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Jun 5, 20243 min read
Dragon or Peacock
In our 17 years in Asia, we have rarely met an investor from India who was bearish on their own market. To be fair, India has delivered...

May 30, 20243 min read
The Non Predictions for 2024: Mid Year Review
Each year we release a set of “non-predictions.” As regular readers and clients know, we do not have typical forecast based approach....


May 27, 20242 min read
Dr. Feelgood (Copper)
The rally in Dr Copper, the industrial metal with an honorary PhD in Economics, has been a surprising development for most investors


May 21, 20243 min read
China; A Pivotal Moment?
Earlier this year China entered the zodiac year of the Dragon. It has been an auspicious year so far for equities with MSCI China up...


May 16, 20242 min read
Still Dancing, Near The Exit
As we noted in April, the prevailing bias has been skewed to the belief that we are in a “crash up” phase in risk assets. Over the past...


May 15, 20243 min read
Mr. Dream
“Selling empty promises from every point of view…. Just call on Mr. Dream” Billy Idol & Billy Morrison, May 2024 For those who have not...


May 7, 20243 min read
When Thunder & Lightning Strike: The Gamma Hammer
Human beings are not particularly good at non-linear thinking - an observation we have made in the past. From our perch, a key reason why...


Apr 3, 20245 min read
VPAM Monthly Macro Outlook Feb 2024
Chart of the month – Nvidia’s Euphoric Rise vs China’s Brutal Selloff Nvidia (LHS) 1st Jan 2023 to Present CSI 1000 (RHS) 1st Jan 2023 to...


Apr 3, 20242 min read
The Ideas of March
There has been a growing perception that equities are now in a “melt up” or “crash up” phase. However, the big picture problem for...


Apr 3, 20243 min read
Dance Near the Exit
We are back in Singapore after three weeks on the road meeting clients. As we noted last week, there had been a growing perception or...
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