Media Center

The Correlated Shock

A question we often ask is; “what is your quarrel with price?” In our humble opinion markets are not efficient in a macro (or micro)...

The End of Super-Abundant Liquidity

The prevailing bias among market participants over the past few months has been that an early start to rate hikes would imply a need for...

The Smiling Assassin (the Dollar Smile)

One of the complexities of the foreign exchange market is that the US dollar – as the global reserve currency – can rally in phases of...

China's "Real" GDP

Chinese Premier Li Keqiang once revealed (on Wiki Leaks) that China’s GDP was “man-made” and to track growth he preferred to observe...

Now for the Payback?

For more than a year, global risk assets have rallied thanks to an almost perfect combination of positive tailwinds. The emergence of...

Contagion

Price has become impulsive today in Hong Kong and in other assets levered to activity in Chinese real estate such as the Australian...

The A-Team & Mr. T (taper)

“I love it when a plan comes together” If Bloomberg reports are correct, it appears as though Jay Powell is likely to be re-appointed as...

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...

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...

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...

Media Inquiries

Lindi Ng

Chief Operations Officer

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