The biggest mistake in analyzing macroeconomic data is to assume causality to factors that are just catalysts. Don’t blame the Fed or Trump. That is just noise. The problem of emerging markets is largely self-inflicted and...

The stock market, like any other market, is a set of relative opportunities, not absolute ones.I have never seen a more pessimistic environment despite a stock market that continues to reach all-time highs.  Many friends are...

I find it amusing to read some analysts stating that the Chinese government’s stealth yuan devaluation has offset the impact of tariffs. A 10 percent tariff hurts a small part of the economy. However, a 10...