Shop dropThe disruptor has been disrupted. Sears, Roebuck and Company was founded in 1892, selling a huge range of products by mail order: bicycles, sewing machines, cars, then fridges, groceries and cooking stoves too. In short, Sears provided ordinary consumers with the capacity to
Volatility repriseEarlier this year, Betterment, an online investment company based in New York, conducted a survey of 2,000 people to gauge their impressions of equity market performance. Of those Americans polled, 48% said they thought the stock market had failed to rise in ten years,
Dancing Queen“You know, as a business principle, it’s not good to have all your eggs in one big basket,” said Sonny Perdue, US Secretary of Agriculture last week. “And that’s what we did with China, because they were customers and hungry. And we fed them
Turning tides“Nations have no permanent friends or allies, they only have permanent interests,” said Lord Palmerston, twice prime minister during the heyday of the British empire. Recent turns in the tides of diplomacy suggest the abrasive ‘Lord Pumicestone’ (as he was popularly known) might have
Auf WiedersehenThe Felsenreitschule theatre in Salzburg is used to goodbyes. It was where, in the 1965 film, The Sound of Music, the extensive von Trapp family sang for their wartime audience before fleeing across the border: “So long, farewell, auf Wiedersehen, good night.”Theresa May faced
DownfallTen years ago last Saturday, a 158-year-old US bank filed for bankruptcy. The demise of Lehman Brothers was neither the cause nor the lowest point of the global financial crisis; but may have been its most visible and shocking moment. Lehman held $691 billion in
Parting courseThe tale of global markets this year has been one of growing divergence, and last week offered plenty of reminders of the trend. The S&P 500 might have suffered a gentle decline over the five-day period, but it has enjoyed a strong year thus
Norman conquest“We won the battle, but we haven’t won the war,” said Anthony Quesnel, a French fisherman, after last Tuesday’s ‘scallop skirmish’ off the coast of Normandy. The British vessels were outnumbered by seven to one – not so different, in fact, from the relative
Ageing bull?On Friday, the S&P 500 struck another all-time closing high – but the bigger story for the index was that, just two days earlier, it had clocked the longest bull run in its history; completing a 9.5-year run without falling into bear territory (defined
In hot waterAt last month’s NATO summit, Donald Trump appeared to demonstrate his admiration of Turkish President Erdogan with a fist bump. Yet in a violent turn of events, Mr Erdogan last week declared that Washington’s imposition of sanctions was “a stab in the back
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