The Big Problem of Small Change offers the first credible and analytically sound explanation of how a problem that dogged monetary authorities for hundreds of years was finally solved.

We have a relatively sanguine view on the likelihood of inflation becoming ingrained in the much as it pains us to agree with the Fed). However, the dark arts of macroeconomics are notoriously tricky, and we have often talked of the need to build robust (as opposed to optimal) portfolios – effectively, portfolios that can withstand multiple outcomes.

Rise up this mornin’ Smiled with the risin’ sun Three little birds Pitch by my doorstep Singin’ sweet songs Of melodies pure and true Sayin’, “This is my message to you-ou-ou:” Singin’: “Don’t worry about a thing, worry about a thing, oh! Every little thing gonna be all right. Don’t […]

More than two centuries of data confirms that value, momentum and low risk offer attractive premiums. These are consistent across various market and macroeconomic scenarios.

A comprehensive analysis of European craft guilds through eight centuries of economic history

International Finance and the Russian Revolution

Is Meaningfully Higher Inflation Looming?

Pig breeding, the production of energy commodities and ore mining all follow the hog cycle, a key pricing model.

95 years ago, the Principality gave up the Austrian krone and officially adopted Switzerland’s currency.

The Hazards of Asset Allocation in a Late-Stage Major Bubble

ExxonMobil, formerly Standard Oil of New Jersey, was removed from the DJIA, but Chevron, formerly Standard Oil of California, will remain.

December 31, 1929, press statement of Treasury Secretary Andrew W. Mellon trying to assuage fears that the shock of the crash and the subsequent downturn in the economy would last.

Excerpt

"The environment today is not entirely dissimilar from the early 1930s, the last time a demand shock of a similar magnitude occurred."