Market Thinking

making sense of the narrative

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Tag: Climate Change

Bad Models Make Bad Policy

Ronald Reagan once said that the scariest words in the English language were ‘I’m from the government and I am here to help” and in our view there is no doubt that there is little that is more dangerous than Read more…


January Market Thinking

Traditionally, Year Ahead pieces tend to take the form of a laundry list of predictions about ‘key market variables’, alongside some narrative to support why these might be slightly above, or slightly below, the consensus. Sometimes, the predictions are deliberately Read more…


COPs and Robber Barons

As COP26 turns into a sort of Glastonbury for ESG funds, nobody seems to have noticed that all the big energy users have already committed to ‘new nuclear’ already and thus it is the collection of Robber Barons from Finance, Read more…


A Sustainable Bubble?

We have noted on many occasions the seemingly unstoppable trend towards a ‘green’ takeover of the western economy consistent with a centralisation of the allocation of capital according to the UN sustainability agenda. This risks high volatility and stock specific Read more…


In Reply to AEP on China

The comments sections in online newspapers can often be more interesting and informative than the original articles and sometimes as part of the daily research process we comment on articles ourselves; partly to help inform the debate, but partly as Read more…


Hugely interesting, very important…but in some ways perhaps not important at all.

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. Yet in another way it is probably not very important at all. If that Read more…


Made in EU 2025?

As the US seems to be turning into late 1980s Japan, an Enterprise Owned State (EOS) becoming more isolationist as asset prices and the currency soar – and we all know how that ends – it strikes me that there Read more…