The Revenge of the Numbers, The Illusion of Theories, and the Delusion of Expectations
Let’s us make no mistake: we are thrilled when the news pleasantly surprises us, contrary to expectations. Rather than the increase in the unemployment rate, more jobs were created in the month of May than the jobs that were lost, (more than 60% of the various...Firepower and Moral Suasion: Market Abnormalities
It was June 20th ,1920 and the eight-year old boy by the name of Abraham Zimmerman experienced the lynching and hanging of three black men in Duluth, Minnesota. Postcards of the hanging were sold as souvenirs. Forty-five years later in 1965, Bob Dylan (Abraham’s son)...In the Shadows of Tomorrow: What are the Implications of Negative Interest Rates?
In 1935 the famous Dutch historian Johan Huizinga published a book with the title In the Shadows of Tomorrow. By then bleak clouds had gathered over Europe. The forces that led to WWII were already at play since Versailles in 1919. A peculiar international payment...Cash Is King: How P/E Ratios Obfuscate Value
“Rule No. 1: Never lose money. Rule No. 2: Never forget rule No.1” – Warren Buffet “Simplicity is the ultimate sophistication.” – Leonardo da Vinci The Price-to-Earnings Ratio is probably the most common shorthand methodology used by commentators and...Covid-19 and the Future of the Eurozone
“Not all the Germans believe in God, but all the Germans believe in the Bundesbank”, (Jacques Delors, the famous former head of the European Commission) The Euro lost minimal ground this past week. However, a significant event took place last Tuesday, which was...Sign Up for Our Publications
