We’ve mentioned on several occasions in previous newsletters and commentaries our positive growth outlook for numerous emerging economies in the near future and the growing interconnectedness among them. This isn’t […]

We have written briefly before (July 2010 commentary) on the dangers of the municipal bond market. In this commentary we make the claim that the housing sector leaves a mark of hysteresis […]

Yesterday we ran performance reports for our portfolios1.  Our composite return across all portfolios was 18.11%.  For comparison, our aggressive portfolio’s aggregate return was 35.95%.  Annualized, these figures would exceed […]

On Logos, Retooling Growth, and Contagion Fears: Conventional and Non-Conventional Thoughts on the Occasion of the Days at the Dawn of 2011 A few months ago on this part of […]

The late Kenneth Lay of Enron renamed his company from Enteron to Enron and moved the headquarters to Houston, Texas, ready to become the global trading conglomerate of energy, with […]

One of the great joys of my job is to meet old and new friends who teach and/or remind me of marvelous concepts and ideas. One such incident happened about […]

Fact 1: In the early 1990s, if it were not for Europeans and the US, Germany would have had a pretty rough and bumpy ride towards its reunification. The direct […]

First of all, a special note of thanks to a good friend (IKM) who recently reminded me of the concept of Seisachtheia. Thus, a historical reference is needed first (please […]

They did it again. They rolled the dice again in favor of $600 billion in purchases, and when we count the repurchases of other paper-instruments (e.g. mortgages and MBS), the […]

Just a few days ago the auction for TIPS (Treasury Inflation Protection Securities) produced for the first time ever negative yields. When we take into account that TIPS’ correlation with […]