Monthly Archives: August 2013

This article explains in the simplest possible terms the fragility of US equities, based on a deeper understanding of the nature of valuation and the earnings cycle. This is why a hedging strategy has become important. Why Stock Prices Are … Continue reading →

“An unfortunate consequence of the most recent naïve interventions is that capital preservation in the long run and capital preservation in the short run have been made mutually exclusive. We are forced, by what James Grant calls the “PhD standard” … Continue reading →