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The “beautiful” deleveraging
Some of my clients like to challenge my (admittedly gloomy) views, forcing me to think […]
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You got Bernanked: Three years gone in three weeks
US Bond market: Over the last three weeks, 10-year US government bond yields increased from […]
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Volatility ETFs’ crazy churn
Two volatility ETFs (VXX and UVXY) are having almost half of the trading volume in […]
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Who wants to own Investment Banks?
I went through the latest available 10-Q filings of major US investment banks. I was […]
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All roads lead to a disintegration of the Euro
Our investment thesis can be summarized as follows: Equities are worthless when associated debt becomes […]
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Rational decisions in closed systems
In closed systems, rational decisions lead to irrational outcomes. Take a crowded stadium. A fight […]