Apologies for a month long pause in our communication. June turned out to be a month of travel. During my recent business trip to California, it was clear that the US economy is recovering and that inflationary pressures are easing. Of course, you must be careful not to extrapolate the situation in one state to…

The news of the Silicon Valley Bank problems and subsequent collapse broke just after we published last month. The ripples of rumour and media speculation led to a major rescue for Credit Suisse with a regulator enforced merger with UBS. For now, it seems as if the markets have calmed but the collapse of SVB was a…