"I have set up my own company teaching emerging market finance. I am giving courses at HEC business school and other training institutions, aside from being a consultant to a small start-up fund manager. Being able to "tell it as it is" rather than being shackled by management fears of client redemptions for being too honest is very liberating.

"Your London and Monaco courses I attended almost 10 years ago, of course, inform all my teaching.

"Here is a fascinating chart suggesting things are not all they seem in the US. I am already researching the best options to play this."

David Fuller's view Congratulations on your new venture and I am sure your students benefit far more from your experience than they would from an academic with little practical experience of the industry.

My London TCS workshops were sufficiently numerous to merge somewhat in my memory. However, I certainly remember that lively private seminar in Monaco.

Thanks for the update and also a graph likely to be of interest to many subscribers.

My guess is that the rebound in home builders owes a great deal to short covering. I think it also provides further evidence that the USA will avoid recession this year and for at least the first quarter of next year.