A DISTANT MIRROR

Introductory Note: A Distant Mirror is the title of a book by historian Barbara Tuchman about the Middle Ages, talking about how human nature doesn’t change and we can draw useful lessons from the past – if we would only pay attention. I believe the book is...

Pike’s Peak?

Somebody must be excited, with markets hitting or beating peak valuations set in 2000. For instance, Enterprise Value/Market Capitalization is near the peak set in March of 2000, and Warren Buffet’s favorite valuation measure, Market Capitalization/GDP, is above...

Time of the Season (Song by the Zombies)

On September 14th, 2007, Northern Rock Bank failed in the UK. Nowadays some people mark that as the beginning of the end of the market boom that had been going on. But at the time no one seemed to much care about a bank failure triggered by the commercial paper market...