On the Fear Gauge, Germany’s Lamentation, and Chinese Celebrations
A survey conducted by Bank of America among over 200 fund managers revealed that the grand majority of them significantly trimmed their bond holdings. The reasoning behind such trimming is the expectation that the Fed will itself trim its program of bond purchases. In...On Rates, Monetary Policy, and Valuations: Is it Worth it to Take a Closer Look at Additional European Portfolio Exposure?
More than two weeks ago (on Friday June 4th), we sent an email message to our clients explaining that some metrics and trends make us uncomfortable. Furthermore, we discussed that some trailing stops were initiated. We do not believe that the fundamentals face major...Portfolio Rotation and Budgetary Considerations: Reflections from Pre-Socratic Thinkers
During the first and second phases/waves of the pandemic, stocks related to innovation, e-commerce, as well as to sectors that deal with digitalization, performed very well, beyond anyone’s expectations. As the pandemic started receding and the economy endeavored into...From Defoe and Locke, to the Birth of America, and the Evolving International Order: Seeking Portfolio’s Alpha
We are experiencing a paradigm shift: A geopolitical and geoeconomicshift accompanied by scientific, technological, financial, and energyevolutions. The world is changing, and we are changing along withit. Over the course of the last four decades, understanding...From Adam Smith and Isaac Newton to Helicopter Money and Superstrings: Crises, Niels Bohr, and the Nash Bargaining Solution
We believe that it is almost a universal belief that the Day After the pandemic our societies will be operating under new norms. The rising debts follow a parallel path with the rising geopolitical rivalry. The declining educational standards also seem to follow a...Sign Up for Our Publications
