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From a Position of Deep Discomfort
07 April 2025 A key element of our process is to capitalise on situations where market pricing has de-coupled from fundamentals or the...
Apr 74 min read


Liquidation Day
04 April 2025 At the start of 2025 we suggested that the market unfriendly elements of the Trump Agenda – tariffs, destabilising...
Apr 43 min read


Apr 20 min read


Mar 180 min read


Make Dispersion & Value Great Again
17 March 2025 Since World War II there have been 48 corrections of -10% on the S&P500 (the global risk proxy), 12/48 (25%) have turned...
Mar 173 min read


The Reverse Feedback Loop Part II - The Gamma Hammer
13 March 2025 As we noted last week, what the markets are experiencing is a “reverse feedback loop” – it is the unwind of forever and...
Mar 115 min read


The Dollar & Reflexivity
07 March 2025 George Soros, influenced by his tutor, Karl Popper (1957) developed the concept of reflexivity. In contrast to general...
Mar 73 min read


The Reverse Feedback Loop
04 March 2025 Differences of opinion between market participants are often (not always) a matter of time horizon. From our perch,...
Mar 33 min read


Feb 280 min read
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