All change please

There are times when flexibility is everything. In his book The New Market Wizards (incidentally one of the best books on trading ever written), author Jack Schwager tells the story of how Stanley Druckenmiller, a colleague of George Soros, changed his mind entirely the day before the 1987 Black Monday market crash, only to change his mind again when…

The Green Slime

“The ECB plans to adapt its modelling, bank supervision, corporate asset purchases and collateral policy to take account of climate risks. Lagarde said these would both address the financial risks of global warming and act as “a catalyst force” to help achieve the EU’s green policy targets.”   -    The Financial Times, 12th July…

We are all Ozymandias (revisited)

“Wendell: ‘It’s a mess, ain’t it, sheriff ?’   Sheriff Ed Tom Bell: ‘If it ain’t, it’ll do ‘til a mess gets here.’”   -    Cormac McCarthy, No country for old men.     This commentary was first published in June 2020 exactly as presented below. We republish it here without further co…

Cui bono ?

“Central bankers control the price of money and therefore indirectly influence every market in the world. Given this immense power, the ideal central banker would be humble, cautious and deferential to market signals. Instead, modern central bankers are both bold and arrogant in their efforts to bend markets to their will. Top-down central planning,…

Boom !

“In the economic firestorm that was Weimar Germany in 1923, a young Ernest Hemingway happened to be travelling through the region with his wife. Hemingway converted some loose change into German marks. He went to a fruit stand. He picked out five good-looking apples and paid for them with a 50 mark note. He received 38 marks back by way of change.…

It’s a kind of magic

“I am making this statement as an act of wilful defiance of military authority, because I believe that the War is being deliberately prolonged by those who have the power to end it. I am a soldier, convinced that I am acting on behalf of soldiers. I believe this War, upon which I entered as a war of defence and liberation, has now become a war of…

Mission creeps

If you missed it the first time round, here is an opportunity to (re)acquaint yourself with Chris MacIntosh’s handy guide to the future, A forecast for the next decade. While we pride ourselves on taking the occasional prisoner during any skirmish on current investment trends and inanities, Chris is not so altruistic..

Little by little, we went insane

“I wanted a mission, and for my sins, they gave me one.. Oh man.. the bullshit piled up so fast in Vietnam, you needed wings to stay above it.” Captain Willard (Martin Sheen), Apocalypse Now.

The modern investor’s manifesto

“I always pass on good advice. It is the only thing to do with it. It is never of any use to oneself.” Oscar Wilde.   Our weekly commentary is taking a summer break and will be back in a few weeks.     The following is a personal perspective on the state of the modern financial system and on the challenges facing…

Take Shelter 3.0

There are some films that reach inside you, grab hold of your heart, and just never let go. Jeff Nichols’ 2011 Take Shelter is one of those films. It surely deserves recognition as a modern classic. It is quite simply shattering to watch, and heart-breaking, and heart-breakingly good.