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The Frog Prince
The market spent this week doing what a host does when the ceiling leaks on the night of the dinner. He puts a silver…
As the Barrel Turns
A confession: your columnist sat down this week fully intending, for once, to write something cheerful. Then he turned…
The Hand That Wouldn’t Let Itself Be Washed
In the SME projects I’m working on, a pattern has been repeating itself for months. It starts with the phrase, “Not…
Where It Cracks First
Ten stocks are now about 41 per cent of the American market, the exact level that capped every great bubble of the past…
Dancing on the Volcano
A strait through which one-fifth of the world’s oil flows recorded only one-tenth of its usual traffic volume; the Fed…
Under Supervision
Scott Bessent missed his target in the bond market, and yields closed the week just under five percent; Christine…
Bad news, please
This week, Wall Street reacted to a strong jobs report as if it were a disaster, only to rebound thanks to reassuring…
The storm is approaching
Four regulatory fronts simultaneously, DORA, the revised Data Protection Act, FINMA’s focus on the entire supply chain,…
A single weak point
A single company now accounts for eight percent of the S&P 500, and the sentiment of the entire market can be…
Who Asks the Manager?
During an executive workshop, someone asked how to build psychological safety within a team. Everyone nodded. I did,…
Margin Call
A margin call is the moment a lender stops believing in your collateral and demands cash you can raise only by selling…
The Perpetual Motion Machine
This week the artificial-intelligence boom let slip how it is really being paid for: a chipmaker helping to arrange…