Governments, corporates and households with excessive spending and debt are living on borrowed time.
Memos
Be Cynical On Government Debt
It’s relatively easy and common for politicians to walk away from a financial mess, which makes corporate and personal debt a better investment than government debt.
There’s a reason emerging markets look cheap
Emerging markets are cheaper than developed markets for good reason, with three recent examples highlighting commonly ignored risks.
Company directors: if you can’t stand the heat, get out of the kitchen
Company directors hold themselves out as experts, but are increasingly demanding protection from the consequences when they fail to act reasonably.
Is Anyone Crazy Enough to Lend to Argentina?
Argentina is a deadbeat borrower that will probably default again, but there’s a high probability lenders will be back anyway
In a Crisis, the Quality of Spending and Debt Matters
There is no free lunch, Keynesian responses do provide short term stimulus but place an anchor on future economic growth.
Eviction Moratoriums Are Terrible Economic Policy
Eviction moratoriums are supposed to help poorer citizens, but in the long term they result in rental accommodation being more expensive.
There’s Always Something Interesting Happening in Debt Markets
If you venture off the well trodden pathways, there’s always something interesting happening in debt markets.