Like many that have come before it, the second quarter of 2011 offered a full palette of potentially grave scenarios. Media headlines and expert commentators alike focused our attention on the “soft patch” being felt throughout the global economy (growth rates below 2% in most developed countries), the fact that domestic unemployment remains challenging (1-in-6 Americans lack the work they desire), inflation that’s… Read More
Global financial markets extended their rally during the first quarter despite significant unrest across parts of Northern Africa and the Middle East, a massive earthquake, tsunami and partial nuclear meltdown in Japan, renewed sovereign debt issues in Europe, and continued inflationary pressures in several key developing economies. Although these exogenous shocks did cause a temporary spike in the “fear gauge” commonly known as… Read More
Wrapping it up into a single sentence, 2010 could be described as the year in which global equity markets managed to tack on impressive gains despite an anemic economic recovery and a host of other macro concerns. Not only did the world survive, but we realized once again how well societies and companies can withstand misfortune and still churn forward…. Read More
Oceanic tides, or the cyclical rise and fall of seawater, are one of the most powerful forces on Earth. Tides are caused by slight variations in the gravitational pull of the moon and sun, and the rotation of our planet. Many parts of the world experience mixed tides, where successive high-water and lowwater stands differ appreciably. Given the recent experience, we… Read More
In “normal” times, relatively small countries in southeastern Europe are not capable of holding hostage the world’s vast financial markets. After all, the market capitalization of publically traded Greek companies is only about $65 billion (1/4th that of Exxon Mobil Corporation (XOM)), and its Gross Domestic Product (GDP) represents less than 0.6% of the world’s total output. Despite this numerical insignificance,… Read More