The Macro Compass
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TMC#16! Lower real interest rates and credit creation help generating (the illusion of) increasing wealth: can it go on forever? Japan says ''not reall…
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TMC#15! A measured approach to assess the pros and cons of gold and whether you need it in your portfolio. Spoiler: yes, you need it.
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TMC #14! Only 5-10% manage to generate consistent excess returns over a long period of time and they all religiously follow a set of rules.
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TMC#13! Money is a complex concept in modern finance, and we like to simplify things using M2 + ignoring financial transactions: that's not the way to …
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TMC #12! Another week without ''regime change'': lower yields, tech > value, and the bond market ignoring a 5% CPI print. And don't miss my new, free p…
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TMC #11! Real yields were stubbornly low in the 1940s, and I expect the same in the 2020s. That's about it with the similarities though: watch out for …
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TMC #10! Mr. Bond Market got louder last week: further unwinding of reflation trades and resumption of secular trends. Where do we stand on The Macro C…
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TMC #9! The private sector is over-leveraged and structural GDP growth is poor: we can't afford higher rates. The bond market knows it, and it's trying…
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TMC #8! Let's debunk some myths about the USD and explore why the US Dollar is such a crucial macro variable.
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TMC #7! Markets are nothing else than a mechanism to aggregate a bunch of probabilistic scenarios and weigh them into one price: so, what are we pricin…
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TMC #6! Commercial banks and governments print ''real economy'' money, not central banks
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PA#1! A glance at the strategy I chose to invest my savings for the long-run and why I tactically turned bearish on the stock market.
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