Somewhere in the middle of the Pacific last weekend over dinner with Bob Zimmerman the lyrics of his song “A Series of Dreams” echoed in my ears. The attempted coup […]

It seems that the bond and equities markets are telling us two different stories. The former with the declining – and in some major cases negative – yields is like […]

It is the argument of this commentary that following the Brexit vote we may be entering into a period of regime uncertainty. By the latter we mean political, economic, and […]

The Brexit vote (for which we reserve some doubts that it is ever completed) generated some panic selling, sending investors to the refuge of safe havens. Hence, government bonds experienced […]

“A greater Quantity [of money] employs more People than a lesser Quantity”, said John Law in 1705 in his pamphlet titled “Money and Trade Considered, with a Proposal for Supplying […]

Last week the European Central Bank (ECB) started buying corporate bonds. Over the course of the last four year the ECB has committed to “do whatever it takes” to save […]

Productivity growth in the US will decline for the first time in over thirty years, raising the obvious question: How about all those magnificent innovations that constantly change our lives […]

In September 2010 we warned of the Chinese Wall of Steroids, http://stage.blacksummitfg.com/wp-content/uploads/2011/01/The-Great-Wall-of-Steroids-Vol-2-Issue-3.pdf . In that newsletter we also explained the dangers of WMPs (wealth management products) in China where investors […]

Recent reports by major investment banks carry a flavor of pessimism, by suggesting underweighting equities and higher exposure to high yield. We are cautious over the course of the next […]

The act of counterbalancing and possibly containing China has multiple faces. Shinzo Abe, the Prime Minister of Japan met with Vladimir Putin of Russia last weekend in an effort to […]