Coverage

I write about four areas. Notes are published when the work reaches a conclusion worth stating, not on a fixed calendar.

Everything below is my personal point of view. I am not SEBI-registered as a Research Analyst or an Investment Adviser, hold no exchange or broker licence, and am not authorised to give investment advice — see Disclosures.

Market structure and liquidity

How trades actually get done: where depth is real and where it is advertised, how execution conditions change under stress, and what venue and intermediary behaviour reveals about the state of a market. The recurring question is whether the price on the screen would survive contact with size.

Digital assets

Public blockchain networks and the venues built on them, treated with the same scepticism as any other market. Settlement behaviour, the plumbing between on-chain and off-chain venues, and the distance between a network's stated properties and its observed ones.

Positioning and flows

Who is holding what, how that has changed, and what it implies about the marginal buyer and seller. Positioning is read as a condition, not a prediction — it tells you what a market is vulnerable to, not what it will do.

Cross-asset context

Equities, rates, credit, and digital assets are not independent systems. Notes in the other three areas are written with the cross-asset picture in view, and occasionally the cross-asset picture is itself the note.

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What is not covered

No price targets, no recommendations, no model portfolios, no trade calls, no entry or exit levels. Nothing published here is intended to be acted on directly, and I am not permitted to tell you to act on it.

On method

My process, the data sources behind it, and any positions I hold are not published. This is a deliberate policy rather than an oversight, and it is set out in full under Disclosures.