Markets

When I heard about what happened to the private equity company Abraaj Group, based in Dubai, I immediately thought back to Dubai World nine years ago.

China just torpedoed a major global deal between two non-Chinese chipmakers. It is a signal of China's market power. Some thoughts below

Between 1985 and 2018, the global average statutory corporate tax rate fell by more than half. This column uses new macroeconomic data to argue that profit shifting is a key driver of this decline. Close to 40% of multinational profits were…

Tesla is a completely speculative, junk-rated venture. Investors in the company are betting on Elon Musk's celebrity as a forward-thinker, hoping he can ramp up production and achieve significant economies of scale

Turkish bond yields are skyrocketing as the Turkish lira plummets. The question, though, is whether Turkey is an outlier or a sign of more to come.

This post first appeared on Patreon on 9 Jul 2018 Last week, I wrote up a macro bond play that involves three parts: currencies, spread differentials and default risk. I want to hone in on one of those three today: currencies. And here's…

Right now, we are still very much in the bull market phase. So the number of macro theses which make money are limited. US curve flattening and the prospect of Fed overtightening presents the best risk/reward.

My own view is that getting the economics makes macro hard is problem number one. But just as big a problem is that macro investing is supposed to be contrarian. And contrarian bets work best when the world is in a panic and volatility is…

We're in the midst of another technology bubble. And Tesla has benefitted greatly. When this bubble pops, where will Tesla be?

I am using Tesla as an example here more than anything. I am not about to delve into Tesla's loss-making operations and make a case against the stock specifically. But I do want to highlight the 'bubble' that Tesla represents.