October 2023: Treasury Meltdown? : Nearly everyone has been caught off guard by what’s happening in the US treasury market. Since the start of September, the 10-year yield is up some ~80 basis points, from ~4.15% to ~4.95%, and this is happening as the US is widely expected be near peak interest rates.
Oct. 25, 2023, 9:35 p.m.
September 2023: Why The Gold Standard Failed: National debts are sky high and are projected to go up indefinitely, government deficits are permanent – and we must borrow more just to make the interest payments. This sad state of affairs dictates that there will be continued and exponential levels of money creation, a silent tax which debases our savings and takes a cut out of the real returns of equities and especially bonds.
Sept. 15, 2023, 8:57 p.m.
January 2023: Lessons From a Bear Market : I’m told I haven’t been in a very good mood today. I don’t particularly like 1 January. The Christmas holidays are over and I start to think about all the responsibilities I have to deal with in the rain, cold and dark that is January in England. Incidentally, it’s the perfect time to go on vacation.
Jan. 1, 2023, 10:54 p.m.
October 2022: Part 2 – The European Energy Crisis : “There are decades where nothing happens; and there are weeks where decades happen.” (Lenin) This is the feeling for those of us following the European Energy Crisis in the last week of September, and indeed for much of the quarter. Last week, just as we thought the gas supply constraints from Russia couldn’t get much worse, both Nord Stream pipelines were blown up.
Oct. 2, 2022, 8:50 p.m.
