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Back to the Seventies

To anyone who experienced childhood in the 1970s, even the most fleeting glimpse of the fashions of the period brings back a sense of sheer, gut-wrenching terror. Nehru jackets; tie dye shirts; earth shoes; flares (naturally); fishnet knit pullovers; anything worn by Rod Stewart; the colours orange and brown, often in close proximity; dungarees; disco; […]

The three most important words in investing

“We live in a time of great uncertainty and confusion. Events keep happening that seem inexplicable and out of control. Donald Trump, Brexit, the War in Syria, the endless migrant crisis, random bomb attacks.. And those who are supposed to be in power are paralysed – they have no idea what to do. This film […]

Who is John Galt ?

“There are four types of people in the world. There are entrepreneurs – who are the guys who get out of bed in the morning and say ‘How can I make money by making things better for people ?’ There are contra-preneurs – who are all the governments and bureaucrats and regulators who try to […]

Keep calm, and carry on

By any standards, James Stockdale (23 December 1923 – 5 July 2005) was an extraordinary man, and a true exemplar of the military spirit. Born and raised in Abingdon, Illinois, he excelled at sports, won a regional piano competition, and graduated second in his high school class. He went on to the Naval Academy during […]

Do you have a licence for your Minsky ?

Chaos theory, which went properly global with the success of the film Jurassic Park, studies the behaviour of dynamic systems that are highly sensitive to initial conditions. Within a chaotic system, tiny changes in initial conditions lead to wildly divergent outcomes at that system’s extremities. Within any chaotic system, short term prediction may yield certain […]

Nothing new under the sun

“You’re walking around blind without a cane, pal. A fool and his money are lucky enough to get together in the first place.”   Gordon Gekko (Michael Douglas), Wall Street (1987).

A Time of Universal Deceit

“Individuals who cannot master their emotions are ill-suited to profit from the investment process.”   – Ben Graham.     “What really broke Germany was the constant taking of the soft political option in respect of money..”

Children of the Revolution

“The streets of Paris, strewn with the carcasses of the mangled victims, have become so familiar to the sight that they are passed by and trod on without any particular notice. The mob think no more of killing a fellow man – one who is not even an object of suspicion – than wanton boys […]