Into the abyss

For the last four months, Israel has had no government, and hence no economic policy. With its usual anti-Semitic zeal, the world has doggedly refused to go into recess during this period of Israel’s self-imposed paralysis. Instead, it has plunged into severe recession. How severe is impossible to convey in words, because the entire inventory of both professional terms and […]

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GM and IBM

There would seem to be little in common between GM, the fallen idol of American industrial prowess, and IBM, the still proud symbol of American technological prowess. Indeed, there could hardly be a greater contrast than General Motor’s decades of gradual decline, punctuated by repeated failures of efforts to ‘re-invent’ itself, and IBM’s dramatic recovery from downward spiral in the […]

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Straining at the Seams

Yesterday (Thursday), the European Central Bank reduced interest rates by 50 basis points. To most people, that’s unremarkable, because central banks all round the world have been cutting rates sharply for months. The Americans and Japanese are already down to near-zero, the British are well on the way and many others (including the Bank of Israel) is in hot pursuit, […]

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Risk is ‘out’ and will remain so

The previous blog  focused on how so many supposedly smart people and famous names from among the professional investment community could have been taken for a ride by Bernie Madoff’s scam. The inescapable conclusion was that they were guilty of either stupidity, or incompetence, probably mixed up with a good dash of either arrogance or laziness. These sterling qualities, rather […]

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Two-way street

Last week’s column suggested that markets are not the be-all and end-all of the economy, let alone of life. Having said that, and with all due disrespect, let’s talk about the outlook for the markets. The easiest market to forecast seems to be the equity market. That’s because practitioners of both fundamental and technical analysis are pointing to the same […]

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