

China is Preparing for War. What Should You Do About it.
This article is a high level overview of our market research. It will be updated from time to time. “The historical task of the complete...


Have Businesses Reached Peak Profit Margins?
Without the consistent expansion of margins, US equities would be 40% lower than they are today. The 2019 paper from Bridgewater argues...


Passive Investors should be VERY Worried
What’s your best estimate of Equity Risk Premium (ERP) for the SP500 over the next decades? 10%? 5%? In this must-read paper, Hussman...

The End of an Era
This research paper is about the (slow) end of the most spectacular bull market in history. Don't get me wrong, we are still in a very...


Momentum leads everything
Momentum leads price, which leads fundamentals (macro). As the above chart shows, macro indicators are extremely lagging ones. In the...

The most Efficient Toolkit for Liquidating Government Debt is the Financial Repression Tax
In 2015, the IMF published a working paper with an overview of financial repression that was implemented during the last century to...


The Systemic Bug : Bank runs can now happen at the speed of light.
Today March 22, 2023 the Federal Reserve hiked the fed funds rate by 25 bsp, in line with consensus. It ignored, however, certain claims...

Mind The Profile
It's too easy to get entrenched in a bull or bear mindset. What if you should remain neutral? Do you see further price rotations in a...


Macro Traders vs Tech Equity Guys
The dismal scientists vs the Optimists, the sceptics vs dreamers, risk managers vs all-iners ... watch below :


$350 billion blow to Retail Investors
Investment portfolios belonging to retail traders suffered a $350 billion blow this year as big bets on risky stocks and former...