thomas Kim.

Thomas had us back at the Seoul airport just after 1 pm in order to safely catch our 4 pm flight on S7 Airlines to Vladivostok.

We ended our long day in Vladivostok, arriving about 7:00 pm after a two hour flight from Seoul (and a one hour time change).

Sat Nov 17th – Vladivostok and Russkiy Island

Our guide from Explore Primorye, Sergei Abarok and his newly-acquired Mitsubishi Delica 4wd diesel van. In the parking lot of our hotel, the Lotte Vladivostok (South Korean hotel chain).

The first sight we visited was Vladivostok’s famous Tokarevskiy Lighthouse. Walking out the breakwater at low tide to the lighthouse we were able to enjoy the beautiful views of Russkiy Island to the south and the new bridges built in 2012 for the East Asia Economic Summit.


This Orthodox Christian cross has been placed on a hilltop overlooking the bay on a site originally intended for a giant statue of Lenin.


At the Vladivostok Railway station, eastern terminus of the Trans-Siberian Express. Located 9,488 km from Moscow. One day Bride and I plan to take the Trans-Siberian Express train, so now we have already been to both ends of the line (Moscow and Vladivostok).





The modern post office, built in Soviet Modern style, along with stainless steel mural depicting famous scenes in the history of Vladivostok.


The Versailles Hotel. One time headquarters of Admiral Kolchak, Supreme Leader of the Whites, the anti-communist forces during the Russian Civil War of 1918-1922. Vladivostok was the last city to fall to the Reds (communists) in the Civil War, in 1922.


Sun Nov 18th – Vladivostok, Primorskiy Safari Park near Shkotovo, Russkiy Island artillery batteries, cooking class.

Primorsky Safari Park – Siberian Tiger, Amur Leopard, local bear and deer too.





Lunch stop after the animal park, “Lyesnaya Feya” or “Forest Fairy” for some wholesome Russian country cooking.


In front of the Russkiy Island Bridge, at old artillery batteries used as defensive ring around Vladivostok.


Enjoying some blinis with the teacher’s daughter after taking a home-made cooking class at the apartment belonging to a friend of our tour guide, Sergei.


View of Zolotoy (Golden) Bridge, spanning the Golden Horn (Zolotoy Rog) Bay.


At Ogonyok restaurant, getting ready for king crab for dinner.





Mon Nov 19th – travel day – Vladivostok, Seoul, DFW.

Most of the vehicles in Vladivostok are right hand drive, even though Russia is a left hand drive country. It’s because the most economical auto market is the Japanese used car market, just a short ferry ride across the Sea of Japan away. New Russian regulations prohibit importing cars older than six years old, but used Japanese cars simply dominate the local market. Russian and Soviet cars were complete rarities.


Great view of Vladivostok, the Golden Horn, and Russkiy Island as we fly off on the S-7 Airlines Airbus A320 for the two-hour flight to Seoul for our connection to DFW.


Surprisingly, on our flight from Vladivostok to Seoul, we flew due south and then due west, giving North Korean airspace a wide berth on our route to South Korea.


Great essay from the Guardian on the birth of the eurodollar

The real Goldfinger: the London banker who broke the world

…City [London] banks, which could no longer use sterling in the way they were accustomed, began to use dollars instead, and they obtained those dollars from the Soviet Union, which was keeping them in London and Paris so as to avoid becoming vulnerable to American pressure. This turned out to be a profitable thing to do. In the US, there were limits on how much interest banks could charge on dollar loans – but not so in London.

This market – the bankers called the dollars “eurodollars” – gave a bit of life to the City of London in the late 1950s, but not much. The big bond issues were still taking place in New York, a fact which annoyed many bankers in London. After all, many of the companies borrowing the money were European, yet it was American banks that were earning the fat commissions.

One banker in particular was not prepared to tolerate this: Siegmund Warburg. Warburg was an outsider in the cosy world of the City. For one thing, he was German. For another, he hadn’t given up on the idea that a City banker’s job was to hustle for business. In 1962, Warburg learned from a friend at the World Bank that some $3bn was circulating outside the US – sloshing around and ready to be put to use.

Anson Funds co-founder honoured today by BNN Bloomberg

Anson principal and co-founder Moez Kassam (Twitter @munchingmoez) recognised today as one of Canada’s Top 40 Under 40.  Bravo Moez, richly deserved!




Meet Canada’s next crop of great leaders.

BNN Bloomberg, in partnership with executive search firm Caldwell Partners announced the 2018 class of Canada’s Top 40 Under 40 on Wednesday, shining a spotlight on some of the nation’s top young innovators and entrepreneurs.

“It’s easy to understand why we recognize and honour the Top 40 — they are truly remarkable young women and men, who are experts in their fields and passionate about their work and communities,” Elan Pratzer, managing partner for Canada at Caldwell said in a statement.

“I also thank our program partners for their commitment. They understand that when we honour young leaders, it builds a sense of responsibility in them to be bold but thoughtful, and to contribute to our national economic and social vigour.”

The recipients will be honoured at a gala in Toronto on Nov. 21 and will also be featured in exclusive BNN Bloomberg interviews throughout the summer.

Full story: Canada’s Next Leaders: 2018 Top 40 Under 40

Philosophy of Money

Bruce Winson's blog post

Global Macro Monitor

Monitoring the Global Economy


Bruce Winson's blog post

Developing Economics

A Critical Perspective On Development Economics

Capitalism Magazine

Capitalism is the social system based on individual rights

Elizabeth Yin

Tactical advice on building a tech startup



Bruce Winson's blog post


Small Steps Toward A Much Better World

Seb Investment Research

Bruce Winson's blog post

Bruce Winson's blog post

Alpha.Sources - Alpha Sources.CV

Bruce Winson's blog post

Greg Mankiw's Blog

Bruce Winson's blog post

Investor Amnesia

Bruce Winson's blog post

The Undercover Historian

Beatrice Cherrier's blog

Spontaneous Finance

When financial markets spontaneously emerge through voluntary human action