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The barbarous relic (gold) made a new all time high this morning in Asian trade on Monday. From our perch, the shift in consensus beliefs...

“Three things ruin people: drugs, liquor and leverage”. Charlie Munger R.I.P There are so many excellent quotes and so much wisdom from...

The non-predictions for 2024. The US equity risk premium will not end 2024 narrower compared to end 2023. The US high yield bond index...

The price action over the past two weeks while we have been out meeting investors has been fascinating. We are not surprised that there...

From our perch, the price action last week was pivotal. It was almost as though the Federal Reserve had announced a rate cut last...

An astute English friend noted overnight that so much IQ is focused on linguistic and microanalysis of what the Federal Reserve may do,...

The way price responds to news is often more important than the information itself. Price can also influence fundamentals by affecting...

A Texas hedge is a financial hedge that increases exposure to risk. An excellent example in the current episode has been long duration...

The rapid and emotional or non-linear rise in fixed income yields since 2022 has been catastrophic for investors in long duration fixed...

As we often note, there is an intimate link between liquidity, volatility, and leverage. Put differently, long phases of low volatility...