Sterling dropped, Tech dropped, Oil prices dropped. It all feels like some de-leveraging going on.

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 old derivative markets tricks again is likely to dominate markets this week.

In a post early in the Covid saga, we drew attention to the potential parallels with the Stamford Prison experiment, a true story of a psychological experiment that went badly wrong.

August is normally the start of the quiet period in western markets with many investment managers working from home for a few weeks while the families enjoy a break from school.

Equity markets outside of US tech are struggling to maintain any momentum as the twin policies of economic self harm from stop-start lockdown and Election fueled Cold War rhetoric against China combine to further undermine any sort of business and investment confidence.