May 2019 Japan market view summary - April 2019

"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."

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February 2019 A Potted History of Korean Finance

"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?"

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February 2019 The Difference Between 2015-16 and 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."

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February 2019 Semiconductors, KOSPI Index and Suppressed Volatility

"Historically, the supply and demand of autocallables has been kept in check by rising markets. Could this be about to change?"

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February 2019 Japan Falling Through US 10s30s Spreads

"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."

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