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The 10 “Grey Swans” Events For 2018

One of the traditional push backs against attempts to predict “black swan” events is that they are by default unpredictable, rendering the entire exercise moot. However, for the second year in a row, Nomura’s Bilal Hafeez has found a loophole, or rather loop-animal: the grey swan. As Hafeez writes, while he would like to be […]


“It’s All One Single, Giant $22 Trillion Position”: How Market Risk Became Systemic Risk

As excerpted from Fasanara Capital’s “Positive Feedback Loops and Financial Instability: the blind spot of policymakers.” The next time a Fed chair or macroprudential regulator argues that “there is no leverage in the market”, send them this. QE and NIRP have two predominant effects on markets: (i) relentless up-trend in stocks and bonds (the ‘Trend […]


Fake Market Narratives Are Masking The Roots Of The Next Crisis

During the second half of an interview with MacroVoices host Erik Townsend, Fasanara Capital fund manager Francesco Filia explained how the trillions of dollars in post-crisis asset purchases by central banks have bred a dangerous trend-following mentality that ultimately undermines the stability of markets and leaves stocks and bonds vulnerable to a vicious reversal. Passive, […]


Positive Feedback Loops, Financial Instability, & The Blind Spot Of Policymakers

Authored by Francesco Filia of Fasanara Capital, “Learn how to see. Realize that everything connects to everything else.” – Leonardo da Vinci A Dangerous Market Structure is More Worrying than Expensive Asset Valuations and Record Debt Levels Macro-prudential regulations follow financial crises, rarely do they precede one. Even when evidence is abundant of systemic risks […]


Why Australia’s Economy Is A House Of Cards

Authored by Matt Barrie via Medium.com, Co-authored with Craig Tindale. I recently watched the federal treasurer, Scott Morrison, proudly proclaim that Australia was in “surprisingly good shape”. Indeed, Australia has just snatched the world record from the Netherlands, achieving its 104th quarter of growth without a recession, making this achievement the longest streak for any […]


Deutsche Bank CEO Says AI Will Help Him Cut Tens Of Thousands Of Jobs

While many in the financial services industry are dreading the day that AI technology becomes advanced enough to render broad swaths of the human workforce obsolete, Deutsche Bank’s John Cryan ironically sees the technology as something that might help him save his job. The leader of the biggest German lender has been tasked with putting […]


Just Short The Robots

Just two weeks ago, we detailed the launch of a new A.I.-driven equity ETF whose human 'manager' claimed: "EquBot AI Technology with Watson has the ability to mimic an army of equity research analysts working around the clock, 365 days a year, while removing human error and bias from the process.” According to Chida Khatua, […]


First Twitter, Now Facebook: Company Introduces New Political Ad Transparency Policy

Facebook must’ve seen this tweet, published three days ago by a ProPublica journalist after Twitter unveiled a sweeping new transparency policy that included new disclosure rules for “political” and “issues-based” ads… Twitter is promising more transparency in political ads than Facebook. I love seeing tech giants try to outdo each other on transparency pic.twitter.com/aXPOpLicoB — […]


Machine Learning’s “Overhyped” Potential Is Headed Toward The “Trough Of Disillusionment”

Bloomberg’s series on automation on Wall Street has certainly given the hundreds of thousands of highly educated individuals employed in the US financial services industry a lot to think about, like, for example, ‘will my job be here in ten years when it’s time for my oldest to head to college?’” However, Bloomberg’s latest installment […]


This Secretive Japanese Company Is Driving The Global Boom In Industrial Automation

As we’ve reported in the past, skyrocketing wages in mainland China have caused the adoption of robot workers by the country’s manufacturers to accelerate rapidly in recent years, cementing the country’s position as a world leader in industrial automation. But while that trend has been widely cited and is widely known, particularly as the US […]


Big Tech’s Dangerous Influence: “Coming Between Us And Reality”

Via Knowledge@Wharton, Author Franklin Foer reflects on the dangers of losing ourselves in a society dependent on a handful of tech firms.  French philosopher Rene Descartes famously said “I think, therefore I am.” But in the digital age, what we think and how we live are being influenced in a big way by just a handful […]


First A.I. ETF Claims It Can Replace An Army Of Research Analysts

“Look Dave, I can see you’re really upset about this. I honestly think you ought to sit down calmly, take a stress pill and think things over.”   From Stanley Kubrick’s 2001: A Space Odyssey. As if MiFID II wasn’t bad enough, now this “EquBot AI Technology with Watson has the ability to mimic an […]


In The Shadows Of Black Monday – “Volatility Isn’t Broken… The Market Is”

Authored by Christopher Cole via Artemis Capital Management, Volatility and the Alchemy of Risk The Ouroboros, a Greek word meaning ‘tail devourer’, is the ancient symbol of a snake consuming its own body in perfect symmetry. The imagery of the Ouroboros evokes the infinite nature of creation from destruction. The sign appears across cultures and […]


These Are The Wall Street Jobs Most Threatened By Robots

Cashiers at fast food restaurants aren’t the only workers who should fear being imminently replaced by kiosks and artificial intelligence. Advances in machine-learning software could soon render many high-paying Wall Street jobs obsolete – jobs that will no doubt quickly disappear as electronic trading in equities and foreign exchange markets squeezes trading revenue, forcing banks […]


$1 Trillion In Liquidity Is Leaving: “This Will Be The Market’s First Crash-Test In 10 Years”

In his latest presentation, Francesco Filia of Fasanara Capital discusses how years of monumental liquidity injections by major Central Banks ($15 trillion since 2009) successfully avoided a circuit break after the Global Financial Crisis, but failed to deliver on the core promise of economic growth through the ‘wealth effect’, which instead became an ‘inequality effect’, […]