Global Strategy
The End of the Stock Market Rebound is Only One COVID Mutation Away
The bias towards the pro-cyclical view here has in part been based on the assumption of vaccine efficacy and the…
The US Listed Chinese ADR is Dead, Invest in the Mainland Instead
Staying on the subject of last week’s article on China, a risk of late is that the direction of travel…
To Survive China’s Market Crackdown: Pick Your Sectors Wisely
There has been an almost perfect storm in recent weeks in terms of Chinese regulatory initiatives against private sector companies…
Rising Rents Feed Inflation, While Lower Bond Yields Trip Up Cyclicals
The June US CPI data came in well above consensus while the July data, released last week, still shows CPI…
Do Bond Investors Know Something about the Virus We Don’t?
It is always easy to come up with ex post facto rationalizations of market action. But this writer has to…
Owning Bonds is a Losers Game in a World of Unorthodox Money Policies
The biggest risk to the pro-cyclical view has always been that the vaccines cease to be effective against the new…
The Asset Speculation Game is Far from Over
Base effects mean the real test of whether the pickup in inflation will prove transitory or not will only become…
A Third Major Oil Crisis is on the Horizon
A positive view is maintained here on the oil price. Indeed oil has the potential to act as a catalyst…
China’s Currency and Export Strength Show No Signs of Slowing Down
Aside from the human death toll inflicted by Covid-19, the big story about Covid-19 has always been where it came…
Will China’s Crypto Crackdown Push Bitcoin into the Arms of the West?
This column discussed last week the intensifying Chinese crackdown on crypto assets which is viewed as the main reason for…