Asset Management 7/8

Dec 17, 20212 min read

Public Enemy: Don't Believe the Hike

A day after the Federal Reserve released its less-hawkish-than-feared revamped forecast profile, the Bank of England delivered a surprising,

Dec 16, 20213 min read

The End of Super-Abundant Liquidity

The prevailing bias among market participants over the past few months has been that an early start to rate hikes would imply a need for les

Dec 13, 20213 min read

On the Highway to Sell (Encore)

The US November CPI data reported on Friday, and the associated market reaction highlights the importance ofthe Highway to Sell (Encore)

Dec 9, 20213 min read

The Shadow

Something that we (and others) have often noted over the past few months is the risk that the US Federal Reserve might be committing a costl

Dec 7, 20213 min read

You Buy What You Want & Sell What You Can

If you want to know where the greatest downside risk exists; follow the leverage. Moreover, there is an intimate link between liquidity, lev

Dec 6, 20213 min read

The Fragility of HOPIUM

The correction in non-profitable technology stocks – or what we like to call “hope at a ridiculous multiple” (HARM) was fairly brutal last w

Dec 2, 20212 min read

The Convexity for Equity in Rates

Equity price action over the past week has been a little spicy. Through most of Wednesday the stock market appeared to look through the omic

Nov 29, 20213 min read

The Emotional Sources of Volatility

If we had to describe our approach in one line it is: to take on the emotional sources of volatility in markets. Stated differently where th

Nov 24, 20213 min read

Loose as a Goose

In Australia, a “goose” is a light hearted term to describe someone who is a bit foolish. A more derogatory term might be a “flaming galah.”

Nov 22, 20213 min read

The Bullish Case for Japan

The path to investment hell is paved with naive overlay charts. That being said, there is a legitimate relationship between the performance

Nov 17, 20213 min read

The Smiling Assassin (The Dollar Smile)

One of the complexities of the foreign exchange market is that the US dollar – as the global reserve currency – can rally in phases of risk

Nov 16, 20213 min read

Reflexivity & Consumer Sentiment

One of the more reflexive relationships in markets is the one between asset prices and consumer sentiment. During euphoric phases in the sto