The corruption cycle

Mistakes have their place. As a society matures, its elites seek to get more and more of its surplus output for themselves. They “milk the system”, becoming more corrupt over time. They get richer. Th

There are policies that seem to work and some that don’t. But the policy that always works best is no policy at all. That is, left alone, people do the best they can with what they have. Only they kno

“History is just one f**king thing after another,” declares a vulgar schoolboy in Alan Bennett’s play The History Boys. Surveying the past 25 years can feel the same way. From Iraq to the euro crisis

Argentina’s president, Javier Milei, is one of the few bright stars in the vast, dead, black, cold and empty universe of politics. Whatever else can be said about him, that star is rising. Milei led h

We didn’t make any specific calls in our first edition, but flicking through it at the British Library the other day (none of us have a copy) I was struck by how we managed to highlight important them

“The lesson of history,” it is said, “is that the lessons of history are never learned.” Does the same apply to investment? Investors, amateur and professional alike, spend a huge amount of time porin