making sense of the narrative
March 9, 2020
The markets are largely behaving like q4 2018, but economically the virus is causing a working capital crisis more like 2008. The latest market ‘crash’ has come in Oil, with Brent crude dropping 10% on Friday and the West Texas Read more…
February 25, 2020
Having held up remarkably well during the first full month of the Corona Virus pan(dem)ic, equity and high yield bond markets took a tumble this week as a combination of technical buying of US Treasuries – pushing long bond yields Read more…
February 14, 2020
FX traders are the ultimate noise traders, using vast leverage and chasing percentage moves that barely touch the real world. Next are the commodity traders, using less, but still meaningful amounts of leverage, then fixed income, again with leverage but Read more…