

I’ve said this before, and I am saying it again: The capital markets are a miracle. Think about it. What kicked off with stockbrokers signing the Buttonwood Agreement under a literal tree, with a quill, is now the system of connective code that executes trades in...
REITS and Tokenisation – the next big thing ?

China is losing the Trade War: true but irrelevant
China needs us to buy its stuff more than we need its stuff, but it’s all just noise relative to the stuff that really matters. I am going to going to offer two somewhat contradictory ideas about trade wars in sequence: China needs us to buy their stuff, more...
China is losing the Trade War: true but irrelevant

Time to fade the “Fade America” trade
No signs of capital flight yet. Just two quick charts on the “Fade America, Long Europe” trade that’s become de jour. The basic premise is that big bad Trump is ruining America’s reputation as an exceptional place for risk assets, and that as a result,...
Time to fade the “Fade America” trade

The economy and war with Iran – I am not worried
Well, I suppose Trump doesn’t actually chicken out of everything. The U.S. has bombed Iran’s three nuclear enrichment facilities. Here was Trump’s announcement of the strikes on social media: The consequences of these strikes aren’t yet clear. I’ve seen a lot of...
The economy and war with Iran – I am not worried

The link between language and gunshots
Rep. Melissa Hortman and her husband, Mark, were shot and killed in Brooklyn Park, Minnesota, a mile from where I grew up, where my dad built a house in 1947 and he and Mother raised six children. Sen. John Hoffman and his wife, Yvette, were shot north of there in...
The link between language and gunshots