making sense of the narrative
August 25, 2019
J.M Keynes famously noted that “The market can remain irrational much longer than I can remain solvent” and the notion of bubbles and ‘irrational exuberance’ is built in to much observation and commentary on markets, leading to embedded positions of Read more…
September 22, 2020
When governments first started responding to the Covid 19 pandemic by locking down economies and using War metaphors, we suggested that it all had the air of the British Comedy series Dad’s Army; with the Media acting as Corporal Jones, Read more…
September 21, 2020
The options expiry on Friday was closely watched thanks to the fun and games in the Gamma markets initiated by Softbank in July and August but was fortunately not too disruptive. A quick recap; by buying a basket of underlying Read more…
September 17, 2020
The ‘Clean network to safeguard US Assets’ aka the new Firewall being proudly touted by Mike Pompeo and as discussed on the blog here last month is likely to have some important and largely unintended consequences. The announcement this week Read more…
September 14, 2020
Sterling dropped, Tech dropped, Oil prices dropped. It all feels like some de-leveraging going on. As the west goes back to work and school (or at least tries to), there is a feeling of money coming off the table. The Read more…
September 10, 2020
The following is an extended version of an article recently published in the Australian Financial Review (firewalled sadly) , but I have also included some longer discussion about the role of Money Market Funds in transforming a ‘normal’ financial market Read more…
September 7, 2020
The discovery late last week that the leopards don’t change their spots and that the former derivatives traders from Deutsche Bank who had reinvented themselves at genius tech venture capitalists at the VisionFund of Sotfbank had been up to their Read more…
September 4, 2020
Global Equity Markets continued to squeeze higher in August, particularly in Tech space as momentum and quality strategies continued to run heavily while Value continued to take a hit – albeit bouncing towards the end of the month.* The Dollar Read more…
September 2, 2020
Last week we discussed how the Biden/ Harris ticket is actually the establishment proposition, a kind of ‘Blue Pill’ offered to the American people so that they can pretend that the world that Donald Trump has revealed doesn’t really exist. Read more…
August 31, 2020
One of the big problems in this information age is the use of heuristics, or short cuts (a point made very eloquently by Daniel Kahneman in Thinking Fast and Slow) which can lead us to make decisions on what is Read more…