In Raoul’s Meeting of Minds, he takes a deeper dive into the auto sector which he categorises as vulnerable on several fronts. He concludes with some actionable short trades in his least favourite single name stocks. Julian meanwhile, briefly examines the myth of excess returns available via EM carry before turning his attention to what will be a fraught and fractious autumn in Italy. Why do we care? Because Italy has the third biggest bond market in the world and has the potential to destabilise the Eurozone project once and for all.