Hanging by a Thread

What happens if conviction meets reality?

Welcome 👋🏽

I’ll keep this week’s update short as I’m still on the road, but there are a few key things we need to cover:

1. The current state of the RORO tool

2. The medium-term outlook

3. The game plan to make sure we’re not left holding the bag if our conviction proves wrong

Normal programming resumes on Saturday 8 November 2025, once I’m back from my international travels.

It seems that I can’t be away for a few weeks without a market meltdown. My trip to Sydney in March was no different…

Current State of RORO

Here’s where things stand with the Risk-On Risk-Off (RORO) tool.