Good morning everyone!

I am back on the morning letter in what appears to be another sunny Friday in Denmark. After having spent the majority of the week focusing on the old world and emerging markets, I thought it appropriate to turn my attention across the pond, where it will seem the so-called banking crisis has been canceled along with the recession. Or has it?

At least there has been a lot of optimism in financials lately and it will seem the correlation between the small fish and big fish has been going strong since April. So everything is fine, right?

Chart 1: Big banks vs Small banks since the start of the crisis in March