About Leovance Markets

Leovance Markets is an independent research publication covering rates, equities, commodities and the technology capital cycle. It is written for the kind of reader who wants to know what the 10-year curve is doing on a given morning, why the put/call ratio is flashing, and which Q1 earnings prints actually changed the buyside narrative.

The publication is edited and written by Leo Vance, based in London. Before Leovance Markets, Leo spent eight years on the buyside — first as a junior PM on a long/short equity desk, then as a generalist analyst at a multi-strat shop where he covered global macro, energy and the US semiconductor complex. He is a CFA charterholder.

What we cover

• Rates — US Treasuries, gilts, bunds, JGBs. Auction colour, curve shape, breakevens, real yields.
• Equity — Single-name and index work, with a bias toward earnings, capital allocation and operating leverage rather than narrative trades.
• Commodities — Energy, precious metals, base metals. OPEC plumbing, inventory data, refinery margins.
• Tech cycle — Cloud capex, semiconductor inventory cycles, AI training/inference economics. Where the spend is, where the depreciation lands.
• Crypto — As a macro and flow asset, not a religion.

How we work

Every piece is published under a byline. Every chart label is sourced. Every dollar figure has a date attached. When we are making a forecast we say so; when we are reporting consensus we say so; when we are repeating something we read on Bloomberg we attribute it.

We do not run sponsored content. We do not accept payment for coverage. The newsletter — The Morning Tape — is free and ships weekdays at 06:30 BST.

What we do not do

• Hot takes that age in 48 hours.
• Pump-and-dump commentary on small caps.
• "X stock to the moon" content.
• Investment advice. Everything published here is for informational purposes only — we are a magazine, not a financial advisor.

Editorial principles

1. Cite the source. If a figure isn't cited, it isn't reliable.
2. Distinguish narrative from price. Most market commentary conflates the two. We try not to.
3. Respect base rates. A 90% conviction take that ignores base rates is not analysis, it's marketing.
4. Hold the back catalogue accountable. Every quarter we publish a "what we got wrong" round-up.

Contact

Editorial tips, corrections and pitches: [email protected] General correspondence: [email protected]

For research syndication or institutional licensing, please write directly to Leo.

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Leovance Markets · Vol. III · Independent since 2024.