US bonds: Follow the money
Asset managers have increased their US Treasury exposure since September, but the outlook for bond yields and equity valuations remains tied to interest rates and AI spending.
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Why I’m bracing for a surge in stock market volatility
Rising bond yields and widening credit spreads suggest mounting risk, but equity valuations have yet to reflect it, raising the prospect of sharper market drawdowns.
The investment cycle: Mid-cycle pause with high forecast risk
US equities may reflect current economic conditions, but weaker-than-expected earnings growth and worsening geopolitical tensions could quickly upset the balance.
Gold’s perfect storm: why I turned bullish
Despite headwinds from weaker Asian demand, rising yields, and risk-on sentiment, shifting market dynamics suggest gold is regaining value.
The massive stock market rally: do not throw caution to the wind
Sentiment has turned very bullish, leaving equities exposed if earnings or geopolitics disappoint, says Ryk de Klerk.
The risk-off cycle is peaking
Markets have been under sustained pressure from conflict, tighter financial conditions, and liquidity strains. Ryk de Klerk argues this risk-off phase may be reaching its limits, even as volatility remains high.
SaaS apocalypse: Why I shy away from US business development companies
Large SaaS exposures have helped trigger a pullback in BDC prices and dividends. Ryk de Klerk explains why current yields and NAV discounts may mask a deeper downside.
Silver: We saw the hysteria, will panic follow?
Inventory shifts and short covering drove the surge. With stocks rebuilding and hedging normalising, the market may be settling, says Ryk de Klerk.
