WELCOME THE THE ENFILADE CAPITAL BLOG
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.

American corporations are spending trillions of dollars to repurchase their own stock. The practice is enriching CEOs—at the expense of everyone else.

In the early 1980s, a group of menacing outsiders arrived at the gates of American corporations. The “raiders,” as thes...

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...

I’ve often described what I call the Iron Law of Valuation: the higher the price investors pay for a given set of expected future cash flows, the lower the long-term investment returns they should expect. As a result, it’s precisely when past investment returns look mo...

Let’s recall those heady days of 2006 when home prices were rising 10, 15, even 20 per cent a year, allowing millions of homeowners to refinance mortgages and collectively take out more than US$300 billion in cash from the increased value of their properties. Some spen...

Happily dreaming in La-la-land till the rude awakening.

The Fed’s efforts to raise interest rates across the spectrum have borne fruit only in limited fashion. In the Treasury market, yields of longer-dated securities have not risen as sharply (prices fall when yields r...

I recently ran across a terrific chart in Grant’s Interest Rate Observer that got me thinking about Hyman Minsky and The Financial Instability Hypothesis. After remaining relatively unknown during the course of his lifetime, Minsky really came to fame in the immediate...

I recently argued, “The markets are only capable of being efficient to the extent that investors, as a group, are efficient in their analytical processes and in how they apply them to the markets. Because more investors than ever before have abandoned price-sensitive s...

April 10, 2018

From Davos to the press and social media sphere, inequality took centerstage this past week. “Responsible and Responsive Leadership” was the headline of the 2017 World Economic Forum (WEF) — a call-to-arms for the titans of politics, industry, and academia to confront...

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