Credit Is Inflationary When Taken On
A big picture observation that we have often made is that credit is inflationary when taken on and deflationary when paid back. Over the...
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Media Center
- Oct 19, 2020
- 7 min
All Greed No Fear
George Soros once observed that “at market extremes, price becomes it’s own fundamental.” Stated differently, price can also influence...
- Sep 2, 2020
- 3 min
The Rising Sun, Inflation & Japanese Equities
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...
- Aug 17, 2020
- 3 min
The State of Play & the Global Risk Proxy
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...
- Jul 29, 2020
- 3 min
Living in the 70s
Although the Federal Reserve is unlikely to make any formal changes at today’s meeting, it does seem likely that they will hint at...
- Jun 17, 2020
- 3 min
High Yield in the Far East
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...
- May 21, 2020
- 3 min
Reflation Sensation: What Would Trigger the Rotation into Value and Commodities?
The price action over the past few days has taken on a more positive cyclical dynamic. Dr copper, oil, iron ore and industrial metals...
- Apr 17, 2020
- 2 min
Depth vs Duration
It is an obvious, but often overlooked observation that markets ultimately discount events before they become evident in fundamental news...
- Apr 9, 2020
- 3 min
Hopium
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...
- Mar 24, 2020
- 3 min
Fire Starter
Over the weekend most of the developed world moved to full shut down with the exception of essential industries. The Covid-19 data flow...
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