Danielle Ecuyer

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864 appearances 2 recordings 1 series first heard Oct 2021 last heard Nov 2022

Danielle Ecuyer’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · How to invest in US companies with Danielle Ecuyer · 11 Oct 2021 podcast

And I used to flick on my tiny television every morning and Michael Pascoe would be on talking about US stock markets and lo and behold,

the S&P or whatever was down 25%.

And the response was very much got to the office, great boss, he goes, lads and let's not stress out, this is not the end of the world.

We are going to do some buying today.

So basically, that was the disposition in the research team where I was.

we sat physically calculating PEs as share prices fell.

So someone would yell out, Boral, whatever, what's the PE?

Oh, that's looking really cheap.

Oh, I guess it's more of a buy now.

So it was one of the cases where the world was meant to end.

We were meant to get a depression, but Alan Greenspan came in and this was the first example of where the central bank, the Federal Reserve, moved in to drop interest rates to boost liquidity into the markets.

Really, I think probably one of the most important crashes I've ever lived through is long-term capital management, which was a hedge fund, very, very famous in 1998.

And LTCM was really important because it was renowned as being an expert in options and derivatives.

They had two Nobel Prize winning people who'd create

created the Merton and Scholes options pricing model on their board and they were a hedge fund that had come and made themselves like one of the top performers okay for hedge funds and they'd been around for about four years and this black box of trading that they had created was meant to be infallible and what happened was

is that you had the Asian currency crisis in 1997.

And I'm going to get around to this point again when we discuss some of the other international markets, because it's really important that people understand that the peg to the US dollar for emerging markets actually broke and they all had high levels of US dollar denominated debt.

So as their currencies collapsed,

They couldn't service the debt and you had this massive rolling contagion effect across Asia that started in Thailand.

And ultimately that moved around to Russia and Russia defaulted on its sovereign debt.

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