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In the year 605 AD, Emperor Yang of the Sui dynasty in China formally established what became known as the ‘imperial examination.’ This was a standardized test that public officials were required to take, covering everything from arithmetic to writing to military science. The idea was to ensure that all
[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] So the British people have finally spoken. The Establishment, however, chose not to hear them, turning its perpetual tin ear to criticism from below. As the flag-bearer for an unaccountable, hypocritical and increasingly bewildered elite, Martin Wolf
On November 11, 1947, Winston Churchill, then ex-Prime Minister of the United Kingdom, rose to speak at a debate in the House of Commons: “Many forms of Government have been tried, and will be tried in this world of sin and woe. No one pretends that democracy is perfect or
Nothing quite shocks the senses like the colors, smells, spices, and prices of Asian street food. Some of the tastiest (and most bizarre) things I’ve ever had in my life were consumed on the streets of Asia, for a cost of almost nothing. From China to India, Myanmar to Malaysia,
I’ve always been pretty bad with birthday and anniversaries. Even my own. So I didn’t even realize until this morning that Sovereign Man actually turned seven years old over the weekend. Seven years. I can hardly believe it. But it seems even more incredulous to think about how much has
[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] “How foul this referendum is. The most depressing, divisive, duplicitous political event of my lifetime. May there never be another” – Tweet from the novelist Robert Harris. “Free at last, Free at last, Thank God almighty we
In February 1768, a revolutionary article entitled “No taxation without representation” was published London Magazine. The article was a re-print of an impassioned speech made by Lord Camden arguing in parliament against Britain’s oppressive tax policies in the American colonies. Britain had been milking the colonists like medieval serfs. And
As you can imagine, here in Vietnam they call it the “American War”. Or sometimes the “Resistance War Against America.” Most of us call it the Vietnam War. It left millions dead, and millions more wounded over a nearly two decades long conflict. It caused catastrophic medical and environmental damage
[Editor’s note: Tim Price, London-based wealth manager, is filling in for Simon today.] “Gross: Global yields lowest in 500 years of recorded history. $10 trillion of neg. rate bonds. This is a supernova that will explode one day.” – Tweet from Janus Capital. Bill Gross’ warning is, of course, tautological.
“Global yields lowest in 500 years of recorded history. $10 trillion of neg. rate bonds. This is a supernova that will explode one day.” Those were the words of famed bond fund manager Bill Gross. (Gross was actually the first portfolio manager inducted into the Fixed Income Analyst Society’s “Hall
This morning as I glanced at the headlines, I had to sit back and wonder– when did the world get so crazy? Interest rates across the West are at zero or negative. Bankrupt governments are selling 100-year bonds with tiny interest rates, while others have convinced investors to pay for
The year was 1999. I was 20 years old. And like most 20 year olds, I knew EVERYTHING. Or at least I thought I did. I was a young West Point cadet at the time, and I’d just received a bank loan of more than $22,000. This is something that
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