Archive

Monthly Archives: February 2021

28th February 2021

🗞️ Hold your nerve

Fortune will favour the brave… It is of course an understatement to say that markets have had a chaotic end to February. Investors have taken a savaging in the final sessions of February, and it will make for some potentially delicate asset allocation adjustments as we head into March. Most markets’ correlations have broken down […]
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25th February 2021

🗞️ Buy the dip

Shades of January… Yields crunch higher, the S&P takes a bath, the dollar weakens, Bitcoin tries to bounce, credit caught in the headlights and we gone front he sublime to the ridiculous. Alas, it’s all in a day’s work. Amid greater levels of risk market volatility into the final week of the month – and […]
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23rd February 2021

🍹 Shaken and stirred

Old school markets the focus… Back to business in the old world. We can look at the crypto market when it roars back to life. In the meantime, any fears on the potential for sharply higher inflation sees market yields higher (not on any word on the official tightening of policy) – but is enough […]
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22nd February 2021

💶 Follow the money

What goes up, just came down!… Euro-denominated IG credit has returned -0.5% year to date (iBoxx index). But that’s +1.3% for the high yield market in Europe. Mind, the headlines suggest that the HY market in the US is close to overheating, as borrowers flood the market and funding costs reach eye-wateringly low levels. European […]
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21st February 2021

🏎️ Bitcoin: The F1 of the financial markets

A new trillion dollar market… It’s hard to look past Bitcoin. Equities, credit, commodities, rates and so on can’t touch it for performance. Bitcoin and the broader crypto market have become the only game in town. Tulips or liquid gold – really, who cares! Bitcoin is mainstream and we’re all present at the birth.  The price […]
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17th February 2021

🗞️ ₿andwagon rolling by

Don’t miss it!… The rotation trade. That old chestnut. As if there has been a major withdrawal of liquidity from the financial system. Inflation is through the roof. Rates are at elevated levels and it’s time to be reallocating away from equities and into rates. Don’t buy it. It’s far too early and it certainly […]
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16th February 2021

🗞️ Making up for a lost 2020

In layman’s terms… There’s no such thing as a ‘gimme trade’, but we will play along with the notion of one for the moment. There’s little choice. Expectations of recovery are becoming so entrenched – and now so mainstream in investor thinking, that markets are witnessing some classical investment trend and asset price behaviour. A […]
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14th February 2021

🗞️ The Metal Ox: No financial problems

Rational exuberance… We are at the halfway stage of February and some 6 weeks into the new year. Time to take a wealth check. Well, a performance one anyway. The S&P has recovered from its mid-January sell-off and is now up 4.7%, the Dow by 2.8% with the Dax +2.4%. Many equity markets this year […]
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11th February 2021

🗞️ Risk rally set to go on

It’s all coming together nicely… The Chinese New Year is upon us, and their markets (at least) can feel pleased with themselves. There has been an almighty, record-breaking rally in Chinese and Asian markets. In a sense, the Asian markets’ reaction to reopening are a harbinger of what is to come elsewhere once the US […]
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9th February 2021

💶 Fiat currency transmogrification to embrace crypto

Swept up by wave of optimism… The only game in town, just at the moment, is crypto. Actually, we think it will be the crypto market will be the most talked-about market throughout the year. Tesla treasury’s huge investment tops the Bitcoin credibility index ahead of the MicroStrategy group’s investment that got the ball rolling […]
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