Practical analysis for investment professionals

Financial History


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.

Book Review: The Caesars Palace Coup

Max Frumes and Sujeet Indap provide a fascinating inside account of the distressed debt markets, including the strategies, the colorful personalities, and the complex relationships.

Modern Variants of Capitalism, Part 1: Classical Capitalism and Shareholder Capitalism

Today, capitalism knows four configurations, Sebastien Canderle writes. The two examined here are inherited and adapted from previous eras.

Book Review: The Day the Markets Roared

Henry Kaufman shows that he was an innovator in the analysis of financial markets.

Radical Uncertainty in Finance: Why Modern Finance Keeps Failing

We need to reject the mirage Modern Finance projects on the market and revive a commonsense approach to uncertainty.

Radical Uncertainty in Finance: The Origins of Probability Theory

How did modern society succumb to the illusion that uncertainty can be transformed into calculable risks?