by Thomas Aubrey | Mar 1, 2022 | Uncategorized
Private property plays a central role in liberal democracies as it protects a company’s right to contract with other agents in order to generate an income stream from its assets. Knowing that financial claims from contracts will be protected facilitates the trading of...
by Thomas Aubrey | Dec 3, 2021 | Uncategorized
The “Three Amigos Summit” on 18 November in Washington D.C. appeared to reinforce Joe Biden’s shift towards Trumpian protectionism. President Biden refused to budge from his position of using tax credits to support domestic production of electrical vehicles,...
by Thomas Aubrey | Sep 1, 2021 | Uncategorized
Credit cycle investors have performed on par with the S&P 500 since the beginning of March, with an allocation to US banks followed by US Industrials generating returns of just over 16%. This performance beat Nasdaq, which increased by just under 12%, global...
by Thomas Aubrey | Jun 2, 2021 | Uncategorized
Credit cycles play a key role in the pricing of financial assets. Throughout history, periodic jumps in default rates – from the railroad crash in the late 1870s, the bank panic of the 1890s and the Great Depression, through to the dot-com crash and global...
by Thomas Aubrey | Mar 11, 2021 | Uncategorized
US equity investors in the six year period between 1973 and 1978 would have made no nominal return on their investment, with inflation averaging 7.7%. Hence it is understandable that investors remain so concerned about the potential impact of a higher rate of rising...
by Thomas Aubrey | Nov 27, 2020 | Uncategorized
Paul Kennedy, in his 1987 book The Rise and Fall of the Great Powers, forecast that Japan would continue to outperform the U.S. and Europe economically through greater exploitation of technology, while freeriding on the U.S. defence budget. In February 1988, the New...
