In the years ahead, the progressive exhaustion of monetary printing will reach its climax. Quantitative easing is running out of the road, as collateral effects and capacity constraints determine the end to its life cycle. Without that, policymakers will no longer be able to further kick the can down the road: markets wrongly assume that central bankers have got their backs. The bubble in both bonds and equities is now in its melt-up phase, but may soon deflate, for the first time in several years. Fasanara Capital’s unorthodox portfolio construction and unconventional investment strategy are a response to such transformational markets.