Wise words from Nassim Taleb on the risks our economies are facing. A whole generation of investors doesn’t understand the implications of inflation and interest rates, after 15 years of near zero rates. Venture Capital got used to value businesses in light of the next funding round, not future cash flows from the business. This… Read More »
Credit Suisse’s fail already made investors loose $ 17 B and counting. Other banks’ shares and bonds are being affected. It seems it won’t stop here. It was to be expected that the unfolding of QE and years of negative interest rates would harm the financial system and the economy as a whole. Are regulators… Read More »
Great analysis of SVB’s downfall, as usual by FT Alphaville. With some additional comments on Credit Suisse (a completely different situation).SVB was a classic case of Assets / Liability mismatch, 101 of bank risk management. On the Liabilities’ side, a huge concentration on uninsured deposits (96%); The Assets side was heavy on long term Hold… Read More »
Entrevista reveladora do ex governador do Banco de Portugal.Para além da pressão do PM a propósito de Isabel dos Santos, que foi amplamente comentado, o que mais me chocou foi a confirmação da jogada da “saída limpa”, colocando em causa o Banif.O governo Costa prejudicou o País e a venda dum banco para ganho político,… Read More »
The problems of Britain’s politics and finances should be seen beyond the recent political and financial turmoil which are more a symptom than a cause of its underlying problems. It is sad to see the oldest liberal democracy in the world fall into chaos. And an advanced market economy in risk of dropping to prolonged… Read More »
Portugal saiu do Corporativismo para um Socialismo que nacionalizou grande parte da economia. Nunca foi uma economia livre de mercado. Agora, é uma montra do que é pernicioso no Capitalismo Político. O meu primeiro artigo para o Observador, a convite da Oficina da Liberdade, saiu no dia 20 de Maio de 2022. Sobre um tema… Read More »