Truth-Telling and Fools

By |2016-11-17T15:40:53-04:00September 30th, 2016|Categories: Global Market Update|Tags: , , |

Who tells you the truth? King Lear and his Fool. Artist: Ary Scheffer. Source: Folger Library No one wants to hear bad news. That’s why accountants and finance professionals are often so unpopular. A leader may have grand visions for the future filled with growth and opportunity—but his finance people tell him he doesn’t have the money to pay for it. Good leaders listen to counsel; bad leaders shoot the messenger, surrounding themselves with toadies and sycophants. [...]

The Twilight of the Masters

By |2016-11-17T16:22:59-04:00March 30th, 2015|Categories: Global Market Update|Tags: , , |

Image Source: Business Insider Whatever happened to the “Masters of the Universe?” I’m not talking about comic book characters. In the early ‘80s, interest rates spiked, following inflation. Long-term bonds yielded 15%. Bond traders reigned supreme. The hubris of the bond market’ culture was immortalized in Tom Wolfe’s novel, The Bonfire of the Vanities. Massive trading floors at big investment houses buzzed with phone conversations, shouted orders, and thousands of small rotating electric fans continually dissipating waste [...]

Risky Business (Part 1)

By |2016-11-17T17:23:55-04:00November 2nd, 2011|Categories: Global Market Update|Tags: , , |

MF Global is a global tragedy. With their bankruptcy we see the first US casualty of the European debt crisis. Three thousand jobs are on the line as the company desperately seeks to straighten out its customer accounts and line up interim funding while its Chapter 11 filing is pending. The failure of Jon Corzine’s latest […]