Modern finance depends on credit. Credit creation depends on inter-bank trust. Inter-bank trust depends on asset valuation. Asset valuation is an opaque process that is a function of several parameters […]

It takes some time for the market to comprehend when stress is built up in the economic and financial systems. This is part of the hysteresis reality. When financial stress […]

Following the successful Normandy invasion in June 1944, the Allies executed that September the military operation known as Market Garden (Market referred to the airborne forces that were supposed to […]

We are crossing correction territory (a drop of more than 10%) for some equity markets in developed countries around the world. This has brought questions about the possibility of a […]

Yesterday, the South African Rand lost 10% of its value. The South African economy is viewed as unstable due to its domestic politics (the President changed the Minister of Finance […]

Rising geopolitical tensions during the first couple of days in the New Year may bring a rising risk premium. At the same time, China’s market turmoil (due to slowing manufacturing […]

I boarded the non-stop flight from Cincinnati to Paris. Walking down the plane’s aisle I discovered a special area can accommodate round-the-table discussions, just as in previous years. To my […]

It’s so wonderful to have friends who teach you about some great moments in history that could have been pivotal for the world we live today. A few days ago, […]

Over the last few days the markets have exhibited signs of fears and some distress. Diverging a little bit from our recent commentaries that dealt with the investment paths of […]

During most of 2015, investors had to worry about a Grexit, a China slowdown, a commodities bust, or a synchronized degradation of market expectations. At the dawn of 2016, we […]