Complacency, Deflationary Bulls, and Inflationary Bears: Japanification in an Era when the Enemy of my Enemy is Still my Enemy
Lack of foresight is not a tactical mistake. It is a dangerous strategic error whose price is paid mainly by innocents over a long period of time. In April 1917, the government of Germany found an “ally” in the person of Vladimir Lenin. Lenin wanted to overthrow the...The Markets and the Search for a Refiner’s Fire: Staring in the Mirror
In chapter 19 of the Odyssey, Homer writes about Penelope’s encounter with a mysterious guest. “Falsehoods all, but he gave his falsehoods all the ring of truth. As she listened on, her tears flowed and soaked her cheeks as the heavy snow melts down from the high...Enlightenment in the Era of Central Banking: Fearing the Normal or Normalizing Fear?
The flowering of the Enlightenment across Europe in the 17th and 18th centuries took place when a diverse group of thinkers questioned perceived opinion. The names of Descartes, Spinoza, Locke, Hobbes, Leibniz, Hume and of many others are associated with free and...Masquerading Risks and Positioning Portfolios for Growth: The Centrally-Induced Fat Tails
The markets have been used to central banks actions that mitigate downturns (the famous/infamous puts that take the names of central bankers such as the Greenspan and Bernanke puts). Such actions actually induce risk taking, making the tail of outcomes and returns...Sign Up for Our Publications
