Founded by John Horseman in July 2000 the company provides money management expertise covering various equity strategies. We are owned entirely by the founding partners and directors …
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"Japan is unique in the scale of the demographic head-winds faced by certain sectors. These head-winds can over-power the economic tail-winds that are felt by most other global companies late in the credit cycle."
"Korea has a compelling record of being a large player in many of the big market blow ups of the last two decades. This of course begs the question, what are the Koreans involved in now?"
"In 2015-16 various signals gave a mixed message on market outlooks, but short positioning increased substantially. This meant the market rallied substantially when recession was avoided. In 2018-19, the bearish signals are much clearer, but markets have not positioned themselves bearishly."
"Historically, the supply and demand of autocallables has been kept in check by rising markets. Could this be about to change?"
"Japanese equities have generally fallen into bear markets during periods in which the US 10s30s spread is either widening, as it is now, or indeed when the US 10s30s simply is not narrowing."