Removing Friction
“You need a different checklist and different mental models for different companies. I can never make it easy by saying, “Here are three things.” You have to derive it yourself to ingrain it in your head for the rest of your life.” “Take a simple idea and take it...The Two Types of Corrections
As of yesterday’s close, the S&P 500 is up 19% in 2021 with the Nasdaq up just shy of 15% and the Russell 2000 up about 11.5%. This even though underneath the surface breadth has largely weakened since February (albeit there are pockets of improvement in the last...T.S. Eliot in the Land of Endless Money, Rehypothecation, and Crises: Part I
We all have heard the parallels between the Covid-19 crisis and war. Close to eighteen months after we started being concerned about the possibility of the pandemic, Cicero’s words that “endless money forms the sinews of war” come to mind. War and wasteland go...Avoiding a Prato Day in the Markets: The Day Machiavelli Comprehended Aristotle’s Notion of the One, the Few, and the Many
Machiavelli stood in one of the corners of the famous square convinced that nothing fails like success. The calendar read May 23, 1498. Outside Florence’s city hall – the famous Palazzo della Signiora – a long scaffold had been built. A great throng of people had...Some (More) Thoughts About Inflation
There haven’t been many macroeconomic topics on top of investors, economists, and analysts’ minds in 2021 than inflation. After more than a decade of minimal inflation documented within the CPI and PCE indices commentary about rising prices was revived, even if most...Sign Up for Our Publications
