From our perch, market sentiment and consensus beliefs edged closer to outright panic or capitulation on Friday in the United States. While

From our perch, today is not the day to turn bearish on equity despite the ugly close in the United States. The time to do that was in late

A question we often ask is; “what is your quarrel with price?” In our humble opinion markets are not efficient in a macro (or micro) sense b

Earlier this week we highlighted that a key element of a behavioural episode is when market participants become focussed on a single story.

From our humble perch, China’s policymakers pivoted at the start of December to support growth. So far, the changes have been incremental (c

One of the key ways we describe a behavioural episode, is when market participants are focused on a single story. Or put another way, when a

The way price responded to news of the highest inflation print since 1982 suggests that recent trading was all about the worst-case outcome.

Former Chairman of the New York Fed and now Bloomberg opinion columnist Bill Dudley suggested that the FOMC needs to “tighten financial cond

In policy circles it is never accurate to say that something is a “done deal” but the direction of official interest rates over the next few