Egypt’s Military: Not Your Typical Army Thugs

Behzad Yaghmaian argues that Egypt’s military must not remove the democratically elected despot Morsi from power lest the country face dire consequences (The Price of Terminating Democracy in Egypt, WSJ, June 8, 2013).  The Egyptian military, however, is not just any tin-pot dictator in a raw grab for power.  This is not Latin America after all.  This is the

Spend and tax has proved a disaster

Originally published on November 7, 2012 in the Financial Times

Preferred Equity: The Missing Link

David Einhorn’s proposal for Apple to issue preferred shares to existing shareholders, paying the dividends with excess cash on the balance sheet, could have enriched corporate financing alternatives to the same degree that Michael Milken single-handedly created the junk bond universe.  Einhorn’s idea was a radically simple solution to a profound problem:  stubbornly under

Investing Is Predicting The Future

Whether we like it or not, investing in the stock market is an attempt to predict the future.  If our predictions are correct, we make money.  If they are not correct, we lose money. 

Methods of predicting the future

Buy This Correction

Since 2008, stock market corrections have been rooted in existential crises for the world economy.  That is not the case today.  This is a plain vanilla correction after a rapid run-up in prices.  Buy this correction.

The Meaning Of Money

The meaning of money is likely to come under increasing scrutiny as computers allow crowd sourcing opportunities that have not existed in the past.  In the case of monetary legitimacy, there is now BitCoin, a unit of currency whose legitimacy is bestowed upon it not by government or bank guarantees but by the consent of the crowd of its users.  There is now almost $1 trillion of

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