The September 15, 2026 front-page headline of the Financial Times proclaimed: “Ten-Year Treasury Yield Tops 5% as Inflation Fears Batter Bond Markets”. One day later, the New York Times reported that worries about inflation were the most important factor in the recent rise in bond yields, according to the majority of investment managers surveyed by Deutsche Bank. Basic arithmetic, however, shows that the story is not as simple as, “The yield on ten-year U.S. Treasury bonds ju

Over the years, some of the biggest losses to investors have arisen from market calamities that never happened. This may sound paradoxical, yet it’s a fact. The explanation is that many more apocalypses are prophesied by financial commentators than actually occur. That contributes to the excessive trading that leads to significant underperformance. A Catalogue of Recent Non-Catastrophes Just in the past ten years, numerous events have triggered fears of economic and financial

I f you’ve ever sat through a pitch on a closed-end fund (CEF), chances are the salesperson led with one selling point: It’s trading at a...

On August 1, 2025, the Bureau of Labor Statistics (BLS) delivered a surprise that rattled economists but left markets largely unfazed....

Artificial Intelligence promises huge advances in economic efficiency, but it has a dark side. We are not talking here about future...