1. Market Notes, 16th June 2020

    MLPs

    Trading ideas: I have a vague idea that MLPs are going down. I heard someone on a podcast, or caught some Twitter post saying that these were a tax-driven structure that would not survive a downturn. My understanding is that they are bit like REITs for pipelines. Obviously, I …

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  2. Market Notes, 15th June 2020

    Brazil - stockmarket vs BRE. Review arguments made by Dahlia Capital on this week’s Market Huddle!

    Beyond Overton has long been worried that for all the shock and awe of Fed money-printing, still conditions are too tight, but that the Fed is painted into a corner because if it loosens …

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  3. Market Notes, 12 June 2020

    As expected, markets recovered, quite a lot to start, but then sagged a bit. In situations like this, probably the best thing to do is to wait for the dust to clear, although a bit of hedging goes a long way.

    At 6pm BST a lot of the bounce had …

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  4. Market Notes, 11 June 2020

    Most equity markets markets seem to be turning down.

    Yields are going down, a bit.

    FX has no clear trend, that I can see.

    Today I noticed that Turkey has 11.4% inflation and 13% unemployment. The Phillips Curve obviously doesn’t work very well there. “Policy rates” are at …

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  5. Market Notes, 10 June 2020

    Hard to say what today will bring. Risk-off behaviour from US Treasury futures, Bunds, MIB, HSI, Russia index, gold and MXEA. Risk-on behaviour from HG, AUD (so, commods generally), NQ and VIX. NQ seems utterly unstoppable.

    Heard an amazing podcast. Too many ideas to summarize here, but very good on …

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