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 squeeze continued in HY. Non-China HY space up by as much as 2pts, Macau Gaming up another 3pts. Some Non-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

Jay Powell’s communication today was like Volcker, but his actions were more like Bernanke. The Fed delivered a 25 basis point hike in the F

An common expression that winds me up with reference to markets is “uncertainty” – markets are always uncertain by definition because human

On the positive side in this region, the outright valuation and equity risk premium is a lot more attractive in Asia Pacific. That is bullis

While some indicators of financial stress appear more sanguine than in the aftermath of 1998 Russia default, there are some genuinely troubl

From our perch, it is plausible that markets are experiencing a phase of cognitive dissonance on inflation and policy risk. Cognitive disson

An observation we have often made is that “volatility” is not an adequate measure of risk. Rather, proper risk is the permanent loss of capi

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