The recent panic in the LDI market has received a lot of coverage, some of it breathless and designed to promote a short narrative, but much of it calm and authoritative – and generally pointing out the broader issues...

UK households face the triple threat to their finances of higher energy prices, higher interest rates and higher taxes. Meanwhile, the new UK government trying to deal with this face a different triple threat of the markets, their political opponents (in all parties) and the entire globalist Media, academic, political and Mandarin class.

A new government and a crisis mini-Budget are perfect catalysts for macro traders to double down on existing large and already highly profitable strategies and to produce persuasive narratives to back it up. Thus, going into month and quarter end...

Bringing together our series on Model Portfolios, we show how a balanced 60:40 Portfolio of Equities and Bonds based on our Global Bond Model Portfolio combined with either our Global Equity Factor Model Portfolio (Portfolio 1) or our Global Equity Theme Model Portfolio (Portfolio2) show different risk return profiles, but both show better returns with much lower risk than the benchmark.

Central to Market Thinking is the notion that there are Three Tribes at work in markets – the short term leveraged traders, the medium term asset allocators and risk managers and the long term investors.