As previously noted from this page, I believe that we are entering into a period where the forces of market risk, volatility, liquidity, and credit risk encompass a cycle whose […]

In his 1984 Shareholder Letter, Warren Buffett wrote: “The corpse is supposed to file the death certificate. Under this ‘honor system’ of mortality, the corpse sometimes gives itself the benefit […]

The Rolling Pyramid of Historical Financial Crises and the Moral Economic Imperatives: Distinguishing Causes from Symptoms We have noted in past commentaries that our global financial system moves from crisis […]

In the art of war (in the general spirit of geopolitical and geoeconomic diplomacy) the opponent’s greatest strength happens to be his greatest weakness. Let’s take a look at a […]

The Fed decided earlier today to postpone the increase in short term rates citing global growth and disinflationary concerns. We believe that such concerns are overstated, at least for developed […]

As we noted in our last commentary (http://stage.blacksummitfg.com/3181), we anticipate some volatility during the next few weeks, but we also expect it to subside and for the market to find […]

As we reported in our Weekly Market Update over the weekend (http://stage.blacksummitfg.com/wp-content/uploads/2015/08/BFG-Weekly-Brief-August-29-2015.pdf), the US and the EU equity markets experienced one of their most volatile weeks. Over the course of […]

In the summer months of 1944 World War II had taken a clear trajectory. The deadliest war period in human history was approaching its end. At that time the US […]

If we took a five-minute helicopter view of the global economic landscape, what would we have observe? Starting from the country of the rising sun, we could say that Japan […]

It is an undisputed fact that the over-collateralization of assets (including toxic ones prior to 2008) and the securitization explosion that took place between 2000-2007, created the seeds of the […]