At The Zero Bound – Lend Short, Borrow Long

At The Zero Bound – Lend Short, Borrow Long

The Risk Free Rate of return underpins the value of trillions of dollars of assets.  As the “risk free” return edges lower, it induces us to purchase risk assets requiring higher expected returns.  Because the Dollar is the global reserve currency, the...
Private Lending–Investing In An Uncertain World

Private Lending–Investing In An Uncertain World

As I write this in the summer of 2020, considerable downside risk exists for asset values over the next 12-18 months.  COVID-19 rages across the world with America making up an outsized percentage of cases per capita.  Besides the enormous human toll, it has also laid...