Nov 23, 20233 minThat's not a KnifeThe price action over the past two weeks while we have been out meeting investors has been fascinating. We are not surprised that there...
Nov 6, 20233 minA Pivotal Week From our perch, the price action last week was pivotal. It was almost as though the Federal Reserve had announced a rate cut last...
Nov 2, 20233 minEven the Good Outcome is Bad An astute English friend noted overnight that so much IQ is focused on linguistic and microanalysis of what the Federal Reserve may do,...
Nov 1, 20233 minStability is Destabilising Part II The way price responds to news is often more important than the information itself. Price can also influence fundamentals by affecting...
Oct 26, 20233 minThe Texas HedgeA Texas hedge is a financial hedge that increases exposure to risk. An excellent example in the current episode has been long duration...
Oct 23, 20233 minDespair and the Bond BearThe rapid and emotional or non-linear rise in fixed income yields since 2022 has been catastrophic for investors in long duration fixed...
Oct 13, 20232 minStability is Destabilising As we often note, there is an intimate link between liquidity, volatility, and leverage. Put differently, long phases of low volatility...
Oct 11, 20232 minThe Gamma Hammer in a Short Convex World As we noted recently, human beings are not particularly good at non-linear thinking. From our perch, a key reason why there is resistance...
Oct 9, 20233 minArmchair GeneralsDespite having a background in Political-Economy we are careful not to speculate on topics where we have limited or insufficient...
Oct 9, 20233 minThe Bullish Case for Pet Rock (Gold)From our perch, the hyper-bullish conditions for gold occur when the US Federal Reserve is “inflationary” not when there is actual...