The Panic Zone
It is clearly an understatement to say that the broad selling in equities became extreme last week. From our perch, that sets the stage...
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- Jun 22, 2022
- 2 min
The Titanic Yen
The rally in the US dollar and depreciation of the Japanese Yen has become episodic. Clearly it has not gone unnoticed and is now the...
- May 31, 2022
- 2 min
Taming the Hurricane
It is an obvious point, but volatility is a derivative of price itself. From our perch, there has been a notable moderation in bond and...
- Apr 29, 2022
- 3 min
The Crash in Trash
The crash in trash (profitless technology companies) has been brutal year to date and from the peak in February last year (-40% year to...
- Apr 13, 2022
- 3 min
The Slope of Hope
The recent market obsession – inflation – wasn’t quite as bad as feared, with the core reading falling well short of the consensus...
- Mar 31, 2022
- 3 min
The (Unsustainable) Gap Between Actions & Promises
Oh boy, what a quarter it has been in markets. The round trip on the S&P500 (the global risk proxy) has been -14% from the early January...
- Feb 24, 2022
- 3 min
Has the Game Changed?
Abstracting from the short term price action, a key big picture question for investors is whether the game has changed? Put another way,...
- Jan 20, 2022
- 2 min
The Correlated Shock
A question we often ask is; “what is your quarrel with price?” In our humble opinion markets are not efficient in a macro (or micro)...
- Dec 16, 2021
- 3 min
The End of Super-Abundant Liquidity
The prevailing bias among market participants over the past few months has been that an early start to rate hikes would imply a need for...
- Nov 17, 2021
- 3 min
The Smiling Assassin (the Dollar Smile)
One of the complexities of the foreign exchange market is that the US dollar – as the global reserve currency – can rally in phases of...
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