Markets are less fragile than we think. There are always people watching, waiting and ready to catch bargains. Some risks are in plain sight. But in Private Capital Markets they are hidden – which is why many market players believe the scale of losses might be hidden. Will Private Markets trigger the next crisis? I doubt it.

October is the cruellest month for markets. What to fear most? Markets? Energy? China? or America? Or will it be a “no-see-um” that sinks us?

Markets are digesting what’s been a fascinating week in terms of swings, tensions and threats. Everything from Supply Chains, Taper and Inflation is on the radar as speculative assets swing widely. Maybe it’s time to sit back, step away and take time to consider the macro issues of recovery, and the micro issues about how the pandemic has altered behaviours. The UK’s bounce bank loans could highlight how the world has changed as massive defaults are expected.

Meanwhile, the AA goes straight to the top of my list of firms that should be wiped from the face of the Earth…