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The unraveling of Andrew Caspersen is alarming not only because of the amount of money Caspersen schemed out of friends, family and investors ($95 million and counting) but also that someone from such a perceived high perch (Ivy league schools; prominent wealthy family) would commit such a crime. The SEC filed civil charges, DOJ filed a criminal case and Caspersen, while silent on the matter to date, spent a few days in a hospital (no word yet on how many days he will spend in jail). Once the smoke clears, the Caspersen debacle will reveal one major shift in the last five years: investors are more empowered than ever before

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Greetings, Let’s begin with China where we see further signs of economic improvement. 1. March industrial output, fixed asset investment, retail sales – all beat expectations. Stimulus starting to work? Source: Investing.com Source: Investing.com 2. China’s new loans rose to CNY 1.37 trillion, topping expectations. Credit is flowing. Here is a longer-term chart showing growth

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Greetings, Let’s begin with the global financial markets where the risk-off sentiment has returned. Dollar-yen hit 108, which is quickly becoming a disaster for the BoJ – potentially reigniting deflationary pressures. Many anticipate the BoJ to intervene in some fashion to stem the yen appreciation. The rise in yen is viewed as a sign of risk

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