As those lines are being drafted, the ECB announced – under its new leadership – a reduction in its interbank lending rate by 25 bps. The EU and the US […]

We have the feeling that we needed a surgery and we got a counseling session. The “landmark” deal announced in the early morning hours (EU time) yesterday, is full of […]

An abnormality (exostosis) has been developing in the markets that involves an a priori assumption that the EU will solve its debt and banking problems. On the surface it seems […]

The late Milton Friedman used to ask his students at the University of Chicago whether money matters. Of course, the classic answer that he was expecting from them was: “Only […]

The markets are known to be moved by the forces of greed (upswing and bullishness) and fear (downturn and bearish trend). In a similar way, in the cosmos there are […]

The markets nowadays are in purgatory. What is the task of professional market watchers and fund managers? In a nutshell we would say it is to unmask portfolio holding’s self- […]

A friend describes in a book he wrote about twenty five years ago, how when they were kids he and one of his friends went into a five-and-dime store and […]

China has been in the news again recently, and hence we would like to offer an update on our previous writings on the subject. However, before we do so, allow […]

When the EU started feeling the heat in its periphery, and fearing damages to its core, it established the EFSF (European Financial Stability Fund). We have expressed elsewhere some of […]

Markets could implode from within creating black holes where everything goes in and nothing comes out, destroying in the process paper wealth but also real economies. The essence of Gamma […]