May 26, 2016

Executive Summary 1.  Ordinary people aren’t very ordinary.  Professor Deirdre McCloskey’s recent piece in The Wall Street Journal got us thinking about the roots of western prosperity — and suggested that current nervousness about populist movements around the globe may be missing the mark.  Don’t be too alarmed by rising Read more…

May 13, 2016

Executive Summary 1. Critically important to your investments:  popular revolts against corruption around the world.  This trend will last for decades, and upset many of the patterns we think we know.  Corruption and cronyism have existed throughout human history, and ordinary people have usually accepted them with stoic resignation.  But Read more…