We have had central banks telegraph their intentions to us for years now, and mostly those signals have been dovish. Recently, however, there has been a backup in bond yields and some uncertainty around what central banks want and what they can achieve. Is the current correction in bonds similar to the taper tantrum of

10 minutes into the future… Growth remains positive but slow, equities are expensive, credit spreads are tight, and interest rates are low. High quality assets are even more expensive leaving only lower quality, less liquid, more esoteric or clearly troubled assets with any value. A significant contributor to the current state of affairs is central

As the memory of war fades and technology allows us to fight wars from long distances we become distanced by time and space. The more time passes and when wars are fought in faraway places and fought with detachment the more likely we are to engage in it.

Capitalism leads to inequality of wealth. Capitalism is based on competition. Capitalism incentivises competition and the maximization of inequality at the micro and macro levels. To maximize profits companies have to maximize revenues and minimize costs. Minimizing costs implies indirectly minimizing payments to resources, labour included.  Labour’s share of GDP has shrunk consistently for at

Banks Hedge Funds Capital · Banks have permanent equity capital and long term hybrid capital. · Hedge funds have variable capitals. Equity can be redeemed although there may be lock ups, gates and low redemption frequency to stabilize equity capital. · Lock ups and gates have been controversial. Some investors dislike them while others appreciate