This week, when the Swiss National Bank broke the Swiss franc’s cap to the euro, it demonstrated that the SNB had conceded central bank power to market power. Read more
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The present Russian ruble crisis has drawn many references in the media to the Russian sovereign debt default of 1998. But just how similar or different is the situation today? Read more
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Highlights from December include examinations of how the US shale oil boom could impact real estate in London and Aswath Damodaran’s recommendation that investment managers fuse numbers and narratives in stock valuations. Read more
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What do the US shale oil play and London real estate have in common? A lot, it turns out. And if oil prices keep falling, the London (and for that matter Paris) property bubble(s) will burst. So, if you want to avoid the carnage or short real estate bubbles, builders, or banks in Europe, focus on the US energy sector and OPEC. Many investors are blinded by too narrow a focus, something I call micro-macro bias. Read more
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The status quo is changing markedly. Oil prices are heading south as the United States ramps up production and OPEC refuses to cut to compensate. Moreover, global demand is looking sluggish with weakening growth in Europe, Japan, and China. The weakening of Chinese demand suggests that there could be a regime change taking place whereby the global driver of commodity demand is declining at precisely the moment when the expansion of global supplies is finally arriving. Read more
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Top articles from November include examinations of scaling as a key tool for investment managers, the potential impact of robo-advisers on the finance industry, and how personal branding is essential for career development. Read more
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Non-traded REITs are coming under increasingly negative scrutiny, and for good reason. Read more
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An overlooked skill that separates you from other analysts is the ability to use a multitude of scales to lead to deeper understanding of an investment. Read more
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