May 53 minFund ManagementMore Nails in the Macro Conditions CoffinFrom our perch, to describe the policy change by the FOMC today as a “dovish hike” is an oxymoron. To be fair, the Fed was clearly less hawk
Apr 293 minFund ManagementThe Crash in TrashThe crash in trash (profitless technology companies) has been brutal year to date and from the peak in February last year (-40% year to date
Apr 262 minFund ManagementHighway to Sell (Heavy Metal Version)Financial market volatility has continued over the past week, but has started to take on a new dimension. In contrast to the recent inflatio
Apr 222 minFund ManagementToo Much Doom in the RoomAs we often note, a behavioural episode is typically characterised by; a rapid and violent movement in price; focus on a single story; and o
Apr 203 minFund ManagementValue versus the Prevailing BiasThree major fears in the market prevailing bias; 1) inflation; 2) higher interest rates; and 3) and an imminent earnings downgrade cycle are
Apr 133 minFund ManagementThe Slope of HopeThe recent market obsession – inflation – wasn’t quite as bad as feared, with the core reading falling well short of the consensus forecast
Apr 123 minFund ManagementCluster StruckThe news flow this week is likely to be relatively important for markets. Of course, as we often note, it is how price responds that matters
Apr 62 minFund ManagementBrain-FadeFrom our perch, the communication from the Fed’s Brainard overnight was thick with irony. As my Italian friend noted, I never thought I woul
Apr 43 minFund ManagementHot StuffThe recent macro news flow has many parallels with the 1970s. As a result, I cannot seem to get the immortal Donna Summer out of my head. Th
Mar 313 minFund ManagementThe (Unsustainable) Gap Between Actions & PromisesOh 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 hig
Mar 293 minFund ManagementThe Zen of Yen Following the balance sheet recession Japan has experienced a long (perpetual) phase of near zero interest rates. The period also coincided
Mar 283 minGlobal MarketsWhen to Buy Bonds? There is an old saying in the stock market that you should be buying when they’re crying and selling when they’re yelling. The observation i