"Hubris Generally Precedes Clusterf**k": Does It Smell Like Victory?

Trump Signals Response To Haifa Refinery Strike 'Shortly' As WH Mulls Uranium Seizure Op; Bessent Vows To 'Retake' Hormuz 'Over Time' Summary Iran rejects 'excessive, illogical' US demands while Trump mentions 'progress' with a 'more reasonable regime'. Trump again threatens to destroy Iran energy sites and Kharg Island. Hundreds of US Special Forces arrive in region. White House seriously considering ground operation to seize Iran's enriched uranium stockpile but also wants Tehran to negotiate handing it over willingly. Bessent: US will 'retake' Hormuz Strait 'over time'. Bazan oil refinery in Israel's northern city of Haifa is...

The New Market Structure, Liquidity Dynamics, & Fragilizers: An Unprecedented Situation With Serious Implications Authored by Alexis Maubourguet, CIO, and Clément Mary-Dauphin, CEO of Adapt Investment Managers, RISK ACTUALLY A holistic review of the recent changes in the distribution of risk across the financial system and their consequences for market structure in general and Liquidity Dynamics in particular. INTRODUCTION After a year in which “everyone won,” it would have been natural to start the new year with confidence, if not outright greed. As natural sceptics, we have always found that difficult. More recently, however,...

The Department of War is preparing for President Donald Trump to order an attack on Iran.  Two officials speaking with Reuters said the military is gearing up for weeks of sustained combat. Trump has threatened to attack Iran if Tehran does not agree to a deal with the US.  The US and Israel are demanding […]