First posted on 10th January 2021 Attempting to comment on the last few weeks seems largely futile, save perhaps for the apocryphal remark attributed to Chinese premier Chou En Lai, that ‘it is too early to tell’, when asked about the impact of the French Revolution. We suspect the markets are a little too relaxed… Continue reading MUST THE POOR BE CLEAN?

Some Big Calls

First posted on 7th February 2021 US Markets: The ‘no-Trump’ response We may learn a little about markets from the curious absence of Trump. We had been confidently told that without him the US stock markets would fold, and as US markets collapse, these days so do global ones. Indeed, not just relying on the… Continue reading Some Big Calls


First Posted on 7th March 2021 WHY SYSTEMS FAIL, AND IT IS REALLY NOT ABOUT MONEY A winter lockdown forces us all to examine our domestic interiors, with in my case perhaps a superfluity of paper, which led me to “Fiasco”, by Thomas E. Ricks. It is a seminal description of how complex systems create… Continue reading Fiasco

Rising Tides

First posted 21st March 2021 Interesting times. Bond markets are out of the cage, off the deck, ready to rumble. This week feels like another one of those big calls that investors have faced over the last year, and in many ways much less obvious. Forget the chatter, it is the bond markets that are… Continue reading Rising Tides