If we only look at the top-down numbers for Asset Classes we risk missing the underlying stories and information that is ‘out there’. Thus while April saw something of ‘A reversal of the reversal, as we discussed in the May Market Thinking, the first week of May has seen something of a re-establishment of those November to March trends. Essentially the reflation trade remains in place.

Computers need binary inputs and thus the AI encourages us to see things in black and white. Such false ce

Market movements in April might best be described as an apparent ‘reversal of the reversal’ as many of the winners of the inflation/reflation trade that began in October appeared to sell off while the ‘losers’ rallied.

An under-rated risk for western economies is that in pushing back against the centralisation of state power under the Health Crisis, voters will unintentionally now allow an even greater grab of power by different parts of the state under the guise of A Climate Crisis.

Back in the 1990s a colleague used to pronounce on the annual “Red Glasses Award’ designed to highlight the most egregious examples of rent extraction from gullible management teams for corporate ‘rebranding’.