Now you see the whale. Soon you won't. Every week, we help our readers to connect the dots ahead of time. We comment in 500 words or so the driving forces behind the credit derivative markets. It is fast paced. It makes many assumptions on the level of general knowledge of our readers. It does not dwell on explicit explanations or recommendations. For some of our readers, it may look plain and superficial. For others, it is reality, simply explained despite its complexity. There is order in chaos.

Catherine Baulamon is the founder of BlackRobin Group, an international private investment research and advisory company focusing on high conviction strategies, with experience in convertible bonds and credit.

Catherine is a proponent of Karl Popper's Open Society.