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A market running downwind hard and fast is a dangerous thing
Blain’s Morning Porridge 20th, July 2026
“The pessimist complains about the wind; the optimist revels in it; the realist adjusts the sails.”
There may be multiple storms and whirlpools on the horizon, but the market remains convinced it will weather them all. That’s a sign of dangerous times. There are times to let the boat run free, and times to trim the sails and slow before something breaks with catastrophic consequences: will it be the AI Bubble, Debt, Iran & Oil, or a No-See-Um?
Sorry for all the sailing allusions today, but we’re sailing for home after a fantastic week on the Solent…
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