Polygon Investment Management: Market Commentary
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March 1, 2022   

While the facts on the ground with respect to the Russian invasion of Ukraine are constantly changing, I wanted to share a few thoughts about the implications of the unfolding crisis. Putin has now mobilized 120,000 active Russian troops and shows no signs of backing down. There is little evidence so far to suggest that peace talks are going to make a sizable difference, and the risk of further escalation remains significant. Putin also may be less m…
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February 24, 2022

Dear Friends,

It’s hard to believe that it was 20 years ago that I moved back from London, where I had primarily focused on very large institutional clients, and started Polygon, which has tried to apply some of the same principles to individual, and smaller corporate, clients. While we have by no means gotten it all right, since inception our primary strategy, Global Growth, has outperformed its benchmark of 70% global equities (MSCI All Country index…
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To say that 2020 was a year like no other would probably be a significant understatement. With COVID running riot across the globe, and political uncertainty in the US at an all-time high, global stock markets were subject to more than their usual dose of chaos and confusion.

 In the US, GDP growth plummeted by over 30% in the second quarter, only to rebound by a similar amount in the third quarter. Stock markets followed a broadly similar path with US equities wit…
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As stock markets, particularly in the US, continue to soar upwards, I thought it might be useful to summarize our views and forward-looking assessment of the current environment. Briefly put, the first half of 2020 was a tale of two very different quarters. January through March was characterized by significant falls across almost all global equities, as markets were severely battered by the impact of the coronavirus towards the end of the quarter.

The US declined by 20%, while Euro…
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February 21, 2020

Founded in 2002, Polygon celebrated its 18th anniversary this year. Since inception, our primary strategy, Global Growth, has outperformed its benchmark which consists of 70% global equities (the MSCI All Country index) and 30% US bonds (the Barclay Aggregate bond index) by an average of over 2.5% per year.  In 2019, Global Growth gained over 19.4%, net of all fees.

On a risk adjusted basis, our diversified approach, combined with a number of def…
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