Serious investment thinking that doesn’t take itself too seriously.
The S&P500 realized volatility is below 10%.
Credit spreads are super tight, and aside from some short-lived European political drama markets keep marching higher. Yet, I think macro volatility is coming back.
Here’s how it played out. It’s impossible to predict how the crisis in Ukraine will progress, but the rupture in relations between Russia and the West is unlikely to heal...
Suppose you own a substantial number of shares – say, $500,000 worth – in Acme Corp, a manufacturer of home furnishings. And being a shareholder, you decide to attend the...
I can’t help thinking that Amanda Staveley and her consortium have bought the wrong football club. Had they waited just five months they could have had Chelsea FC rather...
Building a bridge is costly: it takes labour and machinery and raw materials that have alternative uses. Does it follow that building it is a waste? No. Waste occurs...
Everything old is new again: Inflation plagues the US economy. The Consumer Price Index is up 7.9% from a year ago. The Personal Consumptions Expenditures index is up 6.1%from a...
Why you should donate money rather than supplies. The humanitarian crisis in Ukraine and its effect on neighbouring countries has inspired people to collect donations. But these...
...but it won’t wreck Russian sanctions. War is expensive. The United States spent about US$1.1 tn (£830bn) on the 2003 Iraq war in today’s money, while the Falklands war...
US officials are keeping very busy in the world. Yet very few of Washington’s actions have much to do with protecting America. Instead, the foreign policy establishment believes...
Russia’s invasion of Ukraine is horrifying. Western leaders, fearing a broader war, are responding primarily with economic sanctions. A prominent economic sanction has been...