J.W.M. Turner. Rain, Steam, and Speed Confidence Game.  Confidence is the most expensive currency in markets. Investors trade it freely when liquidity is abundant and hoard it when policy shifts. After two years of extraordinary gains driven by artificial intelligence, fiscal largesse, and monetary complacency, the question confronting markets is whether confidence is priced correctly or has become another leveraged asset. Real yields remain above two percent, signaling inves

Reopening the global economy brings inflation pressures. the greater risk may lay with China’s real estate bubble.

An Unwarranted Demise. Value investors in the U.S. extol the virtues of patience and resolve as their under-performance reaches two...

Constrained Supply. The global economy is reopening, with the U.S. leading the way with its vaccine roll-out. While the Delta variant of...

The primacy of sentiment makes it a year of tactical investing. Timing is everything.

Hedge funds invest in opaque and esoteric instruments that don't appear easy to replicate at first glance. Learn why they are replicable.

The objective of liquid alternatives is replicating hedge fund index returns (and to a lesser extent, their risk). The focus is on the...

The speed of the equity market decline shares a common trait with the bull market that preceded it: they are both unprecedented in their...

Investing is difficult, particularly achieving sustained success over the long term. The investment objective is clear: success is...

Commodity prices enjoyed a historic advance before the Great Recession as global economic growth expanded. Despite a rebound in growth...