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The Absolute Return Partners October 2021 Letter

Oct. 04, 2021 3:45 PM ET


  • Absolute Return Partners LLP is a London based client-driven, alternative investment boutique. We provide independent asset management and investment advisory services globally to institutional investors.
  • The biggest drivers of household wealth are (in that order) property, pension savings and holdings in private, typically family-owned, companies. Having said that, in most countries and particularly in the US, direct holdings of listed equities – i.e. holdings of listed equities other than those held in pension schemes – also make for a meaningful share of total wealth.
  • It is not only wealth that has grown to levels that cannot be sustained. The same has happened to debt. I regularly talk about debt supercycles, and I have argued for a few years that we are getting worryingly close to the end of the current debt supercycle.
  • US financial markets are so big and so dominant these days that all markets will be affected if (when)the good fortunes in the US change. As an old Danish saying goes, when it rains on the priest, it dribbles on the bellringer.

The Absolute

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Editor's Note: The summary bullets for this article were chosen by Seeking Alpha editors.

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Absolute Return Partners is a London based investment advisory business. Founded by Niels Jensen in 2002, we focus on providing bespoke alternative investment solutions to institutional investors. In total we manage over $600m of assets across our group. ARP is owned by its management team. We are protective of our independence and equally protective of our clients’ investments. There are no external vested interests in our organisation.

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