Market Thinking

making sense of the narrative

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Month: August 2022

Model Portfolios – Global Bonds

We are making a series of posts about our various model portfolios, starting with Global Bonds. The Bond Portfolio shown here is key to what drove our earlier views on not owning bonds at the end of last year (see Read more…


Central Bankers need to talk to Equity Analysts about Balance Sheets

The article below is a slightly extended version of one posted on the Livewire site, that can be found here The Annual Central Banker jamboree at Jackson Hole this weekend is likely to feature the usual set of earnest presentations Read more…


All eyes should be on the 20th Party Congress

The upcoming 20th Party Congree of the CCP in October is a key event for Global Investors, even if not many people are talking about it right now – and those that are tend to be focusing on the exaggerated Read more…


Climbing the Wall of Worry

With the slow days of August coming to a close, markets are watching nervously for the seasonally volatile month of September, especially around the options expiry on September 16th – there is much embedded muscle memory of painful ends to Read more…


Notes From the Road

This time last year, in a post entitled ‘Economics by Anecdote’, we noted a number of issues from a trip to Europe, from the high costs of shipping and labour shortages due to Covid to the intrusive bureaucracy around Covid Read more…


August Market Thinking

Are we there yet? Markets are asking the same question as bored children stuck in a long delay at Dover “Are we there yet?” The second half of July saw yet another bear market rally and while we are not Read more…