About 45 years ago, a famous song appeared. As the years passed, the song’s popularity grew dramatically. The name of the song was “Brain Damage” and it started like this: […]

 On January 1st, the euro closed a circle of 20 years. The reality is that it remains a significant threat to European integration. The eurozone muddles along from crisis […]

 During 2018, almost all major asset classes experienced declines. As previously commented, many sectors have dropped more than 20% since last September and while safe havens have made some […]

I boarded my usual end-of-year flight yesterday at Boston’s Logan airport. The ticket by itself was unconventional. It simply stated: “Destination at the pilot’s discretion.” That by itself was intriguing. […]

As noted in two previous commentaries (Assessing the Prospects of 2019: Part II and Headwinds vs. Tailwinds: An Initial Assessment of Undercurrent Trends Affecting the Market Outlook for 2019) we […]

Following our initial assessment of next year’s prospects, we discuss below some reasons that make us believe next year may be better than 2018. It seems that until this past […]

Economic indicators such as the Purchasing Managers Index (PMI), Consumer Confidence Index, and the price of oil could be thought as signals of future economic activity. Last year the Eurozone […]

As we are approaching the start of 2019, we could identify five important tailwinds and an equal number of headwinds going into play in the new year. Overall, we believe […]

Victor Frankenstein was the creator of the monster and not the monster itself. Prometheus’ gift of fire to humans was offset by Pandora’s box. Sisyphus’ condemnation to keep rolling the […]

The international financial system is based on credit. At the heart of that system is the bond market whose global size exceeds $100 trillion. Just in the US, the bond […]