Last week we read the following piece from Sovereign Man’s Simon Black, with the context of rising rates in mind and thought it worth sharing. Remember, the US 10 year treasury rate has already doubled from 1.67$ to 2.97% in the last 18 months. Think about a million dollar mortgage going from 4.5% to almost […]

It’s not just the start of the week today, but it’s also our first opportunity to welcome you to the start of a new period in financial markets. It’s back. After years of central bank suppression, just like that, volatility came back with a vengeance. Very close to a return to some type of normal… […]

Well, a happy New Year to all. It’s very interesting to monitor how financial markets start the New Year. On that note, just one week in and it’s unusual for almost every asset class to have risen in the very first week of the calendar year. Investors seem happy to buy anything with risk. This […]

Is it possible to move to any sensible discussion on any matter of previously “normal” economics” without first making note of, “ticking off on”, acknowledging the elephant in the room, that is Crypto? Or more to the point Bitcoin, BTC? For those who just arrived back from self-driven Antarctic sojourn over the last month with […]

All the world’s money is contained in the link below! Before we get to that, a little context as to why we’ve chosen to share this today. Over the last couple of weeks, we’ve noticed a large jump (globally) in Junk Bond Issuances at the same time High Yield Funds around the world are experiencing […]

It is truly surreal to continue living in a financial world where we have depression era interest rates, constant record highs in US shares, alongside European Junk Bonds paying less yield than a 2 year US treasury note. Let’s not forget the whole negative interest rate thing. Not in 5000 years has “the world” experienced […]

Financial experimentation continued last week with the US S&P 500 share index “levitating” to record highs in all main indices! On Friday the S&P 500 finished bang on 2500 points, right on the close. Golf Clap. Yep, no ICBM missiles, nukes, terror, crypto crash or dismal data is going to crash that party. It’s a […]

You’ll be pleased to hear that today’s note is heavy on pictures and light on dribble/rant words. On the back of the recent US Fed inflation modelling “confusion” (going one way then the other) it’s high time to let the pictures be provocateur! The “pictures” are a little global focused so we’ll quickly join the […]

Time goes fast. It’s that time of the year again when the IMF approves its latest Greece “bailout”. Ha. Hardly a whimper of reporting on this one, nor on the Netflix push through a valuation of 200 times its earnings!! The Greek bailouts are a constant reminder of how interconnected the financial system is. Every […]

The weird world of investing in FY 2016/17 was a place where you needed to embrace the cognitive dissonance of competing views; where rising credit risks produce lower rates; where a central bank can become a major shareholder of listed companies; where you can buy a fantasy basket of stocks and short volatility… or maybe […]