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Güten Morgen, hello, hi. Seriously can't shake the feeling that the housing market is the micro root of all evil (or at least where the largest risks are).
Over the last few weeks, we've seen a tonne of different narratives pop up... Russia vs Ukraine (no not a European friendly, very much a European UN-friendly)... The Fed, fedding...
Evergrande, the real estate darling of China. At first glance, it appears like a straight-A student. However, it would take a prudent investor just five minutes of legwork to reveal that this company is, in fact, a troubled child.
Cut corporate taxes, more money for the bankers, cut stamp duty to keep the property market propped up. What's Truss up to?
Everyone knows you never go full Volcker. The only Fed preview you need.
Markets go up and down, fortunes are made and lost. Everything is cyclical. King Charles says we need a bull market in critical thinking.
The bond market is 'screaming', curves are inverting, but all's calm in credit markets.
Some people are ecstatic, some in disbelief, some unsurprised... Mixed feelings all around, just like markets, always.
I was chatting with Tim the other day and I said to him that my main goal for each day is to end up having to do nothing and having to think nothing. Because that means you're doing something right.
