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Why China Will Not Save Russia

/ March 11, 2022

Not long before Russia invaded Ukraine, Xi Jinping and Vladimir Putin met in Beijing and declared the friendship between their countries had “no limits”. Russia is likely finding out now that this “future oriented strategic partnership” is in fact limited.

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The US Cash Cushion

/ February 11, 2022

The US economy is on course to undergo two major transitions this year. First, interest rates will go up as the Federal Reserve tightens monetary policy. Second, economic conditions will get more volatile, as the government and the Fed cut back their stabilizing interventions and the private sector resumes prime responsibility for capital allocation.

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As January Goes

/ January 7, 2022

We are only six days into the year, but most investors must hope that the adage “as January goes, so goes the year” does not hold true for 2022.

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US Equity Transitions


Despite huge supply chain disruption, rising inflation and a more-hawkish-than-expected central bank, the S&P 500 index rose a whopping 27% last year and along the way…

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Are Rock-Bottom Bond Yields ‘Irrational’?

/ December 23, 2021

What has been the most surprising financial event of 2021? The 20% gain in equity prices, the 40% jump in oil prices and even the fivefold leap in US inflation may all have been bigger than expected, but they were at least directionally understandable consequences of the fastest growth in the world economy for 40 years.

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