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 […]

“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 […]

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), […]

“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 […]

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 […]

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 […]

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 […]

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, […]

The market moves of this week have certainly garnered a lot of attention and inspired much ink to be spilled speculating on causes, meaning, significance, and future ramifications. Indulge us […]

The Fed cut rates yesterday by 50 bps. It was a move expected but not between meetings of the FOMC. Such a rush sent the wrong signals, generated some panic […]