The biggest mistake investors can make today is to view every market move, policy announcement or geopolitical event in isolation. A rate hike is not always just a rate hike. A tariff is not merely a tariff. A sudden market crash may not be a random accident. Beneath the daily headlines, a much larger transition…
European sovereign yields have broken out to their highest levels since the euro crisis. The German 10 year Bund is trading near 3.4%, its highest since 2011, the French OAT is above 4.2%, its highest since 2008, and the OAT/Bund spread sits near 85 basis points. This is happening while the ECB is hiking, not…
In June 2026, the Reserve Bank of India (RBI) reopened a special scheme to pull dollars into the country from Indians living abroad. It raised over $136 billion, about five times what the celebrated 2013 rescue under Raghuram Rajan raised. Yet the rupee has crossed 95 to the dollar and still looks soft. Many investors…
Silver has had a wild ride. It went from about $30 an ounce in early 2025 to an all-time high of $121.67 on January 29, 2026. Then it fell hard. As of early September 2026, it is trading around $66 to $67, which is about 45% below that peak. Along the way, a lot of…
Two European central banks have moved meaningful gold tonnage out of North America this year. De Nederlandsche Bank shifted 86 tonnes from New York and Ottawa to London between March and August, and the Banque de France sold 129 tonnes in New York over the prior year and repurchased it in Europe. Both institutions cited…
There are two questions people keep asking about Indian markets this year. First, is the endless stream of new shares hitting the market- IPOs, QIPs, promoters and the government selling stock- the real reason our market has struggled? Second, if our economy is doing so well, why are markets in Germany, Pakistan, Brazil, and Mexico…
Is the dollar being debased right now, or is this simply a rates story that markets have relabelled with a scarier name? The honest answer, going purely by the data, is both, and the distinction matters more than the headlines suggest. What actually happened On August 19, the US Treasury announced it was at least…
Most retail investors think they are picking stocks. They are not. Three structural forces now decide most of the return, and almost nobody names them out loud. Force One: Your Money Is No Longer Yours To Direct Every month, more new savings go into index funds and ETFs than into actively managed funds. In the…
Four hundred and eighty-four companies into the Nifty 500’s Q1FY27 reporting season, the headline numbers look almost too good: revenue up 19.6 per cent, profit margins at 12.4 per cent excluding oil marketing companies, close to record levels. Read the small print, though, and a more interesting story emerges, one about how much of this…
Every Indian intellectual should read it. And the best way to counter the Left and the Anarchists is: “What are you building?” To criticize is the easiest thing. To build takes real work. The Most Destructive Intellectual Project of the Twentieth Century. The Frankfurt School. You should know what it was, what it built, and…
