Firstly a note on the photo above and no it’s not another drawn out piece on Amazon. It’s the vegan section of a Houston supermarket following the recent floods. When given the choice between starvation and eating vegan Texans appear to be choosing the former.
Humans are curious animals. Texans are no exception.
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It’s a frustrating thing when writing occasionally funny yet always insightful market commentary that something you’ve been putting together for a week on the unwinding of bond proxies suddenly becomes temporarily moot.
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It has often been said the Australian market is made up of banks and miners and little else. The banks are facing headwinds of a housing bubble, regulatory scrutiny & increased taxation. The miners are facing declining oil prices, erratic iron ore pricing and a slowing down of Chinese growth.