Unfriended “I believe in the horse,” said Wilhelm II, German Emperor, more than a century ago. “The car is a temporary phenomenon.” He might have smiled last week, as the impact of trade tariffs began to show themselves in the share prices of a few major
Turn of phrase It was a week to make a Surrealist blush. The strangeness began on Monday in Helsinki at a joint press conference between Vladimir Putin and Donald Trump, when the US president sided with the Russian president against his own intelligence agencies in suggesting
Deeds not words According to the efficient market hypothesis, the prices of stocks reflect all the information available at any given time, meaning that only chance or higher risk can enable investors to win out over the market. Yet a quick glance at last week’s leading
Plausible deniability? “Never believe anything in politics until it has been officially denied,” warned Otto von Bismarck, the old Prussian statesman. Does the Iron Chancellor’s old rule still apply? Last week, Donald Trump denied that he plans to pull the US out of the World Trade Organization,
Revved up The US economy, engine of global growth, appears to be firing on all cylinders. Seasonally adjusted second-quarter growth is now set for 5.3% on an annualised basis, according to figures released last week by Macroeconomic Advisers, up from the previous forecast of 4.6%. If proved
Financial alchemy One of the leading trends on financial markets in recent years has been the rise of passive investing. Exchange-traded funds (ETFs), a type of passive investment traded on a stock market, have added increasing complexity to the breadth of investment options for investors. A
Management matters “I wouldn’t say I was the best manager in the business,” the Derby County and Nottingham Forest legend Brian Clough once told an interviewer. “But I was in the top one.” In the week the World Cup got under way in Moscow, the varying fortunes
Lone rider “To err is human; to forgive, divine,” wrote Alexander Pope some three hundred years ago. If only it were so simple. Faced with the ongoing probe into rogue Russian involvement in the US election, the US president opened the working week with a tweet about
Close shaves On Wednesday last week, newspapers around the world reported that Arkady Babchenko, a Russian journalist disdained by the Kremlin, had been found dead in Kiev, the victim of gunshot wounds. A few hours later, the man himself held a press conference, in which he
Last straw Warren Buffett may be the third-wealthiest man on earth, but every morning he drops by a McDonald’s Drive-Thru to buy his breakfast. Before leaving home, the veteran investor asks his wife to drop his exact breakfast money into his car’s cup holder. If he’s
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