Is It Time to Pay More Attention to Bitcoin and Other Crypto-Currencies? The sanctions placed on Russia are extraordinary in that central banks are used as a weapon, freezing Russian state assets and Russian Oligarch assets that are held in Western Countries. This is a first, and could have several important repercussions. This action could […]
Risks to Growth, Earnings, and Markets are all Skewed to the Downside The effects of the conflict in Ukraine are complex and far reaching. Armed conflicts always create first and second order effects (First order effects: actions have consequences. Second order effects: consequences have consequences.) Only in the fullness of time will these effects become […]
Sleeping With the Enemy The U.S. and Europe are now beginning to pay the price for their inability, or unwillingness, to recognize the growing dependence of Western economies on political adversaries. The economic connections between Russia and the U.S. and EU have complicated the situation and have skewed sanctions to the weakside thus far. Sanctions […]
Embracing Risk After operating in an environment where risks were clearly backstopped by the Federal Reserve. For investors, the world we have known for at least the last 13 years was on course for a fundamental change. The message that investors should be hearing loud and clear is that that there are risks that can’t […]
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