[download report in PDF format] ‘The technical picture does look compelling as we “unwind” what was a very oversold market’ At the outset may I say I have really struggled this month to put pen to paper. Yes I am confused. But let’s first review events over the last month and then we can deal...Read More

[download report in PDF format] ‘There is absolutely no doubt that we are now facing a more frugal future.’ It is now clear that the global economy suffered the equivalent of a “cardiac arrest” in the fourth quarter of 2008. Fourth quarter GDP data will confirm that virtually every country in the world had a...Read More

[download report in PDF format] ‘The greatest threat at present is deflation and hence we are now witness to the “Mother of all stimuli” as policy makers engage in unprecedented monetary and fiscal stimulation.’ First of all, an apology is in order as my last two Pain reports suggested there was a tradeable rally in...Read More

[download report in PDF format] ‘In essence we are in a bear market that has further to run. The pain in Wall Street has now migrated to main street and the economic outlook has therefore worsened.’ In view of the extraordinary events of the last several days and weeks we felt it necessary to provide...Read More

[download report in PDF format] ‘Too much money was lent to too many people who couldn’t afford it and all of this was predicated on the expectation of ever-rising house prices’ In 23 years of being in this fascinating, dynamic and wonderful world of financial markets I cannot remember being asked so many questions. We...Read More