The Underlying Malady

Almost all instances of imperial decline are accompanied by monetary decline, manifesting itself as inflation, corruption, and/or bankruptcy. But the real process is profound and mostly invisible

Bad Strategy

When leaders mistake short-term fixes for long-term strategy, the results are predictable: weaker markets, distorted prices, and growing costs for everyone else.

What a $0.60 Stock Taught Me About Fear

A $0.60 stock. No good news. And a move Wall Street couldn’t explain. Here’s what panic really looks like—and how investors who understand market mechanics profit from it.