June 10, 2017

I've been thinking over the past few weeks about two seemingly unrelated phenomena. First, the fact that humanity has been extraordinarily lucky to enjoy 12,000 years of climate stability. This stability provided the backdrop for increasingly complex civilizations and...

May 14, 2017

It's hard to believe I'm writing this post. Four years ago, I was as anti-Mourinho as they come, and to my eternal shame, preferred David Moyes over Mourinho to manage Manchester United (though I would have taken Ancelotti or Guardiola over Moyes any day). 12 months ag...

May 7, 2017

There's an old trading aphorism that markets climb a wall of worry. Over the past 8 years, that wall has been even higher than usual. Every downward move triggered PTSD for investors who experienced the sickening plunge in 2008-09. And yet we find ourselves in 2017 wit...

April 4, 2017

 One of the most fascinating things about the world of agricultural commodities is just how global the markets are. Palm oil produced in Indonesia ends up in chocolate consumed in Europe. Soybeans grown in Brazil are transported to China, where they're used as animal f...

January 16, 2017

"Some people believe football is a matter of life and death...I can assure you it is much, much more important than that." - Bill Shankly, Liverpool Football Club manager

Shankly might have been exaggerating, but it's pretty remarkable how closely Manchester United's fo...

November 11, 2016

At long last, the US elections are over. Like many others, I was surprised by the outcome, which was a sharp reminder that we live in an unpredictable world, where it is often unclear if a low-probability event occurred, or whether we simply miscalculated the odds. Her...

November 10, 2016

Danny Meyer is a superstar in the restaurant world. Starting with Union Square Cafe in 1985, Meyer's stable of restaurants now includes well-known names like Gramercy Tavern, The Modern and Shake Shack. But success wasn't always guaranteed for Meyer. In his outstanding...

November 5, 2016

Michel de Montaigne is often referred to as an essayist, but that word did not have much meaning before Montaigne. Sarah Bakewell notes, "Essayer, in French, means simply to try. To essay something is to test or taste it, or give it a whirl." That is the essence of Mon...

November 5, 2016

Finance

1) Some savers and politicians blame central banks for low rates. They're at least partially right. Investors earn returns as compensation for bearing some risk. Monetary policy has been far from perfect in recent times, but it's vastly improved since the 1970s....

November 2, 2016

You don't get to manage $3.5 trillion in assets (that's trillion, with a T, folks!) without doing something special. Patrick O'Shaughnessy recently sat down with Vanguard's Gerry O'Reilly, who oversees $800 billion for the largest mutual fund in the world, and Jim Rowl...

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