Trading Cigar Butts & Deferring Taxes

Trading Cigar Butts & Deferring Taxes

Show a little faith, there’s magic in the nightYou ain’t a beauty, but, hey, you’re alrightOh, and that’s alright with me-Bruce Springstein “Thunder Road” Today I will discuss small deals that aren’t beauties.  I will...
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...