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The Brusilov Offensive and the European Union

The Brusilov Offensive and the European Union

A hundred years ago last week began the bloodiest offensive of the First World War, with 2.6 million casualties – almost as much as the Somme and Verdun combined. Yet no one talks about this centenary. To understand why, imagine Vladimir Putin, Angela Merkel and a dozen former Austro-Hungarian countries laying a wreath in western … Continued

Steel and the pusillanimous pension rule

Steel and the pusillanimous pension rule

How pension policy cowardice helped doom Britain’s steel industry. Tata’s decision to write off the value of its UK steelmaking business and seek a quick sale, while keeping its Dutch business, is really a story about pension regulation.

AI’s inflection point

AI’s inflection point

Artificial intelligence is attracting billions of investment dollars but the history of the field should teach us to be wary of the latest hype

Deutsche Bank and the Big Short

Deutsche Bank and the Big Short

I may be late writing about the movie ‘The Big Short’ but it somehow makes sense to have watched it in the week that Deutsche Bank’s problems sparked an unprecedented exodus of investors.

A Cornish gamble

A Cornish gamble

Any time markets adjust to a different price level, no one feels it more than those who sold options on the market beforehand. They learn whether the premium received justifies the pain they might feel today.

Giants of the S&P500

In 2015, size equalled success in the stock market. But did benchmarking make this a self-fulfilling prophecy? Let’s start by looking at the market capitalisation of S&P 500 companies at the end of the year, with colours according to price change.

High yield’s retrenchment

High yield's retrenchment

There have been plenty of words written about the high-yield corporate bond market in the last week, but sometimes a chart expresses things better than words.