The UK’s FCA is considering “valuations” in the Private Capital sector. That triggers alarm bells. Bi-lateral private markets are an important part of the professional financial system, but fall outside traditional regulation. Is it time to bring them onside?

Boeing is a lesson in broken capitalism. It’s latest safety catastrophe highlights multiple management failures. Things are set to get worse as the Global Economy realigns and the US turns isolationist. Who will eventually dominate air travel?

Bitcoin has zero fundamental utility. It is cult that was designed and loaded to make its’ “high priests” rich. To understand how it will trade, forget common sense – focus on what it is, who the players are and what is likely to motivate and influence the price. On that basis Buttcon may be a cynical buy – but be prepared to exit early.

Is it just me that finds Christmas and the Holidays to be overly stressy? They will be over too quick, and we’ll all be back as confused as ever. Here are some thoughts and predictions for 2024. The one thing I guarantee: The World is Changing.

This week’s “shock” announcement of a major aero-engine maintenance crisis with RTX engines on Airbus Neo Narrowbodies is reverberating round the aircraft market. It pushes up the value of older aircraft – and will impact many airlines.

Markets are treading water trying to figure out directions – some of the underlying narratives look alluring, but they are not all they seem. In confused, uncertain markets, the trick is to remain suspicious of what others are following.

Nvidia and Telsa trade on hopes and expectations, FOMO and huge PE multiples. They are very different investment propositions but reflect the bubble market. Maybe it’s time to revert to dull, boring, predictable returns in fixed income secured by real assets?

The news “green” Pratt & Whitney engines don’t work very well on new aircraft puts a whole new slant on the economics of airlines – favouring mid-life planes over less reliable, but oh-so-environmentally-more-friendly new ones..

Lots going on out there – but what does it all mean? Markets have plenty to consider from rates, inflation, micro, macro, geopolitics and climate – but the core objective remains: generating dull, boring predictable returns in difficult markets.

Orders are piling up at the Paris Airshow, but fractured supply chains, labour shortages and engine problems means new aircraft deliveries are delayed for years. That’s opportunity, but also hints at new dynamics in terms of how the aviation sector develops – the Age of Cheap Flight may be over.