Winter is coming!
November 18, 2022 · 
10 min read
I have been putting a lot of thought into macro considerations of late. There are time periods when macro trumps micro. In those moments, all asset classes correlate to 1 … Continue reading “”
The Great Unknown
March 11, 2022 · 13 minutes
A year ago, in Welcome to the Everything Bubble, I argued that an unprecedented combination of loose monetary and fiscal policies was fueling a bubble in every asset class. We … Continue reading “”
Welcome to the Everything Bubble!
February 9, 2021 · 8 minutes
The warning signs of market mania are everywhere. P/E ratios are high and climbing. Bitcoin rose 300% in a year. There is a deluge of SPAC IPOs. Real estate prices … Continue reading “”
The Economy: An Optimistic Thought Experiment
July 13, 2012 · 38 minutes
Over the past few years the economist in me has been profoundly pessimistic about the short and medium term economic destiny of the developed world, a view that is profoundly … Continue reading “”
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