Global & Macro

Everyone loves good economic news. Rising GDP, falling unemployment, consumer spending through the roof. Politicians celebrate it, financial commentators cheer it, and your neighbor won’t stop talking about how great business is at his company. The economy is humming, and naturally, your portfolio should be soaring too. Except it doesn’t work that way. Here’s the

The Currency That Refuses to Be Categorized The Swiss franc breaks the rules that govern every other major currency. It functions as a funding currency for carry trades, yet it also serves as one of the world’s premier safe haven currencies, and these two roles should logically cancel each other out. A funding currency is

The Half Trillion Dollar Question Hanging Over Tokyo The Bank of Japan owns roughly seven percent of the entire Japan stock market. The truly unsettling part is not how the central bank built that position. It is what happens to Japanese equities on the day the BoJ finally decides to stop buying everything and starts