Competition Is for Losers
What valuable company is nobody building? This question is harder than it looks, because your company could create a lot of value without becoming very valuable itself. Creating value isn't enough—you also need to capture some of the value you create.Distressed Corporate Credit: A Tale of Two Markets
In A Tale of Two Cities, Charles Dickens evokes the confusion, fear and excitement of revolutionary France, but we can borrow the novel’s best-known passage – “best of times, worst of times, age of wisdom, age of foolishness” – and apply it, with far less literary fervor, to the stark contrasts we see today in the corporate credit sector.Reconceiving Change in the Age of Parasitic Capitalism
Finance capitalism has no vested interest in seeing the living standards of ordinary people improve and regards any public intervention as an attack on its freedom to exploit society's economic and financial resources as it sees fit.1937 parallels for today's global economy
Now, as then, people are more fearful for their long-term economic future, and such fears can have severe consequences.The Ethics of Entrepreneurship and Profit
In the most fundamental sense we are all, with each of our actions, always and invariably profit-seeking entrepreneurs.Parallels to 1937
The current world situation is not nearly so dire, but there are parallels, particularly to 1937. Now, as then, people have been disappointed for a long time, and many are despairing. How not to be ignorant about the world
How much do you know about the world? Hans Rosling, with his famous charts of global population, health and income data (and an extra-extra-long pointer), demonstrates that you have a high statistical chance of being quite wrong about what you think you know.Education and Opportunity
In the future, new information and communication technologies are expected to stimulate the expansion of educational opportunities and to improve educational quality at the national and global level, by offering a variety of innovative learning channels.How ‘Keynes’ came to mean ‘socialist' or ‘liberal'
John Maynard Keynes himself was in favor of some amount of wealth redistribution and government intervention in the economy. So why am I saying it doesn’t make sense to use the word “Keynesian” in this way?The financial crisis is dead and gone, time to bet on banks
Spier explains that the legacy of Great Recession isn’t just slow-growth employment and endless fiscal stimulus. Investors are also struggling to trust the market again after the crunching decline of 2008 and 2009. Is Scotland Big Enough To Go it Alone?
Still, as an economist, what we can say is that Scotland’s big enough to “survive” on its own, and indeed is very likely to become richer out of the secession. Nearer to the small-is-rich Ireland than the big-but-poor Britain left behind.George Soros: Britain needs greater unity not a messy break-up
With threats to shared values from many fronts, this is not the time to consider isolation.Christopher Begg On Mispricing, Finding Superior Business
Begg puts every investment idea through a quality lens because it is all about finding businesses with superior economics that can endure.The ‘Missed Opportunity’ in Israeli-Turkish Trade Relations
Despite the growth of Israel-Turkish trade in a period of unprecedented inter-government hostility, the positive data need to be viewed in a wider perspective, observers say.Restructuring Debt Restructuring
There is no question that the crisis left the country unable to service its debts. But Argentina made no friends by waiting four years to negotiate with its creditors and then offering settlement terms that were stingy by the standards of previous debt restructurings.An Independent Scotland?
Can a region of a country just decide it wants to be independent? You take a vote and that’s it? To everyone’s credit in the United Kingdom, they are being quite civilized about it.Modern Capitalism
Greed is definitely part of our human nature and is much stronger in some when compared to others. Investors are said to be driven by “fear and greed”, as the fear of not attaining the benefits of more wealth drives greed.Can we gamble in the stock market?
Sometimes investors need to take pure risk and sometime they need to do pure gambling because investment opportunities come with different information which is in most of the cases not complete.One market must be wrong
Over the last couple of decades the global economy has rolled from bubble to bubble with excesses never being fully allowed to unravel. Instead aggressive policy responses have encouraged them to roll into new bubbles. What will bring down US equity prices?
Asset prices fall if investors’ liquidity preference rises or if their liquidity falls (ie, if investors need the money or want to have more cash in their portfolios). Liquidity depends on central banks; they can create it or soak it up.