Commentaries

By: John E. Charalambakis | On: April 20, 2021 |

Reopening & Execution Risks: Earnings Expectations and the New Wave of Innovations in Historical Perspective

The reflation trade that started in late 2020 and uplifted the fortunes of banks, energy, and small cap stocks might be experiencing a pause lately. However, as shown below, the […]

By: John E. Charalambakis | On: April 6, 2021 |

Considering the Economic & Portfolio Costs of Free Money: Modern Monetary Theory (MMT) & Practice

By: John E. Charalambakis & Dale Ahearn Monetary theory, which posits that a change in money supply is the main driver of economic activity, has played a central role in […]

By: John E. Charalambakis | On: March 23, 2021 |

When Isaiah Berlin Dined with Vladimir Putin: International Diversification and Intelligentsia at a Time when Dreams of Subjugation Converge in the Twilight Zone

When Isaiah Berlin sat down to draft some thoughts about his forthcoming dinner meeting with Vladimir Putin, he contemplated if the focus should be on a single theme (like it […]

By: John E. Charalambakis | On: March 16, 2021 |

Heroes, Heroines, Villains, and Disruptors: Market Dancing to the Music of an Avatar Reproduction

In his Notes from the Underground, Fyodor Dostoyevsky writes, “What makes a hero? Courage, strength, morality, withstanding adversity? …Who are these so-called heroes and where do they come from? Are […]

By: John E. Charalambakis | On: March 2, 2021 |

When Isaiah Berlin Dined with Xi Jinping: Extrapolating Facts about The Great Wall of Steroids

The invitation sent by Isaiah Berlin left the date open. The city was supposed to be London.  However, Xi Jinping responded with one precondition: An assessment by Berlin of Biden’s […]

By: John E. Charalambakis | On: February 16, 2021 |

Stochastic Paths and Market Abnormalities: Rootlessness and the Contingencies of Cycles of Tragedies

In 1942, Quincy Wright published a two-volume work where, while drawing from distinct disciplines such as anthropology, history, psychology, and mathematics, he tried developing a precise formula that would enable […]

By: John E. Charalambakis | On: February 9, 2021 |

Portfolio Construction in an Era of Transformation: When Tragedians & Mozart Met the Inescapable Smash of Ineluctable Forces, Part II

In our commentary two weeks ago, we described how the confidence and sectoral momenta interact and create the four quadrants of market expectations. In that same commentary we also presented […]

By: John E. Charalambakis | On: January 26, 2021 |

Portfolio Construction in an Era of Transformation: When Sophocles Met the Inescapable Smash of Ineluctable Forces, Part I

Whether we look north or south, east or west, we discover powerful forces that crown this era of metamorphosis and change. With this and the forthcoming commentary on Feb. 9, […]

By: John E. Charalambakis | On: January 19, 2021 |

Productivity Trajectory and the Chinese Question: Portfolios and the Impact of the Incoming Administration’s Stimuli Packages

Last Thursday (January 14th), the team of the President-Elect proposed a new stimulus package close to $2 trillion. Within a few minutes, the markets reversed gains and ended the day […]

By: John E. Charalambakis | On: January 5, 2021 |

Assessing the Outlook of 2021: Part II

“I am not what I am”, Iago proclaimed in Shakespeare’s Othello, and I am also thinking of similar lines proclaimed by Arthur Dimmesdale in Scarlet Letter, Jay Gatsby in The […]