Commentaries

By: John E. Charalambakis | On: June 9, 2020 |

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 […]

By: John E. Charalambakis | On: June 2, 2020 |

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 […]

By: John E. Charalambakis | On: May 26, 2020 |

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 […]

By: John E. Charalambakis | On: May 12, 2020 |

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 […]

By: John E. Charalambakis | On: April 30, 2020 |

From Westphalia (1648) to Vienna (1815) and onto Paris (1919), Bretton Woods (1944), Camp David (1971) and the forthcoming Paradigm Shift: Part IV (final), Rebalancing of Power

In the second book of Aristotle’s Nicomachean Ethics we are confronted with a list of virtues and vices. In that table we read about andreia (courage), sophrosune (temperance), eleutheriotes (liberality), […]

By: John E. Charalambakis | On: April 14, 2020 |

Balance of Power, Thucydides, Useful Idiots, & Covid-19: Part III, China and the Statecraft Dimension

“The admiration of the present and succeeding ages will be ours, since we have not left our power without witness…We have forced every sea and land to be the highway […]

By: John E. Charalambakis | On: April 6, 2020 |

Is the Covid-19 Awakening Undercurrent Threats and Underwriting a Paradigm Shift? Markets, Statecraft, and the Dollar: Part II, the Oil Dimension

OPEC+ was born in the midst of the last oil crisis about five years ago. It expanded the traditional cartel of 14 nations and included Russia, Mexico, Kazakhstan, and few […]

By: John E. Charalambakis | On: March 30, 2020 |

Is the Covid-19 Awakening Undercurrent Threats and Underwriting a Paradigm Shift? Markets, Statecraft, and the Dollar, Part I

The authoritarians Spartans invaded the democratic Athens in the spring of 431 BCE. The Athenians evacuated their estates – as Themistocles had taught them half a century earlier – crowding […]

By: John E. Charalambakis | On: March 24, 2020 |

Managing Rising Risks in Times of Uncertainty

This commentary (unusually longer than normal due to the circumstances) has three distinct parts: An update with our economic and market assessment, a brief presentation of graphs that portray economic […]

By: John E. Charalambakis | On: March 18, 2020 |

Crisis Mode, Portfolios, and Responses: A Buffer or an Amplifier?

In this week’s commentary we employ lots of graphs, which in our humble opinion, tell us an unfolding story that might be full of challenges but also portfolio opportunities. So, […]