Journal
September 2026
August 2026
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Financial Markets as a Dance Against Entropy: Lessons from Thermodynamics and a Philosophical Approach to Investing
Good Morning Ladies and Gentlemen “I can’t tell you how to get rich quickly, but I can tell you how to become poor quickly by trying to get rich quickly.” Attributed to either Warren Buffett, Charlie Munger, or André Kostolany As announced last week, this week’s edition of “Stefan’s Weekly” takes a slightly philosophical […]
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The Bond Market’s Inflation Warning
Good Morning Ladies and Gentlemen “Thursday a week ago, Microsoft’s market capitalisation increased more than any company’s ever has in a single day. It jumped 16% to add $450 billion to its value — that alone is larger than 96% of the S&P 500 companies or the entire stock market of South Africa.” Bloomberg Tech In […]
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Keep Calm and Watch the Bond Market
Good Morning Ladies and Gentlemen “The dynamics of many complex systems resemble those of a sand dune, where countless grains of sand accumulate in a seemingly orderly and stable arrangement until an inconspicuous additional grain triggers a small or large avalanche, setting in motion the ever-recurring cycle of formation, instability, and reorganisation.” Attributed to Mike […]
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Entropy, Inflation, And The Illusion Of Economic Certainty
Good Morning Ladies and Gentlemen “Particularly that constant changes in entropy are what produce the vitality and vibrancy on which the markets so heavily depend. Both increases and decreases in entropy can be a welcome sign, in order that equilibrium is constantly approached, but never achieved. This should be embraced by investors; they should not run […]