Last Friday we observed a divergence among major indexes. The DJIA and the NASDAQ moved in significantly opposite directions. The main reason for the drop in the NASDAQ (which continued […]

It seems that we are on the verge of a new reality that could resemble the developments of the early 1970s. The global rules and order that were established in […]

Moody’s downgrade of Chinese debt a few days ago was treated like a non-event. Chinese domestic bond prices did not change and Chinese equity prices actually rose. Is that a […]

Over the course of the last year, investors poured billions of dollars into emerging markets, seeking higher yields and higher overall returns. Emerging markets have rewarded that trust, and as […]

A major Chinese conference related to the New Silk Road ended two days ago. The conference centered on the theme of “One Belt, One Road”, which is the Chinese equivalent […]

There are revolutions, wars, and historical periods that have defined global developments and carry significant weight in shaping up the world economy to this day. There is little if any […]

By 460 CE the Roman Army was dominated by Germanic troops. By that time they had also forgotten a basic lesson that it is the army that elects the Emperor.  […]

There is a sense of a cyclical recovery around the world.  The shocks of the last 8-10 years (financial crisis, EU debt crisis, commodities downturn) seem to be fading, and […]

As we go down the road where the improbable becomes probable and the non-tradable becomes tradable, we discuss below four possible outcomes that could alter the investment landscape. Those four […]

Money markets experienced some kind of distortion in the last 18-24 months due to global dollar shortages as the Fed got into the swing of “normalizing” rates. Money markets several […]