vw EDITORS NOTE


THE GHOST IN THE MACHINE


EDITORS IN CHIEF Andy Ash


E: andy.ash@admisi.com Eddie Tofpik


E: eddie.tofpik@admisi.com Marc Ostwald


E: marc.ostwald@admisi.com 2018, a reality check?


Welcome to the latest edition of The Ghost in the Machine, which has no      


It has been said that investors have taken a goldilocks view of the global economy and monetary policy in recent years. But as the recent market turbulence has demonstrated, there are vulnerabilities, and bond markets have a number of structural issues to contend with as they revert to a more typical term premium structure.


The dollar’s accentuated weakness to start the year owes much to an improved outlook for global growth, but as with so many of the sharper market reversals in recent years , market positioning may prove to be the Achilles heel of this ‘consensus trade.


A very turbulent couple of months for Bitcoin and other crypto-currencies begs the question who are the ‘animal spirits’ that hold Bitcoin? Until the January turbulence, the equity market rally appeared to be bullet proof, but does it make sense to call for an end to the rally, just because it has gone on for so long, and what are the prospects for volatility?


Sugar markets took the wooden spoon in performance terms in 2017, and there is little optimism about prospects for 2018, given an array of headwinds. The versatility of corn in usage terms appears to know no boundaries, and it is now a key part of the US economy, but are there limits to innovations in its production and use.


PRODUCTION & CIRCULATION David Rose


CREATIVE DESIGN Simrat Kaur Sounthe


CONTRIBUTORS Alan Bush


Amrita Tandukar Andy Ash


Eddie Tofpik George Eddell Howard Jenkins Marc Ostwald


EXTERNAL CONTRIBUTORS Erik Norland


IMPORTANT please read these terms and conditions carefully before agreeing to continue to read the content of “The Ghost In The Machine”.


The articles in the publication are for informational purposes only and are entirely written for the professional investor and not intended to be read by the retail investor.


 invitation to invest in any products mentioned by ADM Investor Services International Ltd. (ADMISI). In particular, it does not constitute 


where it is unlawful or where the person  to do so or the recipient may not lawfully 


It is the responsibility of any person agreeing to these terms and conditions to inform themselves of, and to observe, all applicable laws and regulations of relevant jurisdictions. You should be aware that any rules and/ or regulations applicable to providing  protections that may be available), may not apply to persons who obtain information


from the internet and its various applications, of which this material forms part.


The information and opinions contained herein have been obtained from or are based on sources which are believed to be reliable, but the accuracy cannot be guaranteed. No responsibility can be accepted for any consequential loss from this information.


The articles within this publication, and all opinions and statements by the relevant are those of the author and may not necessarily  


2 | ADMISI - The Ghost In The Machine | January/February 2018


herein is taken from sources considered to be reliable. However it is intended for the purpose of information only and is   completeness, nor its trading result, and does not constitute trading advice or solicitation of 


By continuing to read this publication, you agree to the foregoing terms and conditions  understand these terms.


Page 1  |  Page 2  |  Page 3  |  Page 4  |  Page 5  |  Page 6  |  Page 7  |  Page 8  |  Page 9  |  Page 10  |  Page 11  |  Page 12  |  Page 13  |  Page 14  |  Page 15  |  Page 16  |  Page 17  |  Page 18  |  Page 19  |  Page 20  |  Page 21  |  Page 22  |  Page 23  |  Page 24  |  Page 25  |  Page 26  |  Page 27  |  Page 28