(Image: A Satire of Tulip Mania, Jan Brueghel the Younger, 1640) “Your investment approach must account for the truth that there are going to be large drops in every asset class, and that ‘diversification’ alone is not enough (correlation goes to 1 at the worst times, like it did in 2008).”   – Daniel Taylor, October...Read More

(Image: The Breach of the Saint Anthony’s Dike near Amsterdam, Jan Asselijn, 1651) “For some of the older deals, there’s stress building up in portfolios that will manifest in different ways. And then the last step is you’ll see capital-D defaults.”   – Armen Panossian, CEO, Oaktree Capital Management, December 2023 Private credit was supposed to...Read More

“There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.”   – John Maynard Keynes,...Read More