Diverging Asymmetries and Market Fragilities: Understanding the Investment Paths of 2016, Part I
Well-respected publications such as The Economist and The Financial Times have recently published extensive reports regarding the threats to the global economy from emerging markets’ debt. The fact is that emerging market economies have accumulated significant amounts...The Tranquility of Volatility: The Risk of the Uncertainty and the Pricing of Assets
It is an indisputable fact that the last ten months have been characterized by high volatility. The market breadth (defined as the number of advancing over declining stocks) has turned below one (implying that more stocks declined than advanced) several times during...Shifting Cycles and Portfolio Structures: Hand Me Another Brick to Build a Shelter From the Storm
As previously noted from this page, I believe that we are entering into a period where the forces of market risk, volatility, liquidity, and credit risk encompass a cycle whose velocity may change much more frequently than during any other period in financial history....Financial Distress: Infatuations and Magnificent Illusions
In his 1984 Shareholder Letter, Warren Buffett wrote: “The corpse is supposed to file the death certificate. Under this ‘honor system’ of mortality, the corpse sometimes gives itself the benefit of the doubt”. This is an example of a magnificent delusion unfortunately...The Rolling Pyramid of Historical Financial Crises and the Moral Economic Imperatives: Distinguishing Causes from Symptoms
The Rolling Pyramid of Historical Financial Crises and the Moral Economic Imperatives: Distinguishing Causes from Symptoms We have noted in past commentaries that our global financial system moves from crisis to crisis due to the lack of an anchor. In the previous...Sign Up for Our Publications
