Taming “animal spirits” for the sake of future generations

The unexpected rally in equity markets post US elections has been predicated upon a sudden arousal of “animal spirits” in the wake of the new administration’s policies, namely deregulation, tax cuts and infrastructure spending. The term is closely related to Nietzsche’s idea of “will to power”, and is equally subject to spin. A naïve use … Continued

2016: Looking back and looking forward

This is time for reflecting back on the year ending and making resolutions for the new to come. From an investment perspective however, we will end a rollercoaster year close to the levels where we started in many asset classes, what prompts me to look further into the past in order to understand why we … Continued