MI2 Research Portal

Latest Publications

MI2 Chart Point: Apple to $100? (9/30/2022) – Before we start, you will have noticed that our last few pieces have been MI2 Traders and Chart Points. This is deliberate because we know you don’t have time to read long pieces of research when markets are frenetic. Hence, we are focused on short,…
Ask Me Anything with Julian Brigden & Harry Melandri – September 2022 (9/29/2022) – In this latest Ask Me Anything session, Julian Brigden and Harry Melandri went live on September 28th to share their thoughts on financial markets and answer questions from the audience.
MI2 Chart Point: Selling DAX (9/27/2022) – We remain resolutely bearish on stocks. Indeed, in the US, we fear we stand on the cusp of a wave of private banking client position liquidation (“MI2 Chart Point: Margin Call” 23rd Sept). However, when it comes to pain, there is no question that Europe…

Japan Update: Kuroda Shocks BoJ Staffers (9/30/2022) –
- Kuroda Shocks BoJ Staffers
- MoF Spent Record ¥2.83 Trillion on Intervention
Japan Update: Signs That Yen Weakness Might be Long-Term (9/28/2022) –
- Signs That Yen Weakness Might be Long-Term
- More Indications of Weak Chinese Demand
Japan Update: BoJ’s Kuroda: Intervention Appropriate, MoF’s Suzuki: Do It Again If Necessary (9/27/2022) –
- BoJ’s Kuroda: Intervention Appropriate, MoF’s Suzuki: Do It Again If Necessary
- August Corporate Service Prices Up 1.9%
- Machine Tool Orders from China Up 25% in August
- Mitsubishi Corporation (8058) to Build Ammonia Fuel Export Facility in Texas
- Asian Naphtha Price Drops 50% Over Six Months

Macro Insiders: Deep Dive from Julian – Keeping At It? (9/27/2022) – Markets are moving fast. Powell now has the equity market’s ear. Bonds yields and USD are both rising fast enough to enter a destabilising danger zone. RoC is the hook here. The piece below amplifies on the Q4 Road Map…
Macro Insiders: In Focus from Raoul – Why Bonds Are Mispriced and What Comes Next for the Fed (9/21/2022) – In this special video edition of his September In Focus report, Raoul explains why he thinks bonds are mispriced and that inflation has peaked. He also takes an in-depth look at the recent move in bond yields, forecasts the Federal…
Macro Insiders: Insider Talks with Julian and Raoul – September 2022 (9/20/2022) – In this month’s Insider Talks, Raoul and Julian went live on September 20th to share their thoughts on financial markets and answer questions from Real Vision Pro members. Moderated by Harry Melandri of MI2 Partners.

Thoughts from the Divide – Intervention (9/29/2022) – In past newsletters (see here and here), we’ve discussed the growing use of policy as a thumb on the economic scale. Now, with volatility rising and some markets threatening to seize up, policymakers appear to have seen the size of…
Thoughts From The Divide – Follow the Leader (9/22/2022) – “A half dozen central banks… followed suit” This week saw a veritable smorgasbord of central bank activity, with Jerome Powell and the Fed taking center stage. While there had been some pricing in of a 100bps hike, the Fed delivered…
Thoughts From The Divide – Sticky vs Balanced (9/16/2022) – “Declines were offset by increases elsewhere” While the title of this week’s newsletter may seem like the answers to a bizarre Mad Lib, they are instead adjectives used to describe some of the latest economic data that the Fed will…