UBS Says Transport Stock Rout Is "Overdone" After Amazon News

The proverb “revenge is a dish best served cold” traces to French (“La vengeance se mange froide”), appearing in English literature by the 19th century. Most Americans do not know the French orign of the proverb… It entered popular culture thanks to Star Trek. In Star Trek II: The Wrath of Khan (1982), Khan Noonien Singh delivers the […]

World's Largest Sovereign Wealth Fund Cuts Treasury Holdings... But It's Not What You Think The headlines are running rampant this morning as the world's largest (and most transparent) sovereign wealth fund - Norway's Government Pension Fund - has proposed reducing the amount of government bonds in its $2.3 trillion portfolio to boost holdings of riskier debt, with US Treasuries the most affected. Norges Bank Investment Management (NBIM), which manages the fund, said in a letter sent to the Ministry of Finance on Tuesday and published on its website, that government debt should...

The Petrogas-Dollar: Symptom Or Strategy? Authored 'No1' via Gold and Geopolitics substack, Three people sent me Richard Medhurst’s petrogas-dollar piece this week. I read it. Twice even. There’s a lot in there that I feel is correct. The chronology of the Levantine Basin deals. Cheney’s 2001 National Energy Policy. The roughly $35 billion of Chevron contracts signed across Israel, Syria, Greece, and Cyprus in the past six months. None of that is in dispute. The piece is, on the facts, broadly accurate. What I think though is that the reading of those facts is faulty. Some history.  In 1944 Bretton...