Consider the possibility that once the planet was populated only by species reproducing asexually. The Y chromosome was absent. Along comes an alien pathogen that infects the indigenous species, introducing the Y chromosome into their DNA. This parasite creates the male of each species and changes the course of evolutionary history. It is bery successful

Impact investing is about purposefully making investments that achieve certain social and environmental benefits while generating financial returns. It is by construction a specific investment strategy that defines the non-financial outcomes explicitly, up front. There is, however, a more general type of impact investing which the purists will not consider impact investing but which we

2022 was the first time since 1969 that equities and bonds fell in unison in a calendar year. The proximate cause of the declines was rising interest rates as central banks tightened financial conditions to rein in higher inflation. Rising interest rates affect both profitability and asset valuations via higher discount rates applied to future

There once was a fool who prized being right above being rich. He placed his bets to hedge the pain he might suffer for his failings and, fool that he was, was more often right than wrong, and therefore succeeded in being more right than rich.  

I’ve written about this elsewhere, always part of a wider survey of inflation and rates, but I really need to record this in one place now as it may be important later. The Gibson Paradox observes that rates and inflation seem to be positively related more than can be explained by lag effects. I therefore