The following is an extended version of an article recently published in the Australian Financial Review (firewalled sadly), but I have also included some longer discussion about the role of Money Market Funds in transforming a ‘normal’ financial market crisis in 2008 into an economic one.

The discovery late last week that the leopards don’t change their spots and that the former derivatives traders from Deutsche Bank who had reinvented themselves at genius tech venture capitalists at the VisionFund of Sotfbank had been up to their old derivative markets tricks again is likely to dominate markets this week.

In market terminology a ‘Whale’ is a big fish that dominates markets for a while. Initially nobody knows who they are or exactly what they are doing, but instead observes the unusual behaviour of certain markets.

Global Equity Markets continued to squeeze higher in August, particularly in Tech space as momentum and quality strategies continued to run heavily while Value continued to take a hit – albeit bouncing towards the end of the month.

Last week we discussed how the Biden/ Harris ticket is actually the establishment proposition, a kind of ‘Blue Pill’ offered to the American people so that they can pretend that the world that Donald Trump has revealed doesn’t really exist.