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China’s Shanghai Composite Index is down by a non-trivial 15% from the February peak (chart 1). The big picture question is whether the...

A big picture observation that we have often made is that credit is inflationary when taken on and deflationary when paid back. Over the...

George Soros once observed that “at market extremes, price becomes it’s own fundamental.” Stated differently, price can also influence...

Two important macro developments last week were; 1) the change in the Fed’s mandate away from the Volker-era fear of inflation to the...

The S&P500 or global risk proxy is trading just below the record high. While that is still in large part due to the liquidity...

Although the Federal Reserve is unlikely to make any formal changes at today’s meeting, it does seem likely that they will hint at...

From our perch, the Fed could not have been more clear on their support for the credit markets in the form of both unlimited or open...

The price action over the past few days has taken on a more positive cyclical dynamic. Dr copper, oil, iron ore and industrial metals...

It is an obvious, but often overlooked observation that markets ultimately discount events before they become evident in fundamental news...

With the benefit of hindsight it appears as though we are still in the “response phase” sweet spot for equities. With an apparent peak in...