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  • Writer's pictureEdward Ballsdon

Credit Spreads (and Gold)


An analysis of the poor risk/reward of 5yr US CDX Corporate Spreads and 10yr Btps Bund spreads.

Given the outsized move in Gold today, a look at previous price action around QT/QE and current technical indicators which together suggest that "new news" will result in outsized moves.

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Curve trades?

This note discusses why curve trades have been avoided until now, and how market momentum and economic data have recently changed opening up opportunities for new curve trades. There is also an analys

UK "Poisoned Chalice"

Following last week’s piece showing how global macro trends are leading to big political changes (Boiling Frog), this note looks at the UK macro environment. The newly elected Labour Party, which achi

The Boiling Frog

An overview of the key long term themes that are driving macro views. Highlights of the global private and public leverage trends of the last 40 years and the important changes that have occurred in t


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