Macroeconomics
Government’s are Coming for Big Tech, Should you be Worried?
Reports out of the mainland of late have seen a lot of discussion on President Xi Jinping’s new slogan of…
$4.5 Trillion of Stimulus is What Matters, Not the Fed Taper
In the “big picture” this writer continues to believe that central banks are becoming less important in the G7 world…
China Thinks the US Will Blink First in the Trade War
The Chinese renminbi remains in an upward trend against the US dollar, even though the pace of appreciation has slowed…
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…