

For advocates of free trade and globalisation, tariffs are always bad. Reality is, as ever, more nuanced. With President Trump ensconced in the White House once again and busy with executive orders, the issues of tariffs on foreign trade and taxes on foreign companies...
America’s (very) long history of tariffs.

Gold in the age of Trump
Hundreds of tonnes of gold – so much so that there is now something of a shortage in London – have made their way across the Atlantic to the US to get ahead of Trump tariffs. Something like 400 tonnes have gone to the Comex alone, never mind what’s...
Gold in the age of Trump

The Orwellian Nightmare of Central Bank Digital Currencies – And Why It Won’t Happen
The idea of Central Bank Digital Currencies (CBDCs), money that governments and their planners will be able to programme, rightly fills many of us with an Orwellian sense of dread. “Did you not have the vaccine? Oh, well then you don’t qualify for the next payment.”...
The Orwellian Nightmare of Central Bank Digital Currencies – And Why It Won’t Happen

Making money in real estate stocks in 2025
I wrote a column on Vornado (VNO) as a buy at 18 in Sep’22 as it was slammed by the pandemic, its debt load and the Fed’s draconian rate hikes. So VNO’s price ascribed a $450 a square foot value to its prime Manhattan office/Fifth Ave retail...
Making money in real estate stocks in 2025

Why operational real estate should be on investors ‘ radars
Operational real estate is increasingly on investors’ radars, but it often remains misunderstood. If you are used to traditional commercial real estate, operational assets seem complex, intimidating, and challenging to navigate. There may be a temptation to...
Why operational real estate should be on investors ‘ radars