May 313 minA.I... All In like it's 1999The divergence in consensus beliefs between the current leaders and laggards in the stock market is extraordinarily large. As several...
May 301 minNick Ferres on Bloomberg's "IC Your Trade 3" "Yield curves have never been this inverted and not signalled a recession. Bank lending standards have never been this tight without...
May 303 minThe Antithesis of EuphoriaAs we noted last week (see “how much can a panda bear”), the unwind of enthusiasm for China’s re-opening has been warranted. China’s hard...
May 292 minStealth TighteningNot surprisingly, an agreement appears to have been reached to raise the debt ceiling. While negotiations were fraught, the debt ceiling...
May 263 minBetween Reality and MisconceptionAs a behavioural investor, the current episode has been fascinating and clearly challenging at the same time. The “everything bubble” as...
Apr 193 minHard Not Soft From our perch, the odds of a hard landing remain uncomfortably high. While risk assets have stabilised following the regional bank and...
Feb 273 minDisco InfernoA key fear of market participants and policy makers is a repeat of the 1970s (disco era) episode. While many pundits continue to argue...
Feb 222 minSmokey & the (Credit) BanditAs we often note, it is important to ask: what is your quarrel with price? While markets are not efficient, it is a heroic assumption to...
Feb 163 minThe Big FlipIt has been a few weeks since we have published as your humble student of the markets has been on the road meeting investors. From our...