No Bell. No Warning. No Guarantees.
29th July 2026
Market conditions don’t stay static, and nobody rings a bell at a market top. The longer a particular set of market conditions persists, the easier it becomes to…
Author: Chris Metcalfe
No Bell. No Warning. No Guarantees.
29th July 2026
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The Fire that Never Truly Goes Out
15th July 2026
The Iran conflict isn’t a fire that keeps starting; it’s a peat fire that never truly goes out The Iran conflict is like a peat fire: it rarely…
The new reality of geopolitical risk
21st May 2026
Putin thought his ‘Special Operation’, which was meant to invade and seize power in Ukraine, would be over in a matter of days. What he got instead was…
Same Debate, Different Market: Re-thinking Active & Passive in 2026
26th January 2026
This debate will probably outlive us all. If anyone doubts the strength of feeling on both sides, try posting a chart on LinkedIn showing the benefits of one…
Same Story, New Chapter
9th January 2026
This update briefly reviews developments in 2025 and the first trading days of 2026, but its primary focus is on our outlook for the remainder of the year….
A Practice Run for What’s to Come?
12th December 2025
This update covers the period year to date to 10 December 2025. On the surface, looking at markets over the last few weeks, it might seem little has…