Other articles


  1. Market Meanderings

    Published: Tue 29 November 2022
    Updated: Wed 30 November 2022
    By steve

    In Markets.

    2022-11-29

    I’m back

    I’ve been on holiday, and since coming back trying to catch up with my day job. Fortunately, the market seems to have been completely directionless in November. There are big macro factors at play, but none of them seem close to being resolved. The Fed …

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  2. The Challenge of Speculation

    THE CHALLENGE OF SPECULATION

    The game of speculation is the most uniformly fascinating game in the world. But it is not a game for the stupid, the mentally lazy, the man of inferior emotional balance, nor for the get-rich-quick adventurer. They will die poor.

    Over a long period of years …

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  3. When Does a Stock Act Right?

    WHEN DOES A STOCK ACT RIGHT?

    Stocks, like individuals, have character and personality. Some are high-strung, nervous, and jumpy: others are forthright, direct, logical. One comes to know and respect individual securities. Their action is predictable under varying sets of conditions.

    Markets never stand still. They are very dull at …

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  4. 2022-10-16

    Published: Tue 22 November 2022
    Updated: Tue 22 November 2022
    By steve

    In Markets.

    Growth and inequality

    To explore the question further, our study estimated a relationship for GDP per capita in which a change in income inequality was added to standard growth drivers such as physical and human capital. The idea was to test whether the change in income inequality over time has …

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  5. 2022-11-10

    Published: Tue 22 November 2022
    Updated: Tue 22 November 2022
    By steve

    In Markets.

    Pivot coming?

    Alex Manzara, who is always worth reading, said the following earlier today:

    Is crypto implosion enough to create a true safety bid?  Probably not, but Steph Pomboy notes that Ontario Teachers Pension was a major investor in FTX, and succinctly tweeted, “My point is that it isn’t …

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  6. Have fun getting poor

    Published: Tue 22 November 2022
    Updated: Tue 22 November 2022
    By steve

    In Markets.

    date 19 May 2022

    19 May

    Wrap

    There was continued risk-off behaviour. Equity markets failed to bounce. Bonds were mainly higher (yields lower), Brazil being an exception, but then just flat. The dollar is falling back, the Euro up 1.1%, to $1.05: maybe we will not see parity …

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  7. The baneful legacy of Jim Simons

    Published: Tue 22 November 2022
    Updated: Tue 22 November 2022
    By steve

    In Markets.

    date 18 May 2022

    18 May

    Trend following

    The book The Man Who Solved the Market is an interesting, but at the same time a frustrating read. It explains how Jim Simons used sophisticated statistical tools to extract information about future price movements from price histories. A huge body of …

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  8. MMT is official policy now

    Published: Tue 22 November 2022
    Updated: Tue 22 November 2022
    By steve

    In Markets.

    Sat 7 May

    MMT and its implication for inflation

    MMT says that governments can keep printing money and investing it to take up the slack in the economy until it hits full employment. Knowing whether there is real inflation, or just random disconnected price spikes is hard to know, and …

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