In the last couple of weeks a reality seems to be settling in the minds of over-optimistic investors. That reality says that it would not be so easy to enact […]

“Zadig” a.k.a. “Destiny: An Oriental Story” and “Micromegas” were two of Voltaire’s philosophical tales dated back in the middle of the 18th century. In the former Voltaire explores the reason’s […]

A recent investors’ survey done by Bank of America Merrill Lynch found that more and more investors believe that stocks are overvalued. Expectations about earnings, taxes, spending, and regulatory regime, […]

Over the course of the last few months, we observe that not only developed markets have been enjoying good returns, but also emerging markets rise along with them. As the […]

It seems that analysts around the world are singing from the same chorus book, called Reflation. If we could define the latter we would say that it refers to a […]

A year ago equity and commodity markets were in a panic mode. Chinese tremors, fears of deflation, oil prices below $30 a barrel, declining commodity prices (such as copper), and […]

The equities market continues its upswing trend and as its tide rises, other equity markets around the world follow it too, given that expectations and economic fundamentals in other places […]

In last week’s commentary we wrote that the earnings, production, and income pictures look good and that the market has legs to make further earnings. The market continued in its […]

More than 65% of companies that have reported earnings in the last few days have beaten estimates, which is a little bit higher than the long-term average. So and as […]

Collective hallucinations are dangerous. Undershooting carries risks, but overshooting could have much more serious consequences. Ignoring history is detrimental. Hubris backfires and lack of foresight demonstrates foolishness. My fear is […]