The World’s Largest Arms Companies
The two Russian arms companies on the list saw sales fall and a third company, United Aircraft, fell out of the top 25 completely
Value vs Growth Inflows Hit Record Extremes
When expectations for actual economic growth increase, it’s the value stocks that seem to benefit
Germany Has Been in an Industrial Recession Since 2018
German industrial production has started to stagnate
Doors of the Cathedral of León
Built during the 13th century
A Lesson of US Manufacturing Dominance in the 1930s: It’s Not About Cheap Labor
US labor was more expensive relative to the next largest industrial economies in 1930 than it is relative to China today
Trillion Dollar Liquidity Wave About to Hit?
The current administration has a strong incentivize to spend down the Treasury account account before the debt-ceiling is re-imposed on the incoming administration
Chart: Commodities, Emerging Markets, and an End to US Out-Performance?
The heavy technology weighting of the S&P 500 has been a boon for US investors during the last decade’s commodity bear market
Map: The Territorial History of France
From the Kingdom of Clovis I shortly after the fall of the Western Roman Empire through 2020
Mayan Frieze in 3D – Lintel 15
Bird Jaguar IV again
Chart: Why Uncertainty About the Future of the Eurozone Never Quite Goes Away
Technocrats and central bankers seem incapable of grasping how zero interest rates and centralized over-regulation lead to ‘winner takes all effects’