Disruption and the Second Derivative
“Fish where the fish are” - Charlie Munger There’s an old story from the birth of the Norwegian oil market that has always stuck with me. In the 1960s the Norwegian economy was not a place that attracted a lot of capital. It was a subsistence economy built on the...
Weekly Market Update
Global Market News Global equities fall shortGlobal equities fell short this week, ending a 5-week winning streak. The S&P 500 and Dow Jones fell 0.31% and 0.63%, respectively, while the Nasdaq closed the week down 0.69%. The yield on the US 10-year Treasury note...
The Day After & the Era of Transformation
As we have written on previous occasions, we believe the “Era of Transformation” which gives this newsletter its name is a multifaceted shift away from old dynamics to a new equilibrium (the “Day After”). Two key elements driving this shift are the energy transition...
Portfolio Navigation Before Year’s End: Reflections from Augustus and Faust, Part II
Over the course of the last few days, a good chunk of the economic analysis has been focusing on the breakeven inflation rate, a.k.a. the investors’ sentiment and inflationary expectations for the next five years. The reason behind such concerns is the fact that the...
Weekly Market Update
Global Market News Global equities make gainsGlobal equities had another week of gains, establishing new highs after the Federal Reserve announced that it would reduce the pace of its bond-buying program. The S&P 500 and Dow Jones gained 2.00% and 1.42%,...
Geopolitical Challenges and Statecraft
Destabilizing forces by definition have complicated interactions and unforeseeable consequences. For this week’s geopolitical look, we examine several destabilizing currents in the world today: the US-China rivalry, water insecurity, and unrest in Turkey, Sudan,...
Crossroads
At the Intersection of Geopolitics and Geoeconomics North America US President Joe Biden unveiled a $1.85 trillion economic and environmental spending package last week, hoping to rally support from holdout Democrats hours before he left for Europe to attend the G-20...
The Day After & the Era of Transformation
With world leaders set to meet in Glasgow tomorrow to discuss the next wave of climate policy, much of the nation’s energy has been focused on climate policy. We begin our weekly news review with a dive into that meeting and the topics it will cover. We then discuss...
From Navigation to Cultivation: Portfolios in the Light of Augustus and Faust, Part I
In the distance, Faust saw something like a flickering orange light. “There must be a fire, out there” he thought, and suddenly Mephistopheles appeared, by stating the obvious: “Yes, of course there is, and it consumes the house of Baucis and Philemon, you know that...
Weekly Market Update
Global Market News Global equities make gainsGlobal equities made gains after a week of positive third-quarter earnings results. The S&P 500 and Dow Jones gained 1.64% and 1.08%, respectively, while the Nasdaq closed the week up 1.29%. Meanwhile, the yield on the...
