In late 1999/early 2000, the excitement of the internet and the dot-com exuberance attracted capital away from investments that require a medium to long-term perspective. The result was that supplies […]

The dollar has been getting stronger at a time when the Chinese have started to price oil in renminbi. In simple statecraft language, such action by the Chinese could just […]

We live by appearances and as we pretend that all things are getting better and that debts do not matter we are becoming villains perpetuating a culture of Pyrrhonism[1] where […]

This year’s market gyrations should be viewed under the microscope of leverage. When we do that as the first figure shows below, then we can possibly start comprehending that in […]

In this week’s commentary, we would like to discuss our perspective for the short-term based on some changes we have been observing in the market. However, before we show this […]

During times of accommodative monetary policies when rates drop and earnings prospects shine, growth stocks usually outperform value stocks. In a basic valuation model of discounting future earnings (especially for […]

In security conferences around the world, speakers have been describing the rising threats and the rising level of insecurity, while at the same time wondering where the American leadership has […]

In the recent market turmoil, corporate bonds seemed able to sustain their values. Could we assume that in a future market turmoil they will continue showing signs of immunity? Last […]

Should we always buy the dip? The strategy has worked over a number of years. Is this time different? The blame over the recent market turmoil has identified some usual […]

As a starting point allow me please to summarize what we communicated to our clients during the recent market turmoil. First, let’s review what we perceive are the main causes […]