In the Wilderness of Mirrors: The Bayesian Order, the Overton Window, Rising Uncertainty, and Expected Outcomes
Last Friday, the significant drop in consumer sentiment fueled turmoil and led the market into a downward spiral that ended the day with a 1.7% decline, wiping out almost all gains since the election on November 5th, as shown below. As our commentary two...On Sentiments, Expectations, and the Vitality of Institutions: The Role of Gold
In the commentary we published two weeks ago, we described Mr. Market as an entity that from time-to-time suffers from a manic-depressive syndrome. Yesterday, Bloomberg reported that the stock market sentiment was approaching manic level by late January, as shown...The Wooden Nickel: DeepSink
The Wooden Nickel is a collection of roughly a handful of recent topics that have caught our attention. Here you’ll find current, open-ended thoughts. We wish to use this piece as a way to think out loud in public rather than formal proclamations or projections. Eight...Mr. Market Meets Mr. Tamerlane at Potsdam’s AI
All of us who directly or indirectly (through a pension plan) are involvedin investing have a partner called Mr. Market. Mr. Market is the allegory that Benjamin Graham created to explain the investment world’s moods. Mr. Tamerlane is the phenomenon who became a...Rising Uncertainties and Portfolios: How Do We Invest in an Environment of Linguistic Relativism?
A year before the dawn of the new millennium – during the internet fever – Warren Buffett said at an investors conference that “the inescapable fact is that the value of an asset, whatever its character, cannot over the long term grow faster than its...Sign Up for Our Publications
