Our whole approach to Market-Thinking is based around the psychological behaviour of markets and trying to make sense and anticipate the behaviours of our three key ‘tribes’ – traders, asset allocators and long term investors.

We are grateful to Dilbert creator Scott Adams for this insight. Following his announcement that he intends to run for President, the US media are in something of a panic over Kanye West.

The quote attributed Winston Churchill about never letting a good crisis go to waste came as he and others were looking to set up the UN after the Second World War and was popularised more recently by Obama’s chief of staff Rahm Emanuel in the wake of the Global Financial Crisis.

Never fight the Fed as they say and yesterday we saw a subtle tweak in their Credit Buying programme that has essentially made the Fed the buyer of last resort of the entire US corporate Bond market.

The attached article is one of the most fascinating that we have read in a long time and in many senses one of the most important.