Musings on Markets

    In my first four posts, I looked at markets - equity, debt and collectibles - in the aggregate performed in 2025. In this post, I turn my attention to divergences in risk across companies, looking at alternative measures of risk, some based on prices...

    If you have read my first three data updates in 2026, I won’t blame you if you skip this one, because you found them long and boring. I won't take issue with you either if you viewed them as too US-focused, because I did spend my second data update...

     In my last post, I talked about the disconnect between the bad news stories that we were reading and the solid performance of US equities during 2025. In this one, I want to focus specifically on four news stories from last year - the US announcement...

     It was a disquieting year , as political and economic news stories shook the foundations of the post-war economic order, built around global trade and the US dollar. In fact, if you had been read just the news all through the year, and were shielded...