If we care about the health of free market economies, then we need to care about how efficiently capital is allocated in those economies. And if we care about efficient capital allocation, then we need to care about the health and efficiency of capital markets, because those markets are the principal instruments we…

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  • Issue Quarter Between the Issues
  • Issue Year 2017
The core problems with central bankers, which have led directly to the catastrophes of the Tech Bust, the Financial Crisis, the pathetically weak recovery from the Great Recession of 2008-​09, and the near-​destruction of the asset management business, are: groupthink, arising out of the fact that every central banker in the world went…

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  • Issue Quarter Between the Issues
  • Issue Year 2017
  • Sub Heading Investing in a Rigged Market, Part III
We are talking about the traumatizing events that rocked the asset management business, to say nothing of the world, beginning in 2008, a calamity brought to us courtesy of the world’s central bankers.

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  • Issue Quarter Between the Issues
  • Issue Year 2017
  • Sub Heading Investing in a Rigged Market, Part II
The asset management business as we know it today got started in the mid-​19th century. The impetus for investment management firms separate from banks arose out of the awkward fact that banks often fail, while asset management firms hardly ever do.
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