Mar 223 minFund ManagementReturn of the Gamma Hammer In automotive terms, if the delta of an option is its speed, then gamma is the acceleration. This analogy can also be extended to the relati
Mar 213 minFund ManagementThe Un-"Bear"-able Truth for ChinaThe Un-"Bear"-able Truth for ChinaSir Winston Churchill once described Russia as a “riddle wrapped inside a mystery, inside an enigma.” He c
Feb 243 minFund ManagementHas 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, has
Jan 102 minMarket NewsAsia Bond Blurb - Mon, 10 Jan 2022China HY continued to decline this morning, led by Agile which was down as much as 12 points.
Jan 33 minFund ManagementWonder-Fall: Don't Look Back in AngerWelcome to 2022 and hopefully to a prosperous new year. It is an obvious point, but we should generally endeavour to focus on the future; af
Dec 20, 20212 minFund ManagementHO HO-UH OH Pro-cyclical beliefs had already been under pressure over the past four weeks prior to the decision over the weekend by Senator Joe Machin’s
Dec 16, 20212 minFund ManagementPublic Enemy: Don't Believe the HikeA day after the Federal Reserve released its less-hawkish-than-feared revamped forecast profile, the Bank of England delivered a surprising,
Dec 15, 20213 minFund ManagementThe 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 les
Dec 13, 20213 minFund ManagementOn the Highway to Sell (Encore) The US November CPI data reported on Friday, and the associated market reaction highlights the importance ofthe Highway to Sell (Encore)
Dec 9, 20213 minFund ManagementThe ShadowSomething that we (and others) have often noted over the past few months is the risk that the US Federal Reserve might be committing a costl
Dec 7, 20213 minFund ManagementYou Buy What You Want & Sell What You Can If you want to know where the greatest downside risk exists; follow the leverage. Moreover, there is an intimate link between liquidity, lev
Dec 6, 20213 minFund ManagementThe Fragility of HOPIUM The correction in non-profitable technology stocks – or what we like to call “hope at a ridiculous multiple” (HARM) was fairly brutal last w