

As we’ve seen in previous articles, liquidity is ‘good’ only if your need for it isn’t shared by most other market participants at the same time. If everyone else wants to liquidate at the same time you do, liquidity can be a very bad thing. But if liquidity isn’t...
Why almost everyone suffers from liquidity bias

Ukraine crisis
Why you should donate money rather than supplies. The humanitarian crisis in Ukraine and its effect on neighbouring countries has inspired people to collect donations. But these well-meaning efforts can cause headaches for those helping locally. In aid circles, the...
Ukraine crisis

The new higher purpose of Value Add funds
Following an unprecedented crisis due to Covid, Italy became Europe’s largest beneficiary of the EU’s €750bn recovery plan designed to “emerge stronger from the pandemic, transform economies and create opportunities and jobs.” In return, Italy has pledged to (i)...
The new higher purpose of Value Add funds

Bitcoin is helping both sides in Ukraine conflict…
…but it won’t wreck Russian sanctions. War is expensive. The United States spent about US$1.1 tn (£830bn) on the 2003 Iraq war in today’s money, while the Falklands war cost the UK the equivalent of about £2.6bn. Funding is therefore an important...
Bitcoin is helping both sides in Ukraine conflict…

Making US foreign policy about Americans
US officials are keeping very busy in the world. Yet very few of Washington’s actions have much to do with protecting America. Instead, the foreign policy establishment believes that its primary role is to run the world. The Department of Defense was originally known...
Making US foreign policy about Americans