People are wondering these days: “Where is the stock market going?” Analysts look at charts, at P/E ratios, at profit margins and several other figures and try to make pronouncements […]

A general perception that the global economy is slowing down seems to prevail. At the same time the Euro zone crisis – in spite of the measures taken – will […]

The markets celebrate today the outcomes of the EU summit. The delusion that through more debt and political manipulations the cancer can be treated is truly the amalgam of illusion […]

About two weeks ago, we were assured by the government in Spain that they only needed about €50 billion for their banks. All of a sudden the €50 billion became […]

Fifteen years ago the global markets were getting ready to “welcome” the Asian financial crisis. The cause of that crisis? Declining multifactor productivity from Thailand and Taiwan, to Indonesia and […]

I love dogmas (our first D). I know that in politically correct terms, dogma is an antiquated term that should die. However, dogmas are like the oxygen. You may not […]

Last Thursday evening, JP Morgan Chase admitted to losses of at least $2 billion on a $100 billion derivatives bet, baptized as hedging. As time goes by, the actual losses […]

The results of the elections held in Greece last Sunday may well have sent a powerful signal to politicians and policy makers worldwide, that has yet to be discussed by […]

From last weekend’s IMF meetings we learned that its “firepower” had increased substantially by over $400 billion to be used as needed in light of the deteriorating situation in Europe. […]

The figure below shows the six forces which we believe are at work in determining the trajectory of the Euro in the foreseeable future. The analysis below discusses the six […]