Return 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 21
- 3 min
The Un-"Bear"-able Truth for China
The Un-"Bear"-able Truth for ChinaSir Winston Churchill once described Russia as a “riddle wrapped inside a mystery, inside an enigma.” He c
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- Feb 24
- 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, has
13
- Jan 10
- 2 min
Asia Bond Blurb - Mon, 10 Jan 2022
China HY continued to decline this morning, led by Agile which was down as much as 12 points.
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- Jan 3
- 3 min
Wonder-Fall: Don't Look Back in Anger
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
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- Dec 20, 2021
- 2 min
HO 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
7
- Dec 17, 2021
- 2 min
Public Enemy: Don't Believe the Hike
A day after the Federal Reserve released its less-hawkish-than-feared revamped forecast profile, the Bank of England delivered a surprising,
6
- 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 les
4
- Dec 13, 2021
- 3 min
On 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)
9
- Dec 9, 2021
- 3 min
The Shadow
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
8
- Dec 7, 2021
- 3 min
You 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
7
- Dec 6, 2021
- 3 min
The 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
22