At the back of all traders and investors minds is the question: “just how bad might the US Midterms be?" Relax. Things are never as bad as we fear, (though seldom as good as we hope). The mid-terms will be consequential, and no matter what the result are unlikely to do much to reverse the long-term decline of the US Treasury Market – the single most important market on the planet.

The US equity market now stands at over 70% of global market cap – is that sustainable? Many folk think not – concerned about overvaluations, speculation and geopolitics, but my great chum Julian Wheeler digs through the many reasons it became inevitable and will likely be sustained.

Every corporate has its own distinct life-cycle. The Concept and Foundation are stage one. Firms evolve. Bad Management lies at the core of bad companies. Some firms become defined by it. Some firms survive and thrive. Many don’t. Few get second chances.

Discuss in terms of Tesla and Boeing.

Markets wobbled yesterday on the current litany of fear: interest rates, inflation and Ukraine. The bigger issues are just how unsustainable current equity valuations remain, and where to invest in range-bound markets.

Markets have a habit of getting over-excited. They get FOMO and become over hasty. Although the outlook is improving, there is certainly little to justify some of the more speculative hype dominating market moves. Time a bit of rational thinking and common sense – consider Tesla as an example of misplaced hopes.