Continuations

I find it difficult to think of another time with as much macro risk as the present at least since the financial crisis and likely much longer than that. There is a shooting war in Europe with no clear endgame. China might make a move on Taiwan at any moment. We have an ongoing pandemic that could still produce a dangerous variant. US democratic institutions appear incapable of mounting a coherent response to pretty much anything and are under attack from within. The broader stock market has ...

I was already planning to write this post today before I knew that the markets would open down sharply (Nasdaq down almost 3% as of 11:30am Eastern). While we are still well off the 52-week lows this shakiness in the markets has very real reasons: Europe has been a mess for a while and the US is rapidly becoming one. The underlying reasons are deeply structural (i.e., we are not talking small fixes) and the existing politicians – and more profoundly – political systems are increasingly seen a...