Should investors fear an erosion of the illiquidity premium?
COVID-19 update: infection rates, medical research and equity markets
Where can investors find sustainable sources of return?
An update on the Democratic Primary. Confounding almost every forecast we saw last week, Senator Biden appears to have emerged from Super Tuesday with a sizeable delegate lead.
Answers to questions on the coronavirus, US megacap stocks, the cost of Democratic Healthcare plans, the Iowa caucus and the problem with the student loan system.
Armageddonists and the portfolio cost of fear, 2010-2019
Consensus reactions to the Phase I US-China deal are very skeptical, but may be missing the broader point. A brief note on what happened, and the alternatives.
Michael discusses his forecast for 2020, which entails a modest recovery in global growth and profits after trade-war weakness in 2019.
Michael went on a search for Democratic Socialism in the real world, and ended up halfway around the globe from where he began.
Michael discusses how he should have taken Trump at his word on tariffs, and the impact of the widening trade war on global growth and equity markets as proposed tariffs approach pre-war levels.