It is becoming evident that if not the virus, the response to it, will cause recession. Fighting the virus is the responsibility of health authorities, not central banks and treasuries. Treasuries can help financially of course. Central banks and treasuries should concentrate on mitigating the economic costs of the virus and our containment measures. There

In mid-January we noted the following: Valuations were high. Equity multiples were high, credit spreads were tight and real estate cap rates were low. Whatever it was an investor considered buying, large numbers of investors had already bid prices up and were squatting on large quantities of inventory. Economic growth was slowing. The global trade

Note. This is an incompletely developed train of thought. The path to artificial (general) intelligence will involve the entire human race. The achievement of AGI could be as mysterious as the distinction between the brain and mind. When AGI is attained it will be the sum of all of us, participating in its evolution and

With the current focus on climate change and resource sustainability its interesting to think more deeply about the sources and uses of energy on earth. Fossil fuels. Fossil fuels represent 85% of global energy generation. General opinion is shifting towards the view that fossil fuels are unsustainable because, a) there is a finite endowment which

I had discussed ESG in this previous article entitled: ESG: Externalities Unpriced, in an attempt to encourage a more rigorous analysis of ESG, arguing that ESG leads to better investment results due to a more comprehensive understanding of the factors surrounding a business so that these factors can be integrated into both risk mitigation as