Helping our clients achieve superior risk-adjusted portfolio performance
is Merk's mission

For context on the Nobel Prize in economics awarded to Woodford and Hall... and why it has a lot to do with Milton Friedman and little with John Maynard Keynes 👇 x.com/JohnHCochrane/…

Congrats to @HooverInst’s Robert Hall for the Nobel Prize in economics (with Michael Woodford). This year’s prize says focus on incentives - rather than surmise about aggregates.
Oh, and Hall favors a flat tax on wages, no tax on the return to investment.
hoover.org/research/flat-…

"Polarization is such an outdated concept."

We have a horseshoe with the left and right agreeing on many policies and the moderate stranded.

@nfergus, paraphrased. Thought provoking discussion: 👇 x.com/nfergus/status…

How do you fix having too much debt? You rely on the short-term debt markets!
Latest exhibit: France
What could possibly go wrong?
wsj.com/world/europe/f…

French spreads (vs Bunds), visualized
src: BBG

In recent days, there has been quite a bit of buzz about my meeting with Fed Chair Kevin Warsh in early August. I was honored and humbled to have been invited to see him.

I’m not going to discuss the specifics of our conversation, but given some of the speculation, I thought it x.com/RonStoeferle/s…

our bonds, your problem

It's one thing to have a bond rout in the US where massive investments are taking place, but we see cracks in French, Greek and Italian bonds where there's no underlying economic strength supporting higher yields, @WSJ writes
wsj.com/finance/invest…