Evergreen subjects.

Longer-term perspectives on fixed-income markets, relative-value trading, liquidity, financing, risk and the judgement required to lead through changing market regimes.

Evergreen subjects

Principles · Process · Judgement

Ideas with a longer shelf life.

Perspectives on the structures, disciplines and relationships that continue to matter across market cycles.

Portfolio process

Trend plus micro-rotation

Combining directional context with evolving relative-value expressions.

Relative value

Relative value is not directional macro trading

Why relationships, financing, liquidity and catalysts matter as much as valuation.

Market structure

When balance sheet acquires a price

How capital, leverage and funding constraints changed dealer behaviour and fixed-income liquidity.

Leadership

What a trading floor teaches about judgement

Decision-making, accountability and trust when information is incomplete and pressure is high.

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