making sense of the narrative
May 24, 2022
A quieter end to the month as oversold conditions are at least stabilising if not obviously (yet) reversing. This has been a steady slide, rather than a crash per se, but markets remain fragile. With the Fed still sucking liquidity Read more…
April 25, 2022
At 1.03trillion cubic metres (tcm), Ukraine has the second largest gas reserves in Europe after Norway, and yet it is a net importer of gas, since it only produces 20bcm a year while consuming nearer 27bcm, leaving it with an Read more…
January 26, 2022
The first few weeks of January have been as ‘bad’ as December was ‘good’, but much of this is a confusion between the headline numbers dominated by the megacaps and the reality beneath the surface, which is one of considerable Read more…
November 22, 2021
Sometimes it is annoying/alarming to be right. As we noted in Trojan Horses and slippery slopes, the takeover of private sector savings to serve public sector policies is continuing apace. the seemingly unstoppable ESG bandwagon may well represent a Trojan Read more…
October 13, 2021
We have felt obliged to comment in the past on the curious beast that is The Hut Group, or THG as it is known, not least because it seems to defy every aspect of corporate governance that any one caring Read more…
September 17, 2021
There is an old line that the Stone Age didn’t end because they ran out of Stones and just as the Dot Com crash was not caused by a collapse in the share prices of typewriter companies and fax machine Read more…
September 6, 2021
For those with a subscription, the link to the latest AFR piece is below. What you thought you knew about investing in China is wrong The reality is that under Xi Jinping, the where and how of investing in China Read more…
September 1, 2021
In a rare sighting, George Soros appeared in the Financial Times yesterday warning investors about investing in China. (The link is behind a paywall, but it appears in multiple other places, including here). This was interesting for a number of Read more…
April 28, 2021
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 Read more…