RINGING THE BELL
You know my views on the disconnect between financial asset pricing based on the crowd's recency bias of
15 min read
Many aspects of markets and the economy have, in my view, all the characteristics of a slow moving train... wreck. Market prices, as well as the crowds' behaviour, provide strong signals to us as investors. We continue to Stop, Look, and Listen for news within the noise. Always aware that prior trains have run this track througout history.
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Macro
"Reading [data releases] without reflecting is like eating without digesting"
The market rallied on the latest monthly US job data released on Friday. This note aims to put into context
Macro
Second-third-fourth order effects.
Listening or reading anything the legendary Dr Lacy Hunt says and writes reminds me of opening an encyclopaedia of economic
Macro
Volatility pre-empts risk, risk pre-empts opportunity.
(Northern) summer trading can be volatile with lower volume but when investors saw the ISM numbers last week, the Japanese