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

The Un-"Bear"-able Truth for ChinaSir Winston Churchill once described Russia as a “riddle wrapped inside a mystery, inside an enigma.” He c

Abstracting from the short term price action, a key big picture question for investors is whether the game has changed? Put another way, has

China HY continued to decline this morning, led by Agile which was down as much as 12 points.

Welcome 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

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

A day after the Federal Reserve released its less-hawkish-than-feared revamped forecast profile, the Bank of England delivered a surprising,

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

The US November CPI data reported on Friday, and the associated market reaction highlights the importance ofthe Highway to Sell (Encore)

Something 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

If you want to know where the greatest downside risk exists; follow the leverage. Moreover, there is an intimate link between liquidity, lev

The correction in non-profitable technology stocks – or what we like to call “hope at a ridiculous multiple” (HARM) was fairly brutal last w