Journal
September 2026
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Hello, again! – The iPhone/Gold Ratio 2026
Hello, again! – The iPhone/Gold Ratio 2026 The iPhone and the In Gold We Trust report have one thing in common: both debuted in 2007. Both are thus celebrating their 20th edition this year. Apple is marking this anniversary — almost certainly without realizing it — with the most affordable cell phone of all time. […]
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O’zapft is! The Gold/Oktoberfest Beer Ratio 2026
O’zapft is! The Gold/Oktoberfest Beer Ratio 2026 This year’s 191st Oktoberfest is breaking all records—even before the traditional tapping of the first keg! At 240 Maß, the gold/Oktoberfest beer ratio has reached a new all-time high, surpassing the previous all-time high of 227 Maß set in 1980. Back then, however, a Maß cost only EUR 2.51. And gold […]
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What Markets and Ronnie Wood Taught Me
Good Morning Ladies and Gentlemen “It’s Only Rock ‘n’ Roll (But I Like It)” The Rolling Stones Financial Times In a recent opinion piece in The Financial Times, Wei Li provided insight into the significant divergence between bond and stock valuations. “Equity markets are pricing future returns that reflect stronger productivity, corporate earnings that […]
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Prosperity Favours the Patient
Good Morning Ladies and Gentlemen “US national debt passes $40tn after doubling in a decade.” BBC Headline News in August 2026 Reflecting on the mid-1990s, one vital lesson emerges for long-term investors: time is often a more formidable ally than attempting to time the market. When considering an investment horizon of at least three […]
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5% and Financial Markets’ Ruthless Habit
Good Morning Ladies and Gentlemen “We live in a time where intelligent people are being silenced so that stupid people won’t be offended.” Morgan Freeman Now, Ladies and Gentlemen, just imagine a young boy standing before a ferocious forest fire, peeing and directing a thin stream at the flames that reach a meter high. […]
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Reading the Economic Tea Leaves: Why the PMI Matters
Good Morning Ladies and Gentlemen “Let them see you struggle. But never let them see you quit.” Kevin Gates Before we dive into today’s topic, I would like to briefly reflect on a matter that has been increasingly occupying my thoughts: the democratisation of knowledge. While this development is undoubtedly commendable, I am growing […]