Macro Battleship
Understanding China’s “Anti-Involution” Campaign
China remains the best example of a country which has not succumbed to the pressure tactics so effectively deployed against…
The Recession That Never Was
The base case remains for a 25bp rate cut by the Federal Reserve in September (i.e. this Wednesday) even though…
An Exploration of Trump’s View on Crypto, Short Term Treasuries and Yield Curve Control
“Trump and hubris” is a phrase that has come to mind of late. It in part refers to the American…
An Emboldening Trump is a Risk to Future Stock Gains
The US stock market continues to celebrate the AI capex trade while ignoring the tariff noise based on the TACO…
The Stock Market is Eating The Economy
The US stock market remains extremely resilient in the face of the rise in tariffs. Indeed, the S&P 500 is…
America’s Deteriorating Finances and Why You Shouldn’t Own the Dollar
One topic highlighted in this column of late has been the dramatic deterioration in America’s net international investment position which…
Has Passive Investing Gone Too Far?
This writer was interested to read of late about research on the distorting impact of passive investing, most particularly in…
US Colleges Have a $1 Trillion Illiquid Asset Problem
“Liberation Impoverishment day” on 2 April more than lived up to this writer’s expectations with US$7.4trn wiped off the US…
China Needs America Less Than You Think
Faced with The Donald Trump-triggered tariff war in recent weeks, China has become more focused on stabilizing domestic demand even…