This week’s readings/links include Russell Clark of Horseman Capital on thinking about government bonds as long term currency futures, the latest investor update from the Scottish Oriental Smaller Companies Trust, Platinum Asset Management on the growing divergence between value and growth stocks, John Hempton’s series of posts on bank margins and KKR on the sizeable bifurcations they are seeing across almost all markets.

• Thinking of government bonds as long term currency futures: Is 1.6% on a 10-year US treasury enough compensation for likely weakness in the currency?
• Scottish Oriental Smaller Companies Trust: Investor note (August 2019).
• Value vs. growth: The growing valuation divergence. More here.
• Thinking aloud about bank margins: Series of posts from John Hempton. See part 2 here.
• Hot spots: KRR sees sizeable bifurcations across almost all markets.