When we compare equity and oil markets over the course of the last four years it is easy to see that markets in the US are reaching record highs while […]

Searching for Escape in the Middle of Black Holes: On the Balkanization of the Markets Let’s start with defining the terms used in this commentary. A black hole is created […]

The results of the EU-wide stress tests on banks are out. The EU banks seem to celebrate that all is well. Catastrophe was avoided. The capital that some of them […]

The Age of Michelangelo, Raphael, Leonardo da Vinci, and High Renaissance was followed by the age of Mannerism, known by its artificial qualities. Two of the main characteristics of Mannerism […]

  Albert Camus wrote in his book The Myth of Sisyphus that “There is a metaphysical honor in enduring the world’s absurdity.” Without a doubt we live in a surreal […]

The backbone of fiction, poetry, and drama of current generations is a mirror image of the philosophical struggles of the previous generations. The writings of Aeschylus, Euripides, Sophocles, and so […]

This Thursday (September 18th), the people of Scotland are called to choose between going alone as an independent state or staying under the umbrella of Britain and the United Kingdom. […]

We are approaching the time when the ECB will pull the trigger and will start buying paper “assets” (i.e. someone else’s liabilities) in the ultimate hope of stimulating a paralytic […]

In the last few days we’ve observed geopolitical events taking place from the Middle East to Eastern Europe and from Africa to Asia, shaking the markets and molding expectations. The […]

In the last commentary our thesis was that the economic landscape does not suffer from secular stagnation but rather from a complex and confused disequilibrium that diminishes expectations. Rather than […]