Practical analysis for investment professionals

Financial History


Book Review: The Enduring Value of Roger Murray

Paul Johnson and Paul D. Sonkin shed great light on the investment management industry’s evolution over the past 90 years — and how one luminous individual contributed so much to it.

The Debt Ceiling: A Nation Divided and Indebted Cannot Stand

The current debt ceiling debate reveals a painful reality that the United States must confront.

Can Argentina Recover? Emerging Market Lessons

To be “as rich as an Argentine” was once a common aspiration. What happened?

The Six Stages of Asset Bubbles: The Crypto Crash

Investors can protect themselves from the next bubble by recognizing the trajectory that most follow.

The Witch of October Is Here: Remember Short-Term Pain = Long-Term Progress

The month of October strikes fear in the hearts of many Wall Street veterans — and for good reason.

The Fed Isn’t Bluffing: The Real Threat of an Upside-Down Depression

Paul Volcker restored the Fed's credibility through suffering. The Fed's leadership knows that it must pursue a similar course today.

Book Review: Damsel in Distressed

Dominique Mielle provides an authentic, firsthand account of a long, rising, uninterrupted career at a single firm during the heyday of the hedge fund industry.

Modern Variants of Capitalism, Part 3: Digital Capitalism

Digital capitalism has transformed our lives into a new commodity: personal data.

Book Review: Boom and Bust

This book is an achievement not only for its historical detail but also for supplying a unifying framework that can be applied to any future bubble event.

Modern Variants of Capitalism, Part 2: Financial Capitalism

In financial capitalism, wealth is transaction-based rather than operational.