Money Macro and Markets

Money Macro and Markets newsletter is a detailed monthly look at economic, political and financial developments around the world – tracking potential seismic shifts in markets, signposting opportunities to protect and build your portfolio.

WHO

'Money, Macro & Markets' is written from the perspective of someone who has been actively involved in the game for the best part of three decades. As a distillation of the insights to be had from this long experience in participating in and observing, reading, and writing about markets, MMM is aimed principally at informed, professional decision makers of all kinds - whether financial advisors, wealth managers, asset allocators, middle office executives or members of the board as well as those trading more actively at banks and funds, or as managers of their own capital.

WHY

The aim is to collate and sift through the news and the numbers as they arise to try to understand not just what is actually taking place, but what the market consensus thinks is happening. By doing this we can hope not only to identify emerging trends but also to recognize when old ones are becoming stale, helping our readers to maximize gains and minimize risks.

HOW

At root, MMM is based on the belief that the Credit Cycle is the Business Cycle; that fluctuations in money and credit are what give rise to instabilities in economies. It is our lot to live in a period where the checks and balances on such turbulence are much less robust than ever before; one where the deliberate violation of such restraint as does remain has become the very goal of active policy. To understand the interplay between money, asset markets, and the real world is the crux of what we do.

THE UNDERLYING APPROACH

There is not much here that is a dull repetition of the mainstream economics practised so widely today. It may be a strange confession for the author of a publication called 'Money, Macro & Markets', but we like to start thinking about things from the individual perspective before working upwards to the collective - from micro to macro as it were. No spurious pseudo-science, just the rigorous application of logic tempered in the forge of experience.

APPLYING THE LESSONS

We know fundamentals matter, but we also know that we call the 'sentimentals' - the many intangible elements of valuation - can easily overwhelm them, especially in financial markets. So, having considered the underlying state of affairs, we will use technicals to try to infer when and with what vigour the Herd will react. Conversely, we will look out for what price action can tell us about the fundamentals.

PRACTICALITIES

We will monitor the growth of money and credit and try to track them as they flow through the system, changing its topography as they do. Trade numbers, business revenues, production, prices, and payrolls, whether these bring surplus or deficit and involve borrower or lender will figure. All will be examined, as will market activity itself—the building of positions, whether the mood is trend following or mean reverting, bullish, bearish or plain bamboozled.

In all, we will do our best to keep you entertained as well as informed and to provoke many of the right questions as well as to provide some of the right answers. Welcome aboard!

Sean Corrigan