Where the real risk lies

When a president uses his office to launch a cryptocurrency, it is clear that his modus operandi is to part people from their money. Apply this analysis to the global stage, tune out the furore over h

“I know chair Powell,” says US Treasury secretary Scott Bessent. “His term ends in May [2026]. If he wants to see that through, I think he should. If he wants to leave early, I think he should.” Besse

“Sire… worse than a crime, you have committed an error,” said Charles Maurice de Talleyrand-Périgord. A crime is whatever the feds say it is. Often not what you think it ought to be. But an error is d

We were probably wrong about tariffs. Yes, of course, they were always a bad idea and still are. Anything that interferes with our ability to freely trade with each other will make us poorer, with les

The last 50 years have been kind to investors in real terms. Everything made money: equities, bonds, property and gold. All investors had to remember was not to buy high and sell low. But that hasn’t

Investors have a lot to think about as the president’s policies gather momentum