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.

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...

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