Tina Vandersteel
The Navigator
Judgement in the fog, money, risk and the call others cannot make.
Tina Vandersteel reads as The Navigator because she deliberately strips away country-specific noise, steering emerging market debt through relative value and arbitrage frameworks that hold across any sovereign context. Her discipline lies in sequencing, concentrating alpha on confirmed arbitrage first, then managing residual risk, and in pricing each instrument independently before selectively hedging only mispriced exposures.
“So, the question is can you choose from the group of positive yielding EM local markets on a currency hedged or unhedged basis in the event that you're willing to take some currency risk and you think it's well priced that has the defensive properties of these developed market bonds but with positive yields?”
“What I mean by that is we work in default sensitive markets, right? Sure. Every year we get a default or two And usually the way that works out is the classic Hemingway way, which is how did you go? Bankrupt gradually and then suddenly, right?”
“Well, here is how I experienced it. So I'm a 20 something year old kid producing these relative value analytics, which is a lot of math, but not a lot of practical experience, right? I'm just a Wall Street strategist. And the salesperson who covered GMO also covered long-term capital.”
“Well, you have a number of choices. If you're a dollar-based investor, you can simply buy dollar Brazilian bonds. There aren't that many dollar Thai bonds, but you can buy dollar bonds. You can buy local currency denominated bonds and hedge the currency risk associated with those bonds.”
Masters in Business: “Tina Vandersteel on Emerging-Country Debt (Podcast)”
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