In certain sectors in Asia, a speculative fervour has taken hold, particularly among retail investors.

"Risk can neither be created or destroyed, and repressing volatility in one place accentuates it in another."

What was the difference between pre-Napoleonic and post-Napoleonic European societies? The French philosopher Michel Foucault once described the former as ‘Sovereign’ and the latter as ‘Disciplinary’.

“The rich get richer and the poor get poorer.” This famous adage has its roots in a biblical verse in the Gospel according to Matthew 25:29: “For to everyone who has will more be given, and he will have abundance; but from him who has not, even what he has will be taken away .”

"The good news of a quick US recovery has a worrisome implication."

While it is, of course, a cliché to say that markets are driven by fear and greed, like many clichés this one contains a strong element of truth. The bad news for us humans is that within our brains, emotion appears to have primacy over cognitive function.

Markets take great delight in wrong-footing the maximum number of participants.

G7 annual broad money growth is the highest since the 1970s. The consensus argues that this will not be reflected in strong nominal GDP growth and / or rising asset prices because of a faster fall in the velocity of circulation, which has been in trend decline for 50+ years.

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