The Speaker disagrees with the growing consensus opinion that another reflationary cycle is taking hold.
MACRO
Last Bastion of Value!
High yield EM sovereign credit should deliver double digit returns this year.
CREDIT
Risk Happens Fast
“It’s a cliffhanger for countries... The crisis comes slowly, slowly, slowly, then all at once.”
LIFE
“Who Am I?”
“The way to learn is to shed your ego. This means be open to defeat.”
CURRENCIES
Submerging Markets
This has been the worst quarter for carry trades since 1999.
MACRO
Emerging Markets Crisis Redux
EM countries now face a health crisis and a financial crisis which interact in complex ways.
EXCLUSIVE
The Infinite Game
The only true competitor in an infinite game is yourself.
STOCKS
The Bear Case: The People vs Stocks
Investors should be on guard for a more volatile and disruptive phase ahead.
LIFE
The Bystander
Bystanders look for a long time—free of constraints, unobscured by their own judgments, waiting patiently to grasp the essential truth.
HISTORY
The Bear Patrol
A market can, and typically does, cease being a bull market long before the index starts to fall. Time to get ready.
SLACK
Community Wisdom: Short Hope, Long Siege, Short Jokers, Long FUD, and Short Protests
We continue the conversation daily in our members-only Slack group. Here’s a summary of the most helpful insights gained from the community last month.
