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Apr 3, 20242 min read
Goldeneye
Basic rule: always call their bluff - James Bond.
Over the past five years pet rock (spot gold) has traded with a resistance level just abov


Feb 7, 20244 min read
Enter the Dragon & the Third Element
Enter the Dragon & the Third Element This year we enter the Zodiac year of the Dragon. Let’s hope it is a lot more auspicious than the...

Dec 6, 20233 min read
Equities Say Yes, Bonds are Screaming No!
The decline in Treasury yields (rise in bond prices) since late October has been impulsive, rapid, and emotional. Suddenly all the slack...

Dec 4, 20233 min read
Pet Rock & the All-Time-High
The barbarous relic (gold) made a new all time high this morning in Asian trade on Monday. From our perch, the shift in consensus beliefs...

Nov 29, 20233 min read
Three Things Ruin People....
“Three things ruin people: drugs, liquor and leverage”. Charlie Munger R.I.P There are so many excellent quotes and so much wisdom from...

Nov 27, 20235 min read
The Non-Predictions for 2024
The non-predictions for 2024. The US equity risk premium will not end 2024 narrower compared to end 2023. The US high yield bond index...

Nov 23, 20233 min read
That's not a Knife
The 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 min read
A 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 min read
Even 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 min read
Stability 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...
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