Demand Destruction
Look, we love making fun of politicians. If the US Secretary of the Treasury calls himself ‘The House’, days before the bond market blows up, we find that hilarious. The memes practically write themselves… But after a quick laugh, we are here to make money. With the US10YR well above 5%, that’s problematic for the…
August 16, 2026, Vol. 286
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Burning hot refiners
Burning hot refiners We’ve been swamped in earnings for the last few weeks. And oh boy, some earnings releases were tough. Are companies moving 20% up or down more frequently, or are we just getting old and a 20% down move hurts more than it used to? One standout strong performer has been refiners, a…