Derailing Market Optimism: Where is the Engine of Growth?
When we compare equity and oil markets over the course of the last four years it is easy to see that markets in the US are reaching record highs while oil prices are reaching record lows. Obviously, the Fed’s intervention has been a catalyst for the markets’...Searching for Escape in the Middle of Black Holes: On the Balkanization of the Markets
Searching for Escape in the Middle of Black Holes: On the Balkanization of the Markets Let’s start with defining the terms used in this commentary. A black hole is created when massive stars collapse. Once it is formed it keeps growing by absorbing mass from its...The Tranquility of a Chaotic Disequilibrium: Alexander’s Feast and the Risks of Divorcing Credit from Liquidity
The results of the EU-wide stress tests on banks are out. The EU banks seem to celebrate that all is well. Catastrophe was avoided. The capital that some of them would need to raise seem to be so low that a celebratory tone is raised in the sky. Tranquility needs a...Heretic Views and Heroic Visions: Collateral Pools, Realism, and Marketable Assets
The Age of Michelangelo, Raphael, Leonardo da Vinci, and High Renaissance was followed by the age of Mannerism, known by its artificial qualities. Two of the main characteristics of Mannerism are compositional tension and instability. Do those attributes ring a bell...Sign Up for Our Publications
