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[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] The scenic mountain resort of Jackson Hole in Wyoming played snowy host this weekend to the world’s major central bankers, meeting in conclave to discuss their latest victories over the world economy. Thronged by adoring savers, the
In 1999, as an arrogant 20-year old kid who thought he knew everything, I went flat broke. Actually, I was worse than broke. On top of losing all of my money, I was also in debt more than $22,000… so I had a negative net worth. That was an astronomical
Earlier this week the German government leaked a frightening 69-page memo entitled “Concept for Civil Defense.” Citing multiple terrorist attacks, cybercrime, and a host of other threats, the report states that Germans should prepare for an event that could “threaten our existence.” Yikes. The report proposes a number of mandatory
That was fast. Yesterday I told you how a consortium of 15 Japanese banks had just signed up to implement new financial technology to clear and settle international financial transactions. This is a huge step. Right now, most international financial transactions must pass through the US banking system’s network of
In July 1944, just weeks after the successful Allied invasion of Normandy, hundreds of delegates from around the world gathered in Bretton Woods, New Hampshire to determine the future of the global financial system. The vision was simple: America would be the center of the universe, and every other nation
[Editor’s note: This letter was co-written with Tim Price, London-based wealth manager and co-manager of the VT Price Value Portfolio.] On January 30, 2000, the 88+ million viewers of Superbowl XXXIV were treated to a commercial featuring a now infamous sock puppet. The advertisement was from a company called Pets.com,
Yesterday the Federal Reserve released the minutes from its July meeting a few weeks ago in which they decided to NOT raise interest rates. These minutes are the official archive of the meeting, providing details about the presentations, debates, and discussions that took place. They contain very formal sounding language,
When you think about ‘insurance’, chances are you probably think about term life, home insurance, or liability insurance. But one of the best insurance policies you could ever get your hands on is a second passport. Like most types of insurance, it’s one you hope you never have to use.
It started in 1946. American Airlines, then the largest airline in the United States (and second largest airline in the world after the Soviet Union’s Aeroflot) created a bold, new technology to book flight reservations. They called it the “electromechanical reservisor”, and it was the first machine of its kind.
[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] “Negative interest rates are not the fault of central banks” – Martin Wolf column for the Financial Times of 12 April, 2016. From ‘Human Action’ by Ludwig von Mises: “But then finally the masses wake up. They
On Friday morning, a gentleman named Thomas Hoenig wrote some rather unflattering comments about the US banking system in a little known publication called the Wall Street Journal. In his remarks, Hoenig stated that “while the largest U.S. banks have increased capital since the [2008] crisis, their capital is still
The year was 1986. Top Gun was the #1 movie in America. Halley’s Comet was visible with the naked eye. Microsoft went public, instantly making Bill Gates one of the wealthiest people in the world. And the US government took in $93.7 million through a little known authority called “Civil
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