First post on the new website would be one involving what is largely for us a new media, a video interview.

A year ago this week the Russians officially recognised the breakaway republics of the Donbas and triggered a ‘Special Military Operation’ (SMO) that in turn triggered a spike in risk premia that shocked markets.

Back in November, we were excited to meet up with friends and colleagues from Toscafund in London, who were visiting Hong Kong as the restrictions were being finally lifted. We wrote this up as (Money in the banks), because we were particularly taken with the logic behind buying into the ideas in their flagship Toscafund long/short financials fund.

January started the year strong in markets as the mean reversion trades we suggested likely in our year ahead piece all seem to have happened, with markets in January producing pretty much the inverse of 2022...

Markets have two ‘modes’ – momentum and mean reversion. Last year of course was a huge momentum year for the Macro Traders. On the negative side. They made their huge profits from a short position in Bonds, Equities, Metals and Currencies (against the $).