In our blog, we will share some research insights relating the disengagement of our financial and economic system. Our Capitalism model is trapped in Prisoner’s Dilemma; 45 years after the end of the Bretton Woods global central banks have manipulated the cost of risk in a competition of currencies’ devaluation resulting in a dangerous build-up in debt and leverage, lower risk premiums, income disparity, and greater probability of tail events on both sides of the return distribution. We all take part in this game and we can try to understand what is happening behind the scenes.

November 22, 2018

Debt is money spent in the present and an obligation to be repaid in the future.  Given this, I thought I'd contrast China's population of young versus their obligation to be repaid in the future.

The chart below shows the 0 to 24 year old Chinese population (green li...

In this week’s Guest EVA, we’ve got two of the financial world’s heaviest heavyweights weighing in on one of the weightiest investment questions: Is the Stock Market Overvalued?

It’s no hype to say that Jeremy Siegel and Robert Shiller are living legends (and those are...

Yale University’s latest alternative investment? No, not Puerto Rican bonds again. This year, Yale is taking the plunge into cryptocurrencies.

The school with the second largest endowment recently helped a new digital asset fund raise $400 million, according to Blo...

Today, rather than tackle some big macroeconomic issue, we’ll go back to this letter’s roots and look at market timing and portfolio construction issues. I expect this will get both enthusiastic support and at the same time, make a number of readers uncomfortable—if no...

November 8, 2018

The above quote comes from a recent interview we filmed with investing legend Stanley Druckenmiller — a sage, insightful sit-down we recently shared with clients. In it, Stan details his concerns about the QE distortion. Near the top of his list is the unprecedented di...

As we reported over the weekend, it was another bad quarter - and bad year - for David Einhorn's Greenlight, who in his latest just released letter to investors writes that he had "another difficult quarter and lost an additional (9.1)%, bringing the Greenlight Capital...

In recent days, the combination of extreme valuations and unfavorable market internals has been joined by acute dispersion in daily trading data that often occurs within a few days of pre-collapse peaks in the market. My opinion is that the music has already quietly fa...

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