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Jul 29, 20213 min read
Delta Skelta to the Gamma Hammer
In automotive terms, if the delta of the option is its speed, then gamma is the acceleration. Overnight, Bank of America made an...

May 18, 20213 min read
End of the Consolidation Phase
In Mid-April we warned that a range of tactical indicators were flashing red (see “taking a pause for the cause”). As a result, we have...

Mar 26, 20213 min read
How Much Can a Panda Bear
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...

Dec 16, 20203 min read
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...

Oct 19, 20207 min read
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, 20203 min read
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, 20203 min read
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, 20203 min read
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, 20203 min read
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, 20203 min read
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...
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